Dr. Ahmad Doroudian reports

BETTERLIFE ADVANCES BETR-001 IND-ENABLING STUDIES

Betterlife Pharma Inc. has advanced in its IND-enabling (investigational new drug) studies for BETR-001, a non-hallucinogenic derivative of LSD (lysergic acid diethylamide). The IND-enabling metabolism and genotoxicity GLP (good laboratory practice) studies have been initiated.

Dr. Ahmad Doroudian, chief executive officer of Betterlife, commented: "BETR-001 is a unique non-hallucinogenic derivative of LSD, which we have shown has robust activity in animal depression and anxiety models without the burden of being hallucinogenic. We have completed the first set of GLP toxicology study of oral BETR-001 in animals, which shows that BETR-001, even with repeat dosing at high doses, is very well tolerated. We are now initiating the other IND-enabling non-clinical toxicology studies that will support the filing of BETR-001's IND application with the FDA [U.S. Food and Drug Administration] and initiation of human clinical trials."

Betterlife has had its BETR-001 pre-IND meeting with the FDA, and projects to file the BETR-001 IND by the end of 2024.

Betterlife announced in March, 2024, that it intended to complete further private placement offerings of convertible debentures. The company also closed a tranche of $30,000 in 10 per cent convertible debentures with a two-year maturity (April 29, 2026) to further advance development of BETR-001. The convertible debentures are convertible at the option of the holder into units of the company, consisting of one common share and one share purchase warrant at a conversion price of 10 cents per unit. Each share purchase warrant will have an exercise price of 10 cents and will expire on Oct. 29, 2026. Betterlife is intending to complete further private placements of convertible debentures.

About Betterlife Pharma Inc.

Betterlife Pharma is an emerging biotechnology company primarily focused on developing and commercializing two compounds, BETR-001 and BETR-002, to treat neuropsychiatric and neurological disorders.

BETR-001, which is in preclinical and IND-enabling studies, is a non-hallucinogenic and non-controlled LSD derivative in development and it is unique in that it is unregulated and therefore can be self-administered. Betterlife's synthesis patent for BETR-001 eliminates regulatory hurdles and its pending patent, for composition and method of use, covers treatment of major depressive disorder, anxiety disorder, neuropathic pain, and other neuropsychiatric and neurological disorders.

BETR-002, which is in preclinical and IND-enabling studies, is based on honokiol, the active anxiolytic ingredient of magnolia bark. Betterlife's pending method of use and formulations patent covers treatment of anxiety-related disorders, including benzodiazepine dependency.

Betterlife also owns a drug candidate for the treatment of viral infections and is in the process of seeking strategic alternatives for further development.

We seek Safe Harbor.