Mr. Fabio Chianelli reports

PHARMATHER ANNOUNCES FDA APPROVAL OF KETAMINE (KETARX)

The U.S. Food and Drug Administration approved Pharmather Holdings Ltd.'s ketamine product, herein referred to as KETARx, on Aug. 8, 2025, for its indicated uses in surgical pain management. This FDA approval signifies a momentous achievement for Pharmather and strategically positions the company to contribute to the psychedelic pharmaceutical revolution by leveraging its commercial and clinical initiatives with ketamine toward mental health, neurological and pain disorders.

Fabio Chianelli, founder, chairman and chief executive officer of Pharmather, commented: "Today marks a new chapter for Pharmather. With FDA approval for ketamine now in hand, we are closer to realizing our goal of becoming a global leader in ketamine-based pharmaceuticals. This historic FDA approval for Pharmather is a testament to years of dedicated development, signalling a new era of growth. We remain steadfast in our mission to harness the pharmaceutical potential of ketamine for a range of mental health, neurological and pain disorders."

Ketamine stands out among psychedelic and psychedelic-adjacent drugs as the only one included on the World Health Organization's model list of essential medicines. The global ketamine market is expected to experience substantial growth, currently valued at $750-million and projected to reach $3.42-billion by 2034, indicating a compound annual growth rate of 16.4 per cent. Furthermore, Spravato (esketamine), an Food and Drug Administration-approved treatment for depression, is tracking a sales run rate of $1.6-billion, with guidance anticipating $3-billion to $3.5-billion by 2027 and 2028. This promising market outlook underscores the potential of KETARx and Pharmather's strategic position in the industry.

The FDA's approval of the company's ketamine product, KETARx, provides a strong foundation for expanding the development of ketamine across diverse therapeutic areas within the company's product pipeline. These areas include mental health conditions like depression, neurological disorders such as Parkinson's disease and amyotrophic lateral sclerosis, and the management of rare or chronic pain, including complex regional pain syndrome.

Since February, 2018, ketamine has been regularly listed on the FDA drug shortage list, highlighting a significant need for a consistent, high-quality supply. This issue is cautioned by a compounding risk alert issued by the FDA on Oct. 10, 20234, which detailed potential risks associated with compounded ketamine products used for psychiatric disorders. Robert F. Kennedy Jr., secretary of health and human services, has also emphasized the importance of expanding research and ensuring legal access to psychedelic therapies for veterans. The Veterans Health Administration, the largest integrated health care system in the United States, currently approves and finances ketamine infusions for retired military personnel afflicted with depression, posttraumatic stress disorder and chronic pain. Furthermore, FDA commissioner Marty Makary's establishment of the commissioner's national priority voucher program signifies the FDA's dedication to expediting access to safe and effective treatments, instilling confidence in potential future regulatory support and accessibility for ketamine.

About Pharmather Holdings Ltd.

Pharmather is focused on unlocking the pharmaceutical potential of ketamine (KETARx) for mental health, neurological and pain disorders.

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