Cavion, Inc.

· Dr Papapetropoulos brings more than 20 years of CNS-focused biopharma leadership, including C-suite roles at Neuphoria Therapeutics (Nasdaq: NEUP), Acadia Pharmaceuticals (Nasdaq: ACAD), Vigil Neuroscience (Nasdaq: VIGL), Biogen, Allergan, and Pfizer · Track record includes more than 20 IND filings, multiple NDA/BLA submissions, and multiple CNS product approvals and launches worldwide · Appointment aligns with key milestones, including the recent publication of Phase 1 PoC data and the upcoming NBX-100 Phase 1 PK/PD study, supporting the Company’s continued expansion in neuropsychiatry · Neurala’s lead candidates NBX-100 (oral, medium-duration) and NBX-200 (intranasal, short-acting) are engineered for scalable, regulated medical use in substance use and depressive disorders MELBOURNE, Australia, February 24, 2026 — Neurala Biosciences (Neurala), a clinical-stage biotechnology company developing second-generation psychedelic neuromedicines for mental health and addiction, today formally announced the appointment of Spyros Papapetropoulos, MD, PhD, as Board Chair and Director. The appointment strengthens Neurala’s board with deep US regulatory and commercial drug development expertise as the company advances its proprietary DMT–harmala product candidates toward Phase 2 efficacy studies. Dr Papapetropoulos is a board-certified neurologist and neuroscientist with more than 20 years of leadership in CNS drug discovery and development. He served as President and Chief Executive Officer of Neuphoria Therapeutics, Inc. (Nasdaq: NEUP) until December 2025, and continues as a board director. Previously, he held senior executive roles including Chief Development Officer at Acadia Pharmaceuticals (Nasdaq: ACAD), Chief Medical Officer at Vigil Neuroscience (Nasdaq: VIGL), CEO at SwanBio Therapeutics, and EVP of Research & Development and Chief Medical Officer at Cavion, which was subsequently acquired by Jazz Pharmaceuticals. Dr Papapetropoulos has also held leadership positions at Biogen, Allergan, Pfizer, and Teva Pharmaceuticals. He serves as Chairman of Lipocine, Inc. (Nasdaq: LPCN) and is founder of Phragma Therapeutics. Across these roles, he has led numerous IND, NDA, and BLA submissions, contributing to multiple CNS product approvals and global launches. Dr Papapetropoulos has authored more than 170 peer-reviewed publications and contributed to patents, capital raises, strategic partnerships, and M&A transactions across the CNS sector. “Neurala’s second-generation platform represents a compelling scientific and commercial opportunity in a category attracting major strategic interest,” said Dr Papapetropoulos. “The published clinical data demonstrate that a precision multi-alkaloid approach can deliver a robust therapeutic psychedelic experience, and the proprietary refinements in NBX-100 and NBX-200 position these candidates to compete effectively against both established and emerging programs. I look forward to contributing clinical, regulatory and commercial development expertise as the company enters its next phase of clinical advancement.” Clinical momentum and upcoming milestones The appointment follows a period of significant progress for Neurala, including the recent publication of Phase 1 proof-of-concept data in Scientific Reports , a Nature Portfolio journal. The study demonstrated that Neurala’s standardised DMT–harmala formulation achieved acute effect scores exceeding those reported in prior psilocybin and LSD studies on validated measures. Neurala is now advancing two differentiated product candidates derived from its proprietary chemistry platform: NBX-100, a medium-duration oral formulation for substance use disorders including alcohol use disorder, and NBX-200, a short-acting intranasal formulation for chronic depressive illness. The NBX-100 Phase 1 PK/PD study at CMAX Clinical Research in Adelaide is expected to commence shortly, with the GMP drug product released, ethics approval granted, and all contracts in place. A $2 million government-funded Phase 2a efficacy study will commence once Phase 1 pharmacokinetic data are available to inform dose selection. “Spyros brings deep CNS development experience at a key stage in our clinical progression,” said Dr Daniel Perkins, Chief Executive Officer and co-founder of Neurala Biosciences. “His track record of advancing programs from early development through to product approval and commercial launch, across smaller biotechnology and large pharmaceutical environments, will support disciplined execution as we advance our second-generation candidates toward later-stage studies, while also strengthening our position for future capital raising and global expansion, with an initial strategic focus on the United States.” About Neurala Biosciences Neurala Biosciences is a clinical-stage biotechnology company developing second-generation psychedelic neuromedicines for mental health and addiction. The company’s proprietary DMT–harmala chemistry platform enables unique flexibility to develop products with varying duration and intensity pro optimised for the needs of specific clinical indications. Neurala’s lead candidates, NBX-100 and NBX-200, are being developed for substance use and depressive disorders. The company has received seed funding from University of Melbourne commercialisation funds Tin Alley Ventures and the Genesis Pre-Seed Fund, with substantial non-dilutive grant support from the Australian Government. Development partners include CSIRO, IDT Australia, Monash Medicines Innovation Centre, and Eurofins. For more information, visit . About Spyros Papapetropoulos, MD, PhD Dr Papapetropoulos is a board-certified neurologist and neuroscientist with more than 20 years of leadership in CNS drug discovery and development. He has held C-suite and senior leadership roles at multiple Nasdaq-listed and global pharmaceutical companies, overseeing programs spanning small molecules, biologics, and gene therapies, with a proven track record of disciplined portfolio management and strategic optimization through complex clinical readouts. Dr Papapetropoulos trained in movement disorders neurology at the National Hospital for Neurology and Neurosurgery in London and held faculty positions at the University of Miami School of Medicine. He is the author of Mind Odyssey: A Doctor's Guide to Training Your Brain for Purpose, Balance, and Fulfillment (Advantage Media Group, 2026), and has authored more than 170 peer-reviewed publications. Media & Investor Contact media@neurala.co

