BetterLife Progresses BETR-001 IND Studies

VANCOUVER, British Columbia, May 01, 2024 -- BetterLife Pharma Inc. ("BetterLife" or the "Company") (CSE: BETR / OTCQB: BETRF / FRA: NPAU), a burgeoning biotechnology firm, is advancing its innovative research on non-hallucinogenic, LSD-based therapies for mental health conditions. The company's latest progress involves the IND-enabling studies for their lead compound, BETR-001, a non-hallucinogenic derivative of LSD (lysergic acid diethylamide). These studies focus on metabolism and genotoxicity under Good Laboratory Practice (GLP) standards.

Dr. Ahmad Doroudian, CEO of BetterLife, emphasized the unique nature of BETR-001, noting its strong efficacy in animal models for depression and anxiety without inducing hallucinations. Initial GLP toxicology studies in animals have shown that BETR-001 is well tolerated even at high doses with repeated administration. The company is now embarking on additional nonclinical toxicology studies to support their Investigational New Drug (IND) application with the U.S. Food and Drug Administration (FDA) and to commence human clinical trials.

BetterLife has already held a pre-IND meeting with the FDA and aims to file the IND application for BETR-001 by the end of 2024. Additionally, in March 2024, BetterLife announced plans to undertake further private placement offerings of convertible debentures to support the development of BETR-001. Recently, the company closed a $30,000 tranche of 10% convertible debentures with a two-year maturity, expiring on April 29, 2026. These debentures can be converted into units of the company at a conversion price of $0.10 per unit, each consisting of one common share and one share purchase warrant, which will expire on October 29, 2026. BetterLife is considering additional private placements of convertible debentures to further fund their research and development efforts.

BetterLife Pharma Inc. is a biotechnology entity focusing on the development and commercialization of compounds for treating neuro-psychiatric and neurological disorders. The company’s lead candidate, BETR-001, is a non-hallucinogenic LSD derivative currently in preclinical and IND-enabling studies. This compound is particularly noteworthy because it is unregulated and can be self-administered, potentially circumventing regulatory obstacles. BetterLife's synthesis patent for BETR-001 removes regulatory challenges, and their pending patents for composition and method of use cover treatments for major depressive disorder, anxiety disorder, neuropathic pain, and other related conditions.

Another significant compound in BetterLife’s pipeline is BETR-002, which is based on honokiol, an anxiolytic compound derived from magnolia bark. BETR-002 is also in preclinical and IND-enabling studies, with pending patents for its use in treating anxiety-related disorders, including benzodiazepine dependency.

Besides these primary compounds, BetterLife owns a drug candidate aimed at treating viral infections and is seeking strategic alternatives to advance its development.

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