Mr. Evan Levine reports

PSYBIO THERAPEUTICS REPORTS FIRST QUARTER 2022 FINANCIAL RESULTS AND PROVIDES CORPORATE UPDATE ON INTELLECTUAL PROPERTY AND CLINICAL DEVELOPMENT MILESTONES

Psybio Therapeutics Corp. has reported its interim financial results for the three month period ended March 31, 2022 and provided shareholders with a corporate update.

First quarter 2022 financial results

A copy of the unaudited condensed consolidated interim financial statements prepared in accordance with International Financial Reporting Standards and the corresponding management's discussion and analysis for the three months ended March 31, 2022, can be found under Psybio's profile on SEDAR.

Intellectual property and clinical development milestones

• The company recently announced that it achieved a commercially scalable purification method for one of its second-generation compounds. This purification process methodology is a necessary component for the chemistry, manufacturing and controls section (CMC) for an investigational new drug (IND) application with the United States Food and Drug Administration (FDA).
• The company recently announced that it expanded its preclinical pipeline activities by initiating blood-brain barrier permeability testing. Favourable results from this type of testing are anticipated to expedite compound selection and progress toward the filing of an IND application with the FDA.
• The company recently announced that it submitted an application to convert existing provisional patents to full patents. This submission covers major markets, including North America, Europe, Asia-Pacific and Africa, as well as other important countries. The continued collaboration with Miami University is anticipated to expedite progress toward the filing of an IND application with the FDA.
• The company recently announced that it is initiating the process of recruiting, evaluating and selecting highly qualified investigators for upcoming clinical trials.
• The company recently announced that it is in the process of drafting its second pre-IND application in anticipation of seeking IND approval from the FDA for clinical trials.

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.

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