Mr. Nicholas Kadysh reports

PHARMALA ANNOUNCES CHANGES TO BOARD OF DIRECTORS

Pharmala Biotech Holdings Inc. has made changes to the makeup of its board of directors.

Effective Monday, Feb. 9, 2026, Pharmala regretfully accepts the resignation of Dr. Malik Slassi. Also effective Feb. 9, 2026, Pharmala has appointed Lennie Ryer, CPA, CA, of Montreal to its board of directors.

"Dr. Slassi was one of the first people I approached when Pharmala was just an idea, not yet a company. We are immeasurably grateful for his support and insight over the past four years," said Nicholas Kadysh, chief executive officer of Pharmala Biotech. "However, we are excited to welcome Mr. Lennie Ryer to the board. Having been working with Mr. Ryer for over a month already, I believe he will bring much-needed experience and expertise to the Pharmala board as we enter the next phase of our development."

Mr. Ryer is a seasoned financial executive and board director with extensive experience in corporate finance, governance and strategic leadership. Throughout his career, Mr. Ryer has held numerous senior roles, including chief financial officer and vice-president of finance for companies in the pharmaceutical, biotechnology and technology sectors. He has also served as managing partner of a major public accounting firm, where he specialized in mergers and acquisitions, taxation, and capital markets. Mr. Ryer's background includes guiding companies through transitions to public markets and leading significant equity and debt financings. He holds a bachelor of commerce in finance and a public accountancy degree from McGill University and is a chartered professional accountant (CPA, CA).

About Pharmala Biotech Holdings Inc.

Pharmala Biotech is a biotechnology company focused on the research, development and manufacturing of MDXX-class molecules, including MDMA (3,4-methylenedioxymethamphetamine). 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 (intellectual property) 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.

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