Dr. David Kideckel reports

PHARMADRUG ANNOUNCES DEBT RESTRUCTURING

Pharmadrug Inc. has agreed to issue $445,686 principal amount of secured convertible debentures to two current holders of the company's secured convertible debentures that were past their maturity date.

Each debenture will mature on Oct. 13, 2026, and will be convertible into common shares at a price of five cents (subject to adjustment). Each debenture will be secured by a general security agreement from the company. The debentures are being issued to replace presently outstanding secured convertible debentures and outstanding interest thereon, which debentures had previously matured (but remained unpaid). There will be no interest payable on the debentures unless the principal amount is not paid at maturity, in which case the debentures will bear interest at a rate of 22 per cent per annum.

Completion remains subject to customary closing conditions, including Canadian Securities Exchange approval and receipt of all required shareholder and regulatory approvals.

About Pharmadrug Inc.

Pharmadrug is a specialty pharmaceutical company focused on the research, development and commercialization of controlled-substances and natural medicines such as psychedelics and previously approved drugs. Pharmadrug owns 51 per cent of Sairiyo Therapeutics, a biotech company that specializes in researching and reformulating established natural medicines with a goal of bringing them through clinical trials and the associated regulatory approval process in the United States and Europe. Sairiyo is currently developing its patented reformulation of cepharanthine, a drug that has shown substantial third party validated potential for the treatment of infectious disease and rare cancers. Sairiyo is also conducting R&D (research and development) in the psychedelics space for the treatment of non-neuropsychiatric conditions.

We seek Safe Harbor.