Dr. Neil Maresky reports

PSYENCE BIOMEDICAL LTD. APPROVED TO LIST ON NASDAQ FOLLOWING COMPLETION OF BUSINESS COMBINATION AGREEMENT WITH NEWCOURT ACQUISITION CORP

Psyence Group Inc. division Psyence Biomedical Ltd. has completed its merger with Newcourt Acquisition Corp., a special-purpose acquisition company. The business combination will list Psyence Biomed, a subsidiary of Psyence Group, a clinical-stage life science biotechnology company pioneering the use of nature-derived psilocybin in mental health and well-being, commencing on Jan. 26, 2024, with the new ticker symbols PBM for common stock and PBMWW for warrants. In connection with the business combination, Psyence Biomed entered into a securities purchase agreement pursuant to which it will raise up to $10-million (U.S.) in financing through the issuance of up to four senior secured convertible notes with a United States-based investment firm. The note financing will be utilized to further Psyence Biomed's clinical trials conducted in Australia. The business combination received approval from Newcourt's stockholders at a special meeting held on Jan. 18, 2024.

Psyence Biomed is the therapeutic division of Psyence Group, which develops natural psilocybin products for the healing of psychological trauma and its mental health consequences in the context of palliative care. Psyence Biomed has partnered with iNGENu Pty. Ltd. to conduct Psyence's clinical trial in palliative care. iNGENu is an Australian-based, globally focused contract research organization with extensive experience working in the psychedelic pharmaceutical drug development and clinical research industry.

iNGENu is responsible for jointly designing Psyence Biomed's phase 2b clinical trial, using PEX010, a 25-milligram naturally derived psilocybin drug candidate product in-licensed by Psyence Biomed in the palliative care setting. The trial will be carried out in accordance with the requirements of the Therapeutic Goods Administration of the Commonwealth of Australia, as well as other international guidelines that relate to clinical investigations and the conduct of clinical research.

Psyence Biomed's phase 2b study is a randomized, placebo-controlled, double-blind study. It will evaluate the use of psilocybin-assisted psychotherapy versus psychotherapy alone. It will use Food and Drug Administration-recommended primary end points to test natural psilocybin (PEX010) in patients with adjustment disorder due to a recent terminal cancer diagnosis. Upon successful completion of the study, Psyence Biomed plans to conduct a multinational phase 3 registrational study.

Dr. Neil Maresky, chief executive officer of Psyence Biomed, expressed enthusiasm, stating: "This merger represents a pivotal moment for Psyence as we continue our journey to redefine health and wellness. The Nasdaq listing, as well as the capital infusion, expands our presence to additional investors in North America, and will empower us to accelerate our clinical trials and contribute to advancements in the global health and wellness landscape."

Psyence Biomedical will leverage the funds to expedite its clinical trials and expand its market presence. Psyence Biomed anticipates that the Nasdaq listing will raise Psyence Biomed's profile, attracting additional investments to support its vision of transforming the health and wellness sector.

About Psyence Group Inc. and Psyence Biomedical Ltd.

Psyence Group is a life science biotechnology company listed on the Canadian Securities Exchange (PSYG), with a focus on natural psychedelics. The Psyence Biomed division works with natural psilocybin products for the healing of psychological trauma and its mental health consequences in the context of palliative care. Its name Psyence combines the words psychedelic and science to affirm its commitment to producing psychedelic medicines developed through evidence-based research.

Informed by nature and guided by science, it built and operate one of the world's first federally licensed commercial psilocybin mushroom cultivation and production facilities in Southern Africa. Its team brings international experience in both business and science, and includes experts in mycology, neurology, palliative care and drug development. It works to develop advanced natural psilocybin products for clinical research and development. Its key divisions, Psyence Production, Psyence Therapeutics and Psyence Function, anchor an international collaboration, with operations in Canada, the United Kingdom and Southern Africa, and a presence in the United States and Australia.

About Newcourt Acquisition Corp.

Newcourt is a special-purpose acquisition company committed to identifying and merging with high-potential companies. Newcourt focuses on creating value for its shareholders by facilitating strategic business combinations with companies that demonstrate strong growth prospects and a commitment to excellence.

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