TORONTO, Aug. 22, 2024 (GLOBE NEWSWIRE) -- PharmAla Biotech Holdings Inc. (“PharmAla” or the “Company”) (CSE: MDMA) (OTC:MDXXF), a biotechnology company focused on the research, development, and manufacturing of LaNeo™ MDMA and novel derivatives of MDMA (MDXX class molecules), is pleased to announce that it has created a new tool for researchers, providing direct access to its Chemistry, Manufacturing and Control (CMC) data – as well as its investigator’s brochure – to qualified researchers.

“Over the past number of weeks we have seen a massive influx of requests for documentation for research materials for MDMA. One of the unlooked-for effects of the FDA’s decision on the Lykos New Drug Application for MDMA has been a dramatic increase in clinical researchers looking for information about our products. Clearly, MDMA is still of significant interest to the global research community,” said Nicholas Kadysh, CEO, PharmAla Biotech. “Following the successful rollout of PharmAla’s prescriber’s portal for our Canadian prescriber population, we’re pleased to offer this new tool to the global clinical researcher community. We hope it will save them time and energy as they apply for grant funding, and is a testament to PharmAla’s unmatched regulatory transparency and sophistication.”

The new tool, offered at https://pharmala.ca/clinical-trials, offers researchers direct access to drug product quality information, which researchers can examine directly. PharmAla expects that the tool will ease the process for those researchers who wish to apply for trials with MDMA, and help continue to grow PharmAla’s sales pipeline for clinical trials using LaNeo MDMA. Dozens of researchers are already using LaNeo MDMA for clinical research all over the world.

CFO Change

PharmAla Biotech is furthermore pleased to announce that it will be engaging Mr. William Avery, CPA, CA, as Chief Financial Officer for the Corporation, effective October 1^st. Mr. Avery has been acting as Financial advisor for PharmAla Biotech for over a month. Mr. Avery is a former partner at MNP, focusing on publicly traded companies in innovative fields.

The Board of PharmAla Biotech extends their thanks to Mr. Carmelo Marelli, the company’s outgoing CFO, for his years of service.

About PharmAla

PharmAla Biotech Holdings Inc. (CSE: MDMA) (OTCQB: MDXXF) 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 as well as commercial sales in selected jurisdictions, and to develop novel drugs in the same class. PharmAla is the only company currently provisioning clinical-grade MDMA for patient treatments outside of clinical trials. PharmAla’s research and development unit has completed proof-of-concept research into several IP families, including ALA-002, its lead drug candidate. 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.

For more information, please contact:
Nicholas Kadysh
Chief Executive Officer
PharmAla Biotech Holdings Inc.
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
Phone: 1-855-444-6362
Website: www.PharmAla.ca

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

Cautionary Statement

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 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. 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. 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.