VANCOUVER, British Columbia, Aug. 27, 2024 (GLOBE NEWSWIRE) -- BetterLife Pharma Inc. (“BetterLife” or the “Company”) (CSE: BETR / OTCQB: BETRF / FRA: NPAU), an emerging biotech company focused on the development of 2-bromo-LSD (BETR-001), a non-hallucinogenic derivative of lysergic acid diethylamide (“LSD”), today announced the publication of its patent entitled “Methods of treating mental or mood disorders using 2-bromo-LSD” (Publication No. US-2024-0058326-A1) by the United States Patent and Trademarks Office.

Dr. Ahmad Doroudian, CEO of BetterLife, commented, “The tremendous advantage of BETR-001 is its fully non-hallucinogenic property, while maintaining robust activity in animal depression and anxiety models. Earlier this month, the US FDA rejected the NDA for the hallucinogen MDMA for the treatment of PTSD. In its decision, the FDA echoed the concerns raised in June 2024 by its Advisory Committee which recommended the rejection of the application. These issues are not isolated to MDMA but face all first and second generation psychedelics, including the need for specialized clinics and having strict controlled substance classification.”

Dr. Doroudian added, “In contrast to first and second generation psychedelics, BETR-001 is non-hallucinogenic. We believe BETR-001 will deliver all the therapeutic benefits of LSD without the burden of being hallucinogenic. Our goal is patient self-administration of BETR-001 at home for the treatment of various psychiatric and neurological disorders.”

BetterLife is currently completing BETR-001 IND-enabling studies, and projects to file the BETR-001 IND and start human clinical trials upon the completion of the studies.

The Company also announces that it has issued 4,983,699 common shares and 4,983,699 share purchase warrants pursuant to the conversion option of convertible debentures and accrued interest on convertible debentures totalling $498,369.86. Share purchase warrants are exercisable into common shares, on a one-for-one basis, at an exercise price of $0.10 per warrant and expire on December 31, 2025 or September 27, 2026. As part of the total conversion, 2,250,000 common shares and 2,250,000 share purchase warrants were issued to the Dr. Doroudian for conversion of $225,000 of convertible debentures.

About BetterLife Pharma

BetterLife Pharma Inc. is an emerging biotechnology company primarily focused on developing and commercializing two compounds, BETR-001 and BETR-002, to treat neuro-psychiatric and neurological disorders.

BETR-001, which is in preclinical and IND-enabling studies, is a non-hallucinogenic and non-controlled LSD derivative in development and it is unique in that it is unregulated and therefore can be self-administered. BetterLife’s synthesis patent for BETR-001 eliminates regulatory hurdles and its pending patent, for composition and method of use, covers treatment of major depressive disorder, anxiety disorder and neuropathic pain and other neuro-psychiatric and neurological disorders.

BETR-002, which is in preclinical and IND-enabling studies, is based on honokiol, the active anxiolytic ingredient of magnolia bark. BetterLife’s pending method of use and formulations patent covers treatment of anxiety related disorders including benzodiazepine dependency.

BetterLife also owns a drug candidate for the treatment of viral infections and is in the process of seeking strategic alternatives for further development.

For further information, please visit BetterLife Pharma.

Contact

David Melles, Investor Relations Manager
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Phone: 1-778-887-1928

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