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Awakn Life Sciences Reports Results for Quarter Ended April 30, 2022

Awakn Life Sciences Reports Results for Quarter Ended April 30, 2022

Awakn delivered revenue growth of 24% in the quarter

TORONTO, CANADA, June 14, 2022 – Awakn Life Sciences Corp. (NEO: AWKN, OTCQB: AWKNF, FSE: 954) (‘Awakn’), a biotechnology company, researching, developing, and commercializing therapeutics to treat addiction with a near-term focus on Alcohol Use Disorder (AUD), announced today its financial results and business highlights for the three months ended April 30, 2022. All results are reported under International Financial Reporting Standards (“IFRS”) and in Canadian dollars (“CAD”), unless otherwise specified.

Anthony Tennyson, Chief Executive Officer of Awakn Life Sciences, stated, “Today’s results demonstrate the significant momentum building in our business across both our research and development pipeline and in our therapeutics commercialization business.  The addiction treatment market opportunity is, unfortunately, large and growing, and Awakn is uniquely positioned to offer proven therapeutics supported by data to sufferers for whom the current standard of care is inadequate and relapse rates are unacceptably high.

During the quarter we achieved a number of significant milestones, including the completion of the world’s first Ketamine study for a range of behavioural addictions including Gambling Disorder, Internet Gaming Disorder, Binge Eating Disorder and Compulsive Sexual Behavior Disorder.  We also received regulatory approval for our flagship London clinic.  Q1 was another period in which we made significant progress towards our goal of bringing effective therapeutics to addiction sufferers in desperate need.”

1Q22 & Recent Business Highlights:

1Q22 & Recent Corporate Highlights:

1Q22 Financial Highlights:

  • Delivered revenue of $253,154 via Awakn’s clinics for the three months ended April 30, 2022, compared to $Nil in the prior year. This represents a 23.9% or $48,834 versus the three months ended January 31, 2022.
  • Revenue during the three-month period was primarily driven by the provision of ketamine-assisted therapies at the Oslo clinic in Norway and the Bristol clinic in the UK as the flagship London clinic in the UK only commenced delivering treatments in April 2022
  • As of April 30, 2022, the Company had $2,818,998 million in cash

Milestones Anticipated in H2 2022

  • Receive regulatory and ethics approval for Phase III clinical trial for Ketamine-Assisted Therapy for the treatment of Alcohol Use Disorder
  • Completion of the behavioral study of Ketamine in Gambling addiction
  • Therapeutics Commercialization through launching licensing partnerships utilizing the company’s intellectual property (IP) Ketamine-Assisted Therapy for Treatment of Alcohol Use Disorder (“KARE”) in the US and Canada
  • New Chemical Entity drug development: Initiate lead optimization program
  • Open additional Awakn Psychedelic-Assisted Psychotherapy Clinic
  • Awakn has applied for several grants, one of which the company expects to receive a response on by end of Q2, and if successful, would cover a substantial amount of the cost of Phase III clinical trial

About Awakn Life Sciences Corp.

Awakn Life Sciences is a biotechnology company, researching, developing, and commercializing combined therapeutics to treat addiction, with a focus on Alcohol Use Disorder. Awakn’s team consists of renowned research experts, world leading chemists, scientists, psychiatrists, and psychologists. Addiction is one of the biggest unmet medical needs of our time, affecting over 20% of the global population and is an industry valued at over $100bn per annum. Awakn is working to disrupt this underperforming industry by advancing the next generation of drugs and therapies to be used in combination, through preclinical research and clinical stage trials.

www.awaknlifesciences.com  |  Twitter  |  LinkedIn  |  Facebook

Notice Regarding Forward-Looking Information

This news release contains certain forward-looking information and forward-looking statements, as defined in applicable securities laws (collectively referred to herein as “forward-looking statements”). Forward-looking statements reflect current expectations or beliefs regarding future events or the Company’s future performance. All statements other than statements of historical fact are forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “continues”, “forecasts”, “projects”, “predicts”, “intends”, “anticipates”, “targets” or “believes”, or variations of, or the negatives of, such words and phrases or state that certain actions, events or results “may”, “could”, ”would”, “should”, “might” or “will” be taken, occur or be achieved, including statements relating the business of the Company. All forward-looking statements, including those herein are qualified by this cautionary statement.

Although the Company believes that the expectations expressed in such statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the statements. There are certain factors that could cause actual results to differ materially from those in the forward-looking information. These include, but are not limited to:COVID-19; fluctuations in general macroeconomic conditions; the business plans and strategies of the Company; the ability of the Company to comply with all applicable governmental regulations in a highly regulated business; the inherent risks in investing in target companies or projects which have limited or no operating history and are engaged in activities currently considered illegal in some jurisdictions; changes in laws; limited operating history; reliance on management; requirements for additional financing; competition; fluctuations in securities markets; inconsistent public opinion and perception regarding the medical-use of psychedelic drugs; expectations regarding the size of the addiction market; and regulatory or political change. Readers are cautioned that the foregoing list of factors is not exhaustive of the factors that may affect forward-looking statements. Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements in this news release speak only as of the date of this news release or as of the date or dates specified in such statements.

Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking information. For more information on the Company, investors are encouraged to review the Company’s public filings on SEDAR at www.sedar.com. The Company disclaims any intention or obligation to update or revise any forward- looking information, whether as a result of new information, future events or otherwise, other than as required by law.

This news release does not constitute an offer to sell, or a solicitation of an offer to buy, any securities in the United States. The Company’s and Awakn’s securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

Investor Enquiries:
Anthony Tennyson, CEO, Awakn Life Sciences
anthony.tennyson@awaknlifesciences.com

Media Enquiries:
America and Canada: KCSA Strategic Communications 
Anne Donohoe
Adonohoe@KCSA.com

Rest of World: ROAD Communications
Paul Jarman / Nora Popova
Awakn@roadcommunications.co.uk

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HAVN Life Announces Changes to the Board of Directors

HAVN Life Announces Changes to the Board of Directors

Vancouver, BC – Havn Life Sciences Inc. (CSE: HAVN) (OTC: HAVLF) (FSE: 5NP) (the “Company” or “HAVN Life”) announces the departure of Messrs. Victor Neufeld and Dennis Staudt, respectively, as Directors of the Company (“Board”), effective immediately. The Company expresses its appreciation for Mr. Neufeld and Mr. Staudt’s services to the Company and wishes them the very best.

Stated Mr. Neufeld, “Both Dennis and myself have enjoyed our tenure on the Board, assisting and mentoring the HAVN strategic vision as the Company pursued opportunities in the psychedelic and functional mushroom sectors. Our Board resignations reflect other personal commitments, but we remain supportive long term shareholders.”

The Company is pleased to announce that Mr. Tim Moore, Chief Executive Officer and Director, has been appointed Chairman of the Board, and that Mr. Gordon Clissold, the Company’s Chief Financial Officer, has been appointed as a Director.

On Behalf of The Board of Directors
Tim Moore
CEO

About HAVN Life Sciences Inc.
HAVN Life Sciences Inc. is a Canadian biotechnology company pursuing standardized extraction of psychoactive compounds, the development of natural healthcare products, and innovative mental health treatment to support brain health and enhance the capabilities of the mind. Learn more at: havnlife.com and follow us on Facebook, Twitter and Instagram.

Contact:
Investor Relations: ir@havnlife.com 604 359 0060
Media: savi@emergence-creative.com 647 896-8078

The CSE has not reviewed, approved or disapproved the content of this press release

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Beckley Psytech Announces Partnership With Ksana Health, Building on Digital Strategy to Deliver Optimised Patient Outcomes

Beckley Psytech Announces Partnership With Ksana Health, Building on Digital Strategy to Deliver Optimised Patient Outcomes

  • Partnership will focus on the collection and analysis of digital biomarkers to identify signs of response and relapse in upcoming Phase 2 clinical trials
  • Beckley Psytech aims to track and improve patient experience through an integrated, digitally-assisted treatment model

June 14, 2022 02:00 AM Eastern Daylight Time

OXFORD, England–(BUSINESS WIRE)–Beckley Psytech Limited, a private company dedicated to addressing neurological and psychiatric disorders through the novel application of psychedelic medicines, and Ksana Health, a behavioural health company that uses technology to provide personalised insights and interventions to improve mental health care, today announced that the companies have entered into a partnership to support the collection and analysis of digital behavioural data in Beckley Psytech’s future clinical trials.

Beckley Psytech will use Ksana Health’s Effortless Assessment Research System (EARS), an end-to-end solution for mobile sensing, to collect passive mobile device meta data from clinical trial participant’s smartphones, in order to identify individual signals of potential response and relapse. By partnering with Ksana Health, Beckley Psytech aims to track novel, predictive digital biomarkers to follow patient progress in upcoming Phase 2 studies evaluating the use of 5-MeO-DMT in combination with psychotherapy in the treatment of treatment resistant depression (TRD).

