PharmAla Gives Detailed Investor Update After Q3 Financial Release

PharmAla Biotech Holdings Inc. (CSE: MDMA) (OTC: MDXXF), a biotechnology firm specializing in the research, development, and production of LaNeo™ MDMA and innovative MDMA derivatives, has released its Q3 Financial Statement. The financial data for the nine months ending on May 31, 2024, indicates a marked increase in revenue compared to the previous year.

CEO Nicholas Kadysh highlighted the company's significant revenue growth, stating, "Compared to the same period in 2023, PharmAla has achieved roughly tenfold revenue growth in 2024." This substantial increase underscores the company's effective strategy of exploring new opportunities in Canada, Australia, and various other non-US markets. Kadysh emphasized that this approach would continue to be central to their efforts with the LaNeo MDMA product, aiming to solidify PharmAla as the top choice for clinical trial practitioners and prescriber suppliers.

In other significant developments, the board of Cortexa has confirmed that PharmAla has met all conditions related to the transfer of intellectual property, making their Joint Venture permanent and irrevocable.

PharmAla's APA-01 composition of matter has received patent protection (US Patent 12042478) from the US Patent and Trademark Office. Preliminary studies suggest that APA-01 may serve as a treatment for various conditions. This molecule appears to have pro-social effects at lower doses than MDMA and acts on the 5HT1A receptor, similar to approved treatments for anxiety and depression. Additionally, it may promote neuroplasticity by binding to intracellular 5HT2A receptors. Harpreet Kaur, Vice President of Research at PharmAla, remarked, "We continue to advance our understanding and potential applications of APA-01. As a 5HT1a agonist, this molecule's potential extends beyond the uses of MDMA."

PharmAla has expressed its gratitude to IPON for its continued support in securing global patents for molecules like APA-01. In 2024, PharmAla has benefited from over $160,000 in non-dilutive grant proposals accepted by IPON, aiding in the filing of patents to protect its intellectual property across numerous relevant jurisdictions globally.

The Board of Directors has also approved a new contract for CEO Nicholas Kadysh, set at an annual salary of $170,000, with the possibility of an additional annual bonus of up to 50%, subject to the Board's discretion. The Compensation Committee will review the CEO’s salary annually. Furthermore, Kadysh has been granted 2 million Restricted Share Units (RSUs), to vest quarterly over one year, in recognition of his ongoing performance in achieving the company’s objectives. All shares issued are subject to a four-month holding period.

PharmAla Biotech Holdings Inc. is a biotechnology company dedicated to the research, development, and manufacturing of MDXX class molecules, including MDMA. Founded with a dual focus, the company aims to alleviate the global backlog of clinical-grade MDMA to facilitate clinical trials and commercial sales in specific jurisdictions and to develop new drugs within the same class. PharmAla is currently the only company supplying clinical-grade MDMA for patient treatments outside of clinical trials. The company's research and development division has completed proof-of-concept studies on several intellectual property families, including its leading drug candidate, ALA-002. PharmAla prioritizes regulatory compliance, understanding that success in the psychedelics industry hinges on strong relationships with regulatory bodies.

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