Mr. Fabio Chianelli reports

PHARMATHER SUBMITS PRIORITY ORIGINAL ABBREVIATED NEW DRUG APPLICATION FOR KETARX (KETAMINE) TO THE FDA

Pharmather Holdings Ltd. has submitted a priority original abbreviated new drug application (ANDA) for Ketarx (racemic ketamine) to the U.S. Food and Drug Administration (FDA) for expedited review of its ANDA. The company anticipates Ketarx approval and commercial launch in the United States in Q2 2024, followed by the pursuit of international approvals to support the growing global demand for ketamine.

"The submission of the ANDA for ketamine is a significant milestone for Pharmather that brings us one step closer to becoming a global leader in ketamine and a commercial-focused specialty pharmaceutical company offering drugs that are in short supply with growing adoption for on-label and clinical needs," said Fabio Chianelli, chief executive officer of Pharmather. "Ketamine has been on the FDA's drug shortage list for over five years and its potential for mental health, neurological and pain disorders continues to gain momentum and validation through published clinical research and real-world use cases."

Ketamine is an essential medicine used for anaesthesia and analgesia (pain relief) listed on the WHO (World Health Organization) essential medicines list. Ketamine has been on the FDA's drug shortage list since February, 2018. In Canada, ketamine has been classified as a Tier 3 drug shortage since February, 2023, and Health Canada has approved ketamine for use as a sedative and painkiller in hospital settings. Outside of the FDA and Health Canada approved indications, ketamine is also being administered in hospitals and clinics to treat various mental health, neurological and pain disorders. A recently published new peer-reviewed study on the real-world effectiveness of ketamine intravenous therapy demonstrated significant patient improvement for depression, anxiety and suicidal ideation.

Pharmather's priority is to commercialize Ketarx in the United States under ketamine's FDA-approved label through its recently announced partnership with Vitruvias Therapeutics Inc., a leading U.S.-based specialty generic pharmaceutical company. The company expects to market various dosage forms of Ketarx, with the option to increase concentration and ready-to-administer applications for the U.S. and international markets.

About Pharmather Holdings Ltd.

Pharmather Holdings develops and commercializes specialty pharmaceuticals exhibiting growing adoption and permitting novel delivery methods to enhance patient outcomes. The company's lead product is Ketarx (racemic ketamine) to fill the global unmet medical needs for anesthesia, sedation, pain, mental health and neurological indications. The company is commercializing PharmaPatch (microneedle patch) with its partners to deliver psychedelics and drugs to treat infectious diseases.

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