This latest partnership further strengthens Beckley Psytech’s digital strategy to develop personalised, end-to-end treatment programmes for patients in areas of significant unmet medical need.

Cosmo Feilding Mellen, CEO of Beckley Psytech, said: “This partnership with Ksana Health further supports our strategy to develop an integrated psychedelic treatment model, ensuring that patients are continuously supported throughout their treatment journey. We look forward to working with Ksana Health and exploring how their state-of-the-art digital technology can help support patient safety and response in our upcoming Phase 2 clinical trials.”

Dr. Nick Allen, co-founder and CEO of Ksana Health, commented: “Psychedelic treatments are offering exciting new approaches to recovery from mental disorders. However, we need rigorous clinical trials to ensure that this promise is realised. We are therefore very excited to partner with Beckley Psytech to help them build out their digital strategy. By using our continuous behavioural health measurement tools, we can help Beckley Psytech to understand each patient’s journey more deeply, which will ultimately allow for more effective and personalised treatments.”

-Ends-

About 5-MeO-DMT
5-methoxy-N,N-dimethyltryptamine (5-MeO-DMT) is a psychoactive compound which binds to a variety of receptors within the brain pertaining to serotonin. A psychedelic substance which occurs naturally in a number of plant species, as well as in the Sonoran Desert toad, studies have indicated that 5-MeO-DMT is associated with improvements in mood, anxiety, reduced stress, increased life satisfaction and mindfulness. 5-MeO-DMT has been reported to produce mystical experiences with comparative intensity as seen with high doses of psilocybin but has a significantly shorter duration of effect. Beckley Psytech is developing proprietary synthetic intranasal formulations of 5-MeO-DMT (BPL-002 and BPL-003) and plans to evaluate their potential therapeutic effects in patients suffering from Treatment Resistant Depression, as well as other Mood and Use Disorders indications.

Beckley Psytech – www.beckleypsytech.com
Beckley Psytech is a clinical stage privately held company dedicated to helping patients suffering from neurological and psychiatric disorders by developing a broad pipeline of psychedelic compounds in rare and more common diseases. Our vision is for clinically validated psychedelic medicines to be integrated into modern medical practice in order to help patients with high unmet medical need around the world suffering with treatment resistant depression, and other profoundly debilitating neurological conditions. Beckley Psytech was founded in 2019 leveraging some of the expertise developed over more than 20 years by the Beckley Foundation, an independent non-profit and world leader in psychedelic medicine research, and is based out of Oxford, United Kingdom.

Ksana Health – www.ksanahealth.comKsana Health was founded in 2019 in order to translate the tools and findings developed by the University of Oregon’s Center for Digital Mental Health into products and services that will transform mental health care and research. Led by Dr. Nick Allen, a Professor of Clinical Psychology with extensive research and clinical experience, and Will Shortt, an experienced software business leader and startup CEO, Ksana Health aims to give clients, practitioners, administrators, and researchers the digital tools that will define the future of mental health.

Contacts

Beckley Psytech
Cosmo Feilding Mellen
Chief Executive Officer
info@beckleypsytech.com

Communications
FTI Consulting
Ben Atwell / Mike Trace
+44 (0)20 3727 1000
beckleypsytech@fticonsulting.com

Investor Relations
LifeSci Advisors
Guillaume van Renterghem
+41 76 735 01 31
gvanrenterghem@lifesciadvisors.com

Ksana Health
Will Shortt
+1 541-912-2883
will.shortt@ksanahealth.com

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Psyched Wellness Announces the Official Launch of Their New eCommerce Online Store

Psyched Wellness Announces the Official Launch of Their New eCommerce Online Store

Continuing to build distribution momentum for their proprietary Amanita Muscaria extract AME-1

Toronto, Ontario–(Newsfile Corp. – June 14th, 2022) – Psyched Wellness Ltd. (CSE: PSYC) (OTCQB: PSYCF) (FSE: 5U9) (the “Company” or “Psyched“), a life sciences company focused on the production and distribution of health and wellness products derived from the Amanita Muscaria mushroom, is excited to announce that they will be launching their online store today.

The Company has been working hard over the last few months to build out this new distribution channel for its products. The new online shop will begin by selling branded merchandise such as t-shirts, hats, hoodies and other accessories. The Company is currently testing its e-commerce purchase funnel before launching its extract Calm, the first Amanita Muscaria mushroom extract approved for sale in the USA.

Chief Commercial Officer, Matthew Singh, commented: “A detailed eCommerce strategy is integral for any modern CPG entity. Ours is designed to scale not only our product but also our brand and awareness of the Amanita Muscaria mushroom. Buying direct from Psyched Wellness will yield multiple benefits for the user, and this is only phase one of our eComm approach, which will include 3rd party sellers as well. We chose to start with our merchandise to ensure the consumer experience is perfected before launching the presale of our tincture, Calm. Our line of mushroom-derived products with AME-1 is approved for sale anywhere in the United States, with no prescription necessary. We are excited to bring a legal Amanita Muscaria product to the masses for the first time. Huge credit to Del, our Marketing team, and the developers at Spark for a job well done!”

Visit www.psyched-wellness.com for more information on how to order products.

-30-

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

About Psyched Wellness Ltd.:

Psyched Wellness Ltd. is a Canadian-based health supplements company dedicated to the distribution of mushroom-derived products and associated consumer packaged goods. The Company’s objective is to create premium mushroom-derived products that have the potential to become a leading North American brand in the emerging functional food category. The Company is in the process of developing a line of Amanita muscaria-derived water-based extracts, teas and capsules designed to help with three health objectives: promote stress relief, relaxation and assist with restful sleeping.

Cautionary Statement Regarding Forward Looking Information

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 the Company’s current belief or assumptions as to the outcome and timing of such future events. The forward-looking information and forward- looking statements contained herein include, but are not limited to, statements regarding: the ability of the Company to develop Amanita Muscaria-derived products; the safety of Amanita Muscaria consumption and the safety and purity of any extracts thereof; and (ii) the uses and potential benefits of Amanita Muscaria.

Forward-looking information in this news release are based on certain assumptions and expected future events, namely: the Company’s ability to continue as a going concern; the Company’s ability to continue to develop its mushroom-derived products and associated consumer packaged goods; continued approval of the Company’s activities by the relevant governmental and/or regulatory authorities; and the continued growth of the Company.

These statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements, including but not limited to: the potential inability of the Company to continue as a going concern; risks associated with potential governmental and/or regulatory action with respect to the Company’s operations; competition within the psychedelics market; risks with respect to the safety of Amanita Muscaria consumption and the safety and purity of any extracts thereof; and the risk that there is no potential benefit of Amanita Muscaria consumption.

Readers are cautioned that the foregoing list is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated.

Forward-looking statements contained in this news release are expressly qualified by this cautionary statement and reflect the Company’s expectations as of the date hereof and are subject to change thereafter. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, estimates or opinions, future events or results or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required by applicable law.

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Wtf is wood lovers paralysis?

What is wood lovers paralysis?

While psychedelic research is rapidly advancing, there’s still a lot we don’t know.

For instance, there’s little research on a rare but scary side effect of magic mushrooms called wood lovers paralysis – a condition causing muscle weakness or paralysis for several hours.

The phenomenon only seems to occur after ingesting mushroom species that grow on wood like Psilocybe azurescens, Psilocybe cyanescens, and Psilocybe subaeruginosa.

Luckily, companies like Lexston Life Sciences (LEXT) and CaaMTech are beginning to study the genetic makeup of various mushroom species to better understand what causes the condition.

PDF of article

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Creso Pharma’s wholly-owned Canadian subsidiary, Mernova Medicinal Inc. receives maiden order for new strains, increases cannabis yields and gains acclaim at national cannabis competition

Creso Pharma’s wholly-owned Canadian subsidiary, Mernova Medicinal Inc. receives maiden order for new strains, increases cannabis yields and gains acclaim at national cannabis competition

Highlights:

  • Mernova has received its first Purchase Order (“PO”) for new Mac 1 and Grape Cream Cake strains from the province of Saskatchewan
  • The Introduction of new strains is important to the Company’s strategy for market development and brand awareness growth
  • Recent Lemon Haze strain harvest has yielded 47.5 kilograms – marking a 84% increase on the average volume of the 24 previous harvests
  • The increase follows recent upgrades to the Company’s grow rooms, including new lighting and irrigation systems and investment in more nutritional products
  • Increased yield expected to lead to a lower cost per gram growing cost and provides Creso Pharma with increased inventory to progress province sales
  • Mernova secures third place in Cannabis NB Cup for its Black Mamba strain
  • Cannabis NB Cup is a national competition that seeks cannabis strains from Canada’s best growers which are then judged by a panel of 600 people
  • Third place in the competition will provide additional marketing collateral, increased brand awareness for the Ritual Green range and broader market visibility

Creso Pharma Limited (ASX:CPH, OTC:COPHF, FRA:1X8) (‘Creso Pharma’ or ‘the Company’) is pleased to provide the following update on activities undertaken by wholly-owned Canadian subsidiary Mernova Medicinal Inc. (“Mernova”).

Initial purchase order secured for new Ritual Green strains:

Creso Pharma secured an additional purchase order (“PO”) from the province of Saskatchewan, one of Mernova’s newest provincial markets, which included orders for the new strains, Mac 1 and Grape Cream Cake in a 3.5g dried flower format.

The maiden order value for the new strains is ~C$13,680 of the total recent PO of ~C$68,000 from the province of Saskatchewan. Regular introduction of new strains is important to the Company’s strategy to develop further presence in existing and new markets. Creso Pharma is in discussion with existing province partners for further supply of these new strains as well as the launch of its new Ritual Green strain, Monkey Berries and planned vape product.

Significant increase in cannabis yields:

Mernova is pleased to advise that it has further increased cannabis yields at its state of the art, 24,000 sq. ft. cannabis cultivation facility in Nova Scotia, Canada. The Company has recently completed a harvest of its Lemon Haze strain, which is sold under the Ritual Green brand.

The latest cultivation follows upgrades to the Company’s grow rooms (refer ASX announcement: 21 March 2022) and has yielded 47.5 kilograms, which highlights an 84% increase on the 24 previous harvest average volumes of 25.8 kilograms.

The recent harvest and increased yield highlights the successful implementation of Creso Pharma’s strategy to bolster its total cannabis dried flower for sale, while reducing cost of growing on a per gram basis.

Recognition in the Cannabis NB Cup:
Creso Pharma is also pleased to advise that it has recently secured a top three placing at the Cannabis NB Cup, providing additional recognition of the Company’s leading Ritual Green products.

The Cannabis NB Cup is a national competition, where cannabis producers are requested to submit their top products to the province of New Brunswick. The products are then distributed via 600 judging kits which include 3.5 g of product from eight different producers, alongside a judging book.

Mernova submitted its Black Mamba strain in the indica category, which achieved a third place finish. The results of the competition provide further credibility to the quality that the Ritual Green brand is built on, as well as providing marketing collateral and brand awareness.

Management commentary:

CEO and Managing Director, Mr William Lay said: “To have successfully increased plant yield by an average of 84% in our most recent Lemon Haze harvest is evidence that our recent investment in grow room upgrades are leading to a lower cost per gram benefit and have the potential to lead to higher margin sales.

“Increasing our strain offering is important for our growth as we strive to penetrate existing markets further, as well as entering new markets. Finally, the award received in the Cannabis NB Cup for our Black Mamba strain underpins the emphasis that we place on product quality as the core attribute of our product offering.”

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Algernon Pharmaceuticals Announces Database Lock in Phase 2 Study of IPF and Chronic Cough

Algernon Pharmaceuticals Announces Database Lock in Phase 2 Study of IPF and Chronic Cough

VANCOUVER, British Columbia, June 13, 2022 (GLOBE NEWSWIRE) — Algernon Pharmaceuticals Inc. (the “Company” or “Algernon”) (CSE: AGN) (FRANKFURT: AGWO) (OTCQB: AGNPF) a clinical stage pharmaceutical development company is pleased to announce that its Phase 2 proof-of-concept study of NP-120 (“Ifenprodil”) for idiopathic pulmonary fibrosis (“IPF”) and chronic cough has reached database lock. This means that all data from the trial is now finally reported, cleaned and “locked” in the database. As previously stated, the Company is projecting that topline data will be available in July, 2022.

The study began in 2020, and recruited patients in Australia and New Zealand with an established diagnosis of IPF and a persistent cough. Recruitment ended in February, 2022, when 20 patients had been enrolled.

Phase 2 Study Summary

The purpose of this proof-of-concept Phase 2 human trial is to determine the safety and efficacy of Ifenprodil in patients with IPF and its associated cough.

In this open label, single-arm study, 20 patients were enrolled that had a diagnosis of IPF and a self-described moderate or worse cough (a score of >40mm on a cough visual analogue scale). Patients were treated with Ifenprodil (20 mg TID) for 12 weeks.

The primary endpoint of the IPF portion of the study is the proportion of patients who achieve zero reduction in lung function at 12 weeks vs. baseline. Lung function was measured by forced vital capacity (“FVC”).

The primary endpoint of the chronic cough portion of the study is a 50% reduction in average 24-hour cough count at 12 weeks vs. baseline. Cough counts were recorded using an ambulatory cough monitor.

