BetterLife Highlights Advantages of Non-hallucinogenic LSD Derivative BETR-001 and Publication of its Methods to Treat Mood Disorders Patent

Rhea-AI Summary

BetterLife Pharma (CSE: BETR / OTCQB: BETRF) has announced the publication of its patent for treating mental or mood disorders using 2-bromo-LSD (BETR-001), a non-hallucinogenic LSD derivative. The company highlights BETR-001's advantage over traditional psychedelics, as it maintains therapeutic benefits without hallucinogