Mr. Ian McDonald reports

FIREFLY NEUROSCIENCE COLLABORATES WITH BRIGHT MINDS BIOSCIENCES TO ANALYZE THE DATA FROM ITS POSITIVE PHASE 1 STUDY USING ITS ARTIFICIAL INTELLIGENCE, FDA-CLEARED BNA(TM) TECHNOLOGY

Firefly Neuroscience Inc. is collaborating with Bright Minds Biosciences Inc. to analyze the data from its first-in-human phase 1 study of its lead compound, BMB-101.

The study demonstrated positive results of the qEEG (quantitative electroencephalogram) data. During the EEG recording, subjects were seated with a U.S. Food and Drug Administration (FDA)-approved 19-electrode EEG headset provided by Firefly strategic partner Zeto Inc. Channels were sampled at 250 or 500 hertz (Hz) and referenced to A1/A2 channels (linked-ears reference) during recording. The EEG recording time was 10 minutes (approximately five minutes resting with eyes closed and approximately five minutes resting with eyes open). There were four EEG recording timepoints: day 1 predose (immediately before dosing) and postdose (one hour (h) after dosing) and day 7 predose and postdose. Data was analyzed using the Firefly Neuroscience advanced EEG analysis platform.

"Our artificial intelligence platform has tremendous value for the advancement and insight of clinical studies," said Jon Olsen, chief executive officer of Firefly. "We are pleased to have successfully collaborated with Bright Minds to analyze the data of their phase 1 study and look forward to working closely with their team once again as well as other leading biotechnology companies."

"The positive topline findings from our recently completed phase 1 study of BMB-101, together with the observations from the qEEG portion of the study, validate our approach, as we continue to evaluate this important product candidate. BMB-101 is clearly getting into the brain/achieving brain penetration and activating the target receptors as we had predicted, setting us up for potential success in a number of indications that have been validated with the 5-HT2C mechanism. With this study complete, BMB-101 is now a phase 2 ready asset and we intend to move forward with an investigative new drug submission immediately," stated Ian McDonald, CEO of Bright Minds.

We seek Safe Harbor.