However, based on data seen in recent IPF and chronic cough trials from other companies, Algernon will also perform a pre-specified subgroup analysis on patients with higher baseline cough counts. In addition, the Company will also measure the proportion of patients with a less than 2.5% reduction in FVC.

In addition to safety and tolerability, the effect on serum biomarkers of fibrosis will also be reported including proC3, C3M, proC5, C5M, proC6, C6M and reC1M.

About Ifenprodil

Ifenprodil is an N-methyl-D-aspartate (NMDA) receptor antagonist specifically targeting the NMDA-type subunit 2B (GluN2B). Ifenprodil prevents glutamate signalling. The NMDA receptor is found on many tissues including lung cells, T-cells, and neutrophils.

About Algernon Pharmaceuticals Inc. 

Algernon is a drug re-purposing company that investigates safe, already approved drugs for new disease applications, moving them efficiently and safely into new human trials, developing new formulations and seeking new regulatory approvals in global markets. Algernon specifically investigates compounds that have never been approved in the U.S. or Europe to avoid off label prescription writing.

Algernon has filed intellectual property rights globally for Ifenprodil for the treatment of respiratory diseases.

CONTACT INFORMATION

Christopher J. Moreau
CEO
Algernon Pharmaceuticals Inc.
604.398.4175 ext 701
info@algernonpharmaceuticals.com
investors@algernonpharmaceuticals.com
www.algernonpharmaceuticals.com

Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.

CAUTIONARY DISCLAIMER STATEMENT: No Securities Exchange has reviewed nor accepts responsibility for the adequacy or accuracy of the content of this news release. This news release contains forward-looking statements relating to product development, licensing, commercialization and regulatory compliance issues and other statements that are not historical facts. Forward-looking statements are often identified by terms such as “will”, “may”, “should”, “anticipate”, “expects” and similar expressions. All statements other than statements of historical fact, included in this release are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations include the failure to satisfy the conditions of the relevant securities exchange(s) and other risks detailed from time to time in the filings made by the Company with securities regulators. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will update or revise publicly any of the included forward-looking statements as expressly required by applicable law.

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Small Pharma Reports Highlights for the Fiscal Year Ended February 28, 2022

Small Pharma Reports Highlights for the Fiscal Year Ended February 28, 2022

– Reporting its financial results and continued progress across short-acting psychedelics portfolio – Executive team and IP position strengthened
LONDON, June 09, 2022 (GLOBE NEWSWIRE) — Small Pharma Inc. (TSXV: DMT) (OTCQB: DMTTF) (the “Company” or “Small Pharma”), a biotechnology company focused on short-acting psychedelic-assisted therapies for mental health conditions, has today published its financial results for the fiscal year ended February 28, 2022. A complete copy of the audited consolidated financial statements prepared in accordance with International Financial Reporting Standards and the corresponding management’s discussion and analysis can be found under the Company’s profile on SEDAR at www.sedar.com. Unless otherwise indicated, all currency references are in Canadian dollars.

Financial Highlights

Cash on hand as of February 28, 2022 of $40.7 million
Cash used in operating activities of $16.2 million for the 12 months ended February 28, 2022.
Operating expenses for the 12 months ended February 28, 2022 were $18.1 million.
Business Highlights (including post-period events)

Ultra Short-acting Psychedelic Program: SPL026

The Company’s lead program, SPL026 intravenous (“IV”) N,N-dimethyltryptamine (“DMT”) assisted psychotherapy in major depressive disorder (“MDD”), is in the Phase IIa part of the Phase I/IIa clinical trial, with completion of patient dosing expected in coming months.
Drug interaction patient study expected to commence in H2 2022, assessing the impact of selective serotonin reuptake inhibitors (“SSRIs”) on the safety, tolerability, pharmacokinetics and pharmacodynamics of SPL026 with psychotherapy.
Preparation is continuing for the international multi-site Phase IIb clinical trial, with further scientific advice requested from the United States Food and Drug Administration (the “FDA”), the UK Medicines and Healthcare products Regulatory Agency (the “MHRA”) and the European Medicines Agency (the “EMA”). A centralized Contract Research Organization to support the execution of the study has been selected.
Short-acting Psychedelic Programs

SPL026 IM preclinical program has been completed. Phase I study is currently planned for H2 2022 to compare the treatment profile of intramuscular (“IM”) and IV modes of administration.
SPL028, the Company’s deuterated DMT-assisted psychotherapy program was initiated with positive preclinical data of IM and IV formulations of SPL028. A Phase I clinical trial is planned for H2 2022.
Intellectual Property

