VANCOUVER, January 10, 2022 (GLOBE NEWSWIRE) – PharmAla Biotech Holdings Inc. (“PharmAla” or the “Company”) (CSE: MDMA), a biotech company focused on the research, development and manufacturing of “psychedelic” pharmaceuticals in the MDXX class, is pleased to announce that the Company's common shares have been approved for listing on the Canadian Securities Exchange (the "CSE") and the Company expects to begin trading on the CSE under the trading symbol "MDMA" as of market open on January 11, 2022.
Nick Kadysh, PharmAla’s Chief Executive Officer, said, “I am very excited for this milestone. With Health Canada’s recent changes to the Special Access Program, there has never been a better time to go public as a psychedelics company. Special thanks to our shareholders for their support and confidence in PharmAla’s dual mission: to research and develop novel patented molecules and formulations in the MDXX class, and the manufacturing of MDMA to support clinical research."
PharmAla intends to support research into MDMA by being a trusted source of clinical grade MDMA products made under Good Manufacturing Practices (cGMP) for sale to all entities legally eligible to hold these substances. PharmAla has also begun preclinical research into two provisionally patented novel chemical entities (NCEs) in the MDXX class, with the goal of improving the molecules’ toxicology and safety.
“At PharmAla, our goal is to both support clinical trials today by operating North America’s only clinical cGMP grade MDMA value chain, and to research and develop new patented drugs that will open the door for new treatments. Mental health is an area of growing importance that the COVID-19 pandemic has brought to the forefront. We intensely believe that these treatments can help address the very serious needs of patients facing certain mental health challenges,” said PharmAla COO Dr. Shane Morris.
Neither the Canadian Securities Exchange nor its Regulation Services Provider have reviewed or accept responsibility for the adequacy or accuracy of this release.
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 in this press release includes information with respect to the CSE listing, and product developments. 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. Given these risks, uncertainties and assumptions, you should not unduly rely on these forward-looking statements. 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. The foregoing statements expressly qualify any forward-looking information contained herein. 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
PharmAla Biotech Holdings Inc. (CSE: MDMA) 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, and to develop novel drugs in the same class. 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. Our team of dedicated professionals includes regulatory experts, scientists, and biomanufacturing professionals. PharmAla has built what it believes to be North America’s first cGMP MDMA value chain, encompassing GMP manufacturing of Active Pharmaceutical Ingredient (API), and drug product formulation. PharmAla’s research and development unit has also begun preclinical research into two patented Novel Chemical Entities (NCEs) based on MDXX class molecules, with proof-of-concept research currently ongoing at the University of Arkansas Medical School.