TORONTO, Oct. 08, 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 proud to announce that it has been contracted as a supplier of MDMA to a proposed clinical trial at the University of Texas, San Antonio. Pursuant to a submitted grant funding application by the principals, the contract envisions the creation of a new dosage form for LaNeo™ MDMA, which will subsequently be tested in an investigator-initiated human clinical trial.

“PharmAla stands ready to support researchers not only with our existing API and 40mg capsules, but in the development of new and novel dosage forms for LaNeo™ MDMA,” said Nicholas Kadysh, CEO, PharmAla Biotech. “While we believe that the scalable 40mg dose architecture currently in use in both Canada and Australia is appropriate when used in many Assisted Therapy use-cases, there will always be new approaches using different doses and drug delivery models. We are always pleased to partner with researchers who wish to break new ground.”

Publication of Patents

PharmAla notes with pride that a patent application making up part of its Intellectual Property (IP) strategy has recently been published by the US Patent and Trademark Office (USPTO). The patent application relates to the potential uses of PharmAla’s APA-01 novel molecular entity, and were filed as a divisional application arising from PharmAla’s original APA-01 patent, which was granted earlier this year as US Patent #12,042,428.

“PharmAla would once again like to thank our partners at IPON, who continue to support our global patent filings with non-dilutive grants,” said Dr. Harpreet Kaur, VP of Research, PharmAla Biotech. “As a young Canadian company, it is a powerful motivator to have the team at IPON supporting us in our joint mission to keep this very valuable IP in Canada.”

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.