Mr. Nick Kadysh of Pharmala reports

PHARMALA BIOTECH AND FILAMENT HEALTH ANNOUNCE RELEASE OF SECOND BATCH OF GMP MDMA CAPSULES

Pharmala Biotech Holdings Inc. and Filament Health Corp. have released a second batch of GMP (good manufacturing practice) MDMA capsules encapsulated at Filament's Metro Vancouver facility.

"With a number of regulatory changes over the past six months, we are pleased to have seen strong demand for our LaNeo MDMA capsules," said Nick Kadysh, chief executive officer at Pharmala Biotech. "With this second released batch, we've been incredibly proud to continue our work with the team at Filament to execute manufacture of our second batch of capsules. I'm also pleased that the manufacture of this batch of materials has significantly decreased our cost of goods, allowing us to improve pricing and access for GMP LaNeo MDMA capsules for patients and clinical trial practitioners."

In addition to the manufacture of GMP LaNeo MDMA capsules, Pharmala is pleased to report on the execution of two exports by Filament, fulfilling contracts with Emyria and Monash University. The majority of the capsules manufactured in this batch will be utilized in the Health Canada special access program as well as fulfilment of clinical trials in a variety of jurisdictions.

"There is significant demand for GMP MDMA drug product and we are proud to meet that need with our industry-leading manufacturing capabilities," said Benjamin Lightburn, chief executive officer and co-founder of Filament Health. "We're pleased to continue building our valuable partnership with Pharmala."

Mr. Kadysh will be a speaker at the Health Tech Forward conference in Warsaw, Poland, on Nov. 29, 2023. Pharmala will also be hosting a webinar on Nov. 22, 2023, on its recently announced observational trial into the real-world efficacy of MDMA in the treatment of PTSD (posttraumatic stress disorder). Interested parties may sign up on-line.

About Pharmala Biotech Holdings Inc.

Pharmala 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 and to develop novel drugs in the same class. Pharmala is the first publicly traded company to manufacture clinical-grade MDMA. Pharmala's research and development unit has completed proof-of-concept research into ALA-002, Pharmala's 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.

About Filament Health Corp.

Filament Health is a clinical-stage natural psychedelic drug development company. Filament believes that safe, standardized, naturally derived psychedelic medicines can improve the lives of many, and the company's mission is to see them in the hands of everyone who needs them as soon as possible. Filament's platform of proprietary intellectual property enables the discovery, development and delivery of natural psychedelic medicines. Filament is paving the way with the first-ever natural psychedelic drug candidates.

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