Jazz is still evaluating the essential tremor data. Jazz Pharmaceuticals hit a bum note Thursday, reporting the failure of a phase 2b essential tremor trial to meet its primary endpoint. But the drugmaker saw numeric improvements and is waiting on the data from another study rather than immediately bringing the curtain down on the program.  The study compared three doses of suvecaltamide, a modulator of T-type calcium channels, to placebo in 420 essential tremor patients. Essential tremor is the most common pathological movement disorder but companies have struggled to treat it, leaving physicians reliant on old drugs such as the beta blocker propranolol.  Jazz made a play for the market when it bought Cavion for $52.5 million upfront in 2019 and began the phase 2b study in 2021. The readout raises doubts about whether Jazz will generate a return on that bet. The study found suvecaltamide was statistically no better than placebo on the TETRAS essential tremor assessment scale, causing the study to miss its primary endpoint. Jazz was left citing trends favoring the top dose, 30 mg, over placebo on the primary and key secondary endpoints as positives. The drugmaker also said that the placebo performed better than expected.  Jazz started a phase 2 trial of suvecaltamide in patients with Parkinson's disease tremor in 2022. Results from that study could seal the fate of suvecaltamide. Rob Iannone, M.D., global head of R&D at Jazz, said in a statement that the company is still evaluating the essential tremor data and will decide on the next steps after seeing the Parkinson’s results, which are due in the first quarter of next year. Nothing is decided at this stage. Kelvin Tan, chief medical officer at Jazz, set out how the company will evaluate the data, and the importance of factors other than statistical significance, at a Goldman Sachs event last week.   “We'll look at not just statistical significance, but we'll also look at all of the other endpoints that we've collected in that trial to understand what is it that we need to determine makes clinically relevant impact, and then we'll take that into our decisions around what, hopefully, the phase 3 trial then looks like,” Tan said. The failure is a blow, though. Jazz had identified the phase 2b as a study that could form part of a pivotal package and selected the primary endpoint because it gets “to the heart of what is it that really matters to patients, the activities of daily living, the ability to wash, to dress, to feed,” Tan said. The phase 2b trial suggests suvecaltamide is no better than placebo at improving those patient-centric outcomes.

Jazz Pharmaceuticals said its investigational therapy for essential tremor failed to achieve a statistically significant improvement in patient symptoms versus placebo in a Phase IIb trial. The data readout sent the company’s shares down about 4% on Thursday.The study randomised 420 patients with essential tremor to receive placebo or a once-daily oral dose of suvecaltamide (JZP385) at strengths of 10mg, 20mg, or 30mg. The high dose of suvecaltamide – a state-dependent modulator of T-type calcium channels – did not meet the primary endpoint of change from baseline to week 12 on the Essential Tremor Rating Assessment Scale (TETRAS) modified composite outcome score, nor the key secondary endpoint of Clinical Global Impression-Severity (CGI-S) scale.Waiting on Parkinson’s readoutThe study miss may have been due to a greater-than-expected improvement in the placebo arm.Jazz gained suvecaltamide in 2019 when it spent $54.5 million upfront to acquire Cavion. The biotech had earlier conducted its own Phase II study of the candidate, which achieved statistical significance versus placebo on investigator-rated TETRAS score. However, Jazz said that patients in its study who received placebo experienced an improvement that was higher than seen in Cavion’s T-CALM trial and “exceeded [our] expectations.”“We are evaluating the data to better understand the trial results,” Rob Iannone, Jazz’s global head of R&D, said of the essential tremor study. He added that while the company is “disappointed” in the readout, the programme’s fate will be determined by an ongoing Phase II trial of suvecaltamide in patients with Parkinson’s disease, which is expected to have results in the first quarter of 2025. On a more positive note, the candidate was well-tolerated, and no new safety signals emerged. Treatment-emergent adverse events were predominantly mild-to-moderate, with the most common side effects being dizziness, headache, paresthesia, diarrhoea and insomnia. Jazz said one patient experienced a treatment-related serious adverse event.