Continued to build upon its existing patent portfolio to a total of six granted patents (including two new Composition of Matter patents) and 74 patent applications pending across the Company’s psychedelic and non-psychedelic portfolio.
Strengthening of Executive Team

Appointment of Dr. Alastair Riddell as Chief Operating Officer and Ms. Marie Layzell as Chief Manufacturing and Development Officer to support the growing pipeline of molecules as they progress into and through clinical trials.
Peter Rands, Chief Executive Officer of Small Pharma, said:

“With depression cases on the rise globally and current antidepressants failing so many, there is a growing sense of urgency to develop entirely novel treatment approaches. This is the reason why the Company is taking a radically different approach to mental health treatment, but one that can be embedded into the current clinical setting. Short-acting psychedelics such as DMT may offer a practical and convenient treatment for patients, clinicians and health systems, and importantly one that has the potential to scale. As we advance our short-acting and ultra-short acting psychedelic programs, and with efficacy data for our lead DMT program on the horizon, it is an exciting time for the whole class of short-acting psychedelics.”
Option Grants

The board of directors of the Company has granted options to purchase up to an aggregate of 6,300,000 common shares in the capital of the Company (the “Common Shares”) to certain directors and officers of the Company pursuant to the Company’s stock option plan. Each option is exercisable for one Common Share at a price equal to the greater of (i) $0.16 per Common Share; and (ii) the closing price of the Common Shares on Friday, June 10, 2022, being the first trading day after the release of the Company’s financial results. The options are exercisable for a period of ten years and are subject to certain vesting requirements.

About Small Pharma

Small Pharma is a biotechnology company progressing a pipeline of short-acting psychedelics with therapy for the treatment of mental health conditions, with a current focus on depression. Small Pharma initiated a clinical program into DMT-assisted psychotherapy in February 2021. This program includes a Phase I/IIa trial on the Company’s lead candidate alongside the development of a robust pipeline of proprietary preclinical assets.

About DMT

DMT is a naturally occurring psychedelic tryptamine found in plants and in the brain of mammals. Scientific evidence suggests DMT offers the potential for rapid-acting and long-lasting antidepressant effects. DMT is differentiated by its short psychedelic experience (< 30 mins), which allows for short treatment sessions and offers the potential for convenient supervised treatments within patient clinics. Small Pharma is advancing a pipeline of DMT-based therapies and is leading the most advanced clinical trial in commercial development for DMT-assisted psychotherapy in Major Depressive Disorder.

For further information contact:

Small Pharma

Peter Rands Chief Executive Officer

Email: ir@smallpharma.co.uk

Tel: +44 (0)20 7112 9118

Media Relations Contacts:

USA: McKenna Miller

KCSA Strategic Communications

Email: smallpharmapr@kcsa.com

Tel: +1 (949) 949-6585

Investor Relations Contacts:

Eric Ribner

LifeSci Advisors

Email: eric@lifesciadvisors.com

Tel: +1 (646)-889-1200

Kristi Papanikolaw

KCSA Strategic Communications

Email: smallpharmair@kcsa.com
Tel: +1 (212) 682-6300

Cautionary Note Regarding Forward-Looking Statements

This press release contains statements that constitute “forward-looking information” (“forward-looking information”) within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking information and are based on expectations, estimates and projections as at the date of this news release. Any statement that discusses predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information. Forward-looking statements in this news release include statements regarding the Company’s continued progression of Phase IIa clinical trials of SPL026 IV, including the expected timeline for completion of patient dosing; the Company’s preparation for the international multi-site Phase IIb clinical trial of SPL026; the Company’s plans, expectations, timelines and possible outcomes with respect to its anticipated drug interaction patient study assessing the impact of SSRIs; the Company’s plans, expectations, timelines and possible outcomes of the further Phase I study of SPL026 comparing IM versus IV modes of administration and Phase I clinical trial for the SPL028 deuterated DMT-assisted program; the expected roles of Mr. Riddell and Ms. Layzell as the Company progresses through clinical trials; the ability for short-acting psychedelics to provide mental health treatments and be scalable for patients; and the Company’s ability to develop solutions to effectively address depression through DMT-based therapies.

In disclosing the forward-looking information contained in this press release, the Company has made certain assumptions. Although the Company believes that the expectations reflected in such forward-looking information are reasonable, it can give no assurance that the expectations of any forward-looking information will prove to be correct. Known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. Such factors include but are not limited to: compliance with extensive government regulations; domestic and foreign laws and regulations adversely affecting the Company’s business and results of operations; the impact of COVID-19; and general business, economic, competitive, political and social uncertainties. Accordingly, readers should not place undue reliance on the forward-looking information contained in this press release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking information to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking information or otherwise.

Small Pharma makes no medical, treatment or health benefit claims about its proposed products. The MHRA or other similar regulatory authorities have not evaluated claims regarding DMT-assisted therapies and other next generation psychoactive compounds. The efficacy of such therapies has not been confirmed by MHRA-approved research. There is no assurance that such DMT-assisted therapies and other psychoactive compounds can diagnose, treat, cure or prevent any disease or condition. Vigorous scientific research and clinical trials are needed. Any references to quality, consistency, efficacy and safety of potential therapies do not imply that Small Pharma verified such in clinical trials or that Small Pharma will complete such trials. If Small Pharma cannot obtain the approvals or research necessary to commercialize its business, it may have a material adverse effect on Small Pharma’s performance and operations.

The TSX Venture Exchange (“TSXV”) has neither approved nor disapproved the contents of this news release. Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

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Numinus completes acquisition of Novamind and announces executive appointments

Numinus completes acquisition of Novamind and announces executive appointment

Numinus Wellness (NUMI) completed its acquisition of Novamind (NM). Numinus now owns 13 wellness clinics, 4 clinical research facilities, and a dedicated psychedelics research lab. Novamind has ceased trading on the CSE, but two execs were appointed as Numinus’ Chief Science Office and Chief Clinical Officer.

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Novamind Obtains Final Order for Plan of Arrangement from the Supreme Court of British Columbia and Completes Acquisition by Numinus Wellness Inc.

Novamind Obtains Final Order for Plan of Arrangement from the Supreme Court of British Columbia and Completes Acquisition by Numinus Wellness Inc.

TORONTO, ON / June 10, 2022 / Novamind Inc. (CSE: NM | OTCQB: NVMDF | FSE: HN2)(“Novamind” or the “Company”), a leading mental health company specialized in psychedelic medicine, announced today that the Company has completed its previously announced acquisition by Numinus Wellness Inc. (TSX: NUMI) (OTCQX: NUMIF) (“Numinus”) by way of a plan of arrangement (the “Transaction”) following receipt of a final order from the Supreme Court of British Columbia.

Pursuant to the Transaction, Numinus acquired all of the common shares of Novamind (“Novamind Shares”) and the holders of Novamind Shares have received 0.84 (the “Exchange Ratio”) of a common share of Numinus (each a “Numinus Share”) for each Novamind Share held. In addition, each Novamind option has been exchanged for replacement Numinus options that entitle the holders to receive, upon exercise thereof, Numinus Shares based upon the Exchange Ratio. Holders of Novamind restricted share units (“Novamind RSUs”) received the number of Numinus Shares equal to the number of Novamind Shares such holder was entitled to under each Novamind RSU, subject to any withholdings or deductions, multiplied by the Exchange Ratio.

The Novamind Shares will be delisted from the Canadian Securities Exchange (“CSE”) and Novamind intends to submit an application to the applicable securities regulators to cease to be a reporting issuer and to terminate its public reporting obligations.

Full details of the Transaction are described in the Company’s management information circular dated May 6, 2022, which is available on the Company’s SEDAR profile at www.sedar.com.

About Novamind
Novamind is a leading mental health company enabling safe access to psychedelic medicine through a network of clinics and clinical research sites. Novamind provides ketamine-assisted psychotherapy and other novel treatments through its network of integrative mental health clinics and operates a full-service contract research organization specialized in clinical trials and evidence-based research for psychedelic medicine. For more information on how Novamind is enhancing mental wellness and guiding people through their entire healing journey, visit novamind.ca.

Contact Information
Yaron Conforti, CEO and Director
Telephone: +1 (647) 953 9512

Samantha DeLenardo, VP, Communications
Email: media@novamind.ca

Investor Relations
Email: IR@novamind.ca

Forward-Looking Statements
This news release contains forward-looking statements, including statements regarding the plans, intentions, beliefs and current expectations of the Company. All statements other than statements of historical fact included in this release are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations including the risks detailed from time to time in the Company’s public disclosure. The reader is cautioned not to place undue reliance on any forward-looking information. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The Company does not assume any obligation to update forward‐looking statements if circumstances or management’s beliefs, expectations or opinions should change other than as required by applicable securities laws.

Cautionary Statements
Neither the Canadian Securities Exchange nor its regulation services provider accepts responsibility for the adequacy or accuracy of this news release.