PharmAla Data to be Published in ACS Chemical Neuroscience

VANCOUVER, British Columbia, Feb. 20, 2024 (GLOBE NEWSWIRE) -- PharmAla Biotech Holdings Inc. ("PharmAla" or the "Company") (CSE: MDMA) (OTC:MDXXF), a biotechnology company focused on the research, development, and manufacturing of LaNeotm MDMA and novel derivatives of MDMA (MDXX class molecules), is pleased that data from its computational Drug Discovery program, in conjunction with the University of Waterloo (laboratory of Dr. James Gauld) and made possible by funding from MITACS, will be published in the scientific journal ACS Chemical Neuroscience this week. The article "Exploring Structure-Activity Relationships in Phenethylamines: A Path to Novel Mental Health Therapies" investigates the essential aspects of how the structure of phenethylamine molecules relates to their activity. It focuses on identifying key targets that are crucial for optimizing the safety and effectiveness of these compounds.

"PharmAla's drug development program represents some of the world's best work in the development of novel entactogenic molecules. This research opens new avenues for developing innovative treatments in mental health care," said Dr. Harpreet Kaur, VP of Research at PharmAla Biotech. "We are pleased that our work with Dr. Gauld's lab has continued to be both noted and considered highly by academic researchers and are proud to present some of the results of our drug discovery program in ACS Chemical Neuroscience."

The publication follows the February 1 publication of the PCT patent application publication for PharmAla's P1 molecule; PharmAla's P1 patent application has been accepted for the Patent Prosecution Highway by the USPTO.

"Publication of our PCT filing for the P1 molecule should provide more context and information for potential drug development partners," said Nick Kadysh, CEO, PharmAla Biotech. "As PharmAla continues to develop our drug development program ? and begins work on our third generation of novel compounds ? we look forward to additional collaborations with academic researchers worldwide."

PharmAla is also pleased that Dr. William Fantegrossi of the University of Arkansas for Medical Sciences represented PharmAla Biotech to present in-vivo data about PharmAla's MDXX molecules at the International Society for Research into Psychedelics (ISRP) conference in New Orleans, Louisiana, on Saturday, February 17^th 2024.

For more information, please visit www.PharmAla.ca, where you can sign up to receive regular updates.

About PharmAla

PharmAla Biotech Holdings Inc. (CSE: MDMA)(OTCQB:MDXXF) is a biotechnology company focused on the research, development, and manufacturing of MDXX class molecules, including MDMA. PharmAla was founded with a dual focus: alleviating the global backlog of generic, clinical-grade MDMA to enable clinical trials as well as commercial sales in selected jurisdictions, and to develop novel drugs in the same class. PharmAla is the only company currently provisioning clinical-grade MDMA for patient treatments outside of clinical trials. PharmAla's research and development unit has completed proof-of-concept research into several IP families, including ALA-002, its lead drug candidate. PharmAla is a "regulatory first" organization, formed under the principle that true success in the psychedelics industry will only be achieved through excellent relationships with regulators.

For more information, please contact:
Nicholas Kadysh
Chief Executive Officer
PharmAla Biotech Holdings Inc.
Email: [email protected]
Phone: 1-855-444-6362
Website: www.PharmAla.ca

Neither the Canadian Securities Exchange nor its Regulation Services Provider have reviewed or accept responsibility for the adequacy or accuracy of this release.

Cautionary Statement

This press release contains ?forward-looking information' within the meaning of applicable Canadian securities legislation. These statements relate to future events or future performance. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on PharmAla's current belief or assumptions as to the outcome and timing of such future events. Forward-looking information is based on reasonable assumptions that have been made by PharmAla at the date of the information and is subject to known and unknown risks, uncertainties, and other factors that may cause actual results or events to differ materially from those anticipated in the forward-looking information. The forward-looking information contained in this press release is made as of the date hereof, and PharmAla is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements are described under the caption "Risk Factors" in PharmAla's management's discussion and analysis which is available on PharmAla's profile at www.sedar.com.

This news release does not constitute an offer to sell or the solicitation of an offer to buy, and shall not constitute an offer, solicitation or sale in any state, province, territory or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state, province, territory or jurisdiction