Mr. Evan Levine reports

PSYBIO THERAPEUTICS INITIATES BLOOD-BRAIN BARRIER PERMEABILITY TESTING FOR PIPELINE COMPOUNDS TO ENHANCE PORTFOLIO DEVELOPMENT

Psybio Therapeutics Corp. has expanded its preclinical pipeline activities by initiating blood-brain barrier permeability testing. This additional testing procedure is expected to provide a comprehensive, state-of-the-art research methodology with which Psybio's ever-expanding portfolio of compounds can be more readily and rapidly developed. Favourable results from this type of testing are anticipated to expedite compound selection and progress toward the filing of investigational new drug (IND) applications with the U.S. Food and Drug Administration (FDA).

"Establishing this type of testing is critically important for Psybio to allow candidate selection to proceed more rapidly," stated Michael Spigarelli, MD, PhD, MBA, Psybio's chief medical officer. "We expect that this will allow us to effectively screen and select compounds that are active both in vitro and in vivo to more efficiently produce psycho-targeted therapeutics intended to potentially improve mental and neurological health."

Psybio retains the global, exclusive and perpetual right to license platform technology enabling rapid generation of tryptamines and related compounds through a biosynthetic process using genetically modified bacteria and has demonstrated the ability to manufacture one of its first promising therapeutic candidates at commercial scale. This type of permeability testing is expected to improve the selection ability for compounds able to cross the blood-brain barrier and ultimately produce a brain-based effect.

"We continue to apply and utilize state-of-the-art research methodology to further our ability to produce a variety of psycho-targeted therapeutic candidates as one of the only biotechnology companies in the psychoactive therapeutic industry developing their own compounds," stated Evan Levine, Psybio's chief executive officer. "The initiation of this type of preclinical laboratory testing is expected to improve Psybio's ability to develop novel therapeutic agents."

The company is not proceeding with its previously announced proposed acquisition of Everest Pharma Pty. Ltd., a Lesotho company in Southern Africa, as described in the company's press release dated March 15, 2022.

About Psybio Therapeutics Corp.

Psybio is an intellectual-property-driven biotechnology company developing new, bespoke, fully approved, psycho-targeted therapeutics to potentially improve mental and neurological health. The team has extensive experience in drug discovery based on synthetic biology and metabolic engineering as well as clinical and regulatory expertise progressing drugs through human studies and regulatory protocols. Research and development is currently continuing for naturally occurring psychoactive tryptamines originally discovered in different varieties of hallucinogenic mushrooms, other tryptamines and phenethylamines, and combinations thereof. The company utilizes a bio-medicinal chemistry approach to therapeutic development, in which psychoactive compounds can be utilized as a template upon which to develop precursors and analogs, both naturally and non-naturally occurring, specifically because they are already known to have an effect within the brain.

We seek Safe Harbor.