Mr. Jeremy Feffer reports

PSYENCE GROUP'S NASDAQ LISTED ASSOCIATE, PSYENCE BIOMEDICAL PARTNERS WITH FLUENCE AND INGENU CRO TO TRAIN RESEARCH THERAPISTS FOR PHASE IIB PSILOCYBIN TRIAL

Psyence Group Inc.'s Nasdaq-listed associate, Psyence Biomedical Ltd., has noted that its Australian subsidiary, Psyence Australia Pty. Ltd., has entered into a partnership with Fluence, a global leader in professional education and training for psychedelic therapy research, and iNGENu CRO Pty. Ltd., an Australian clinical research organization (CRO), to support an upcoming phase llb clinical trial.

According to a news release issued by PBM on April 8, 2024, Fluence's highly credentialed and widely published faculty members are recognized as the global experts in professional psychedelic therapy education; psychiatrists, psychologists, psychotherapists, physicians and nurse practitioners have completed its comprehensive certification programs. Fluence is authorized by the American Psychological Association (APA), the National Association of Social Workers (NASW) and other professional organizations as a provider of professional continuing education for clinicians.

"We are very pleased with the progress being made by PBM, and the recent partnership with Fluence shows that the management team has maintained the momentum of the Psyence Biomed business following the implementation of the January, 2024, business combination and is executing on its strategy," said Jody Aufrichtig, executive chairman of the board of Psyence Group.

Dr. Clive Ward-Able, MD, Psyence Biomed's chief medical officer, is quoted as saying: "Fluence brings unparalleled expertise in psychedelic therapy training to the collaboration," going on to say that: "[PBM] expect[s] that Fluence's participation in this trial will ensure both quality of care for patients and also significantly contribute to the critical body of research needed to evaluate how best to integrate psychedelic-assisted therapy for cancer patients into the standard of care for palliative medicine."

The double-blind, placebo-controlled phase IIb study will test three doses (25 mg, 10 mg and one mg) of nature-derived psilocybin in 84 patients in conjunction with psychotherapy. According to the news release, Psyence Biomed anticipates enrolling the first patient subject in the second quarter of 2024 and expects the primary endpoint results to be available in 2025.

Psyence Group holds five million common shares in PBM, equal to an approximate minority interest in PBM of 37 per cent.

About Psyence Group Inc. and Psyence Biomedical Ltd.

Psyence Group is a life science biotechnology company listed on the Canadian Securities Exchange (CSE: PSYG), with a focus on natural psychedelics. Psyence Biomed is the world's first life science biotechnology company traded on the Nasdaq (Nasdaq: PBM) that is focused on the development of botanical (nature derived, or non-synthetic) psilocybin-based psychedelic medicines, and works with natural psilocybin products for the healing of psychological trauma and its mental health consequences in the context of palliative care. The company's 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, Psyence Group has built and operates one of the world's first federally licensed commercial psilocybin mushroom cultivation and production facilities in Southern Africa. The company's 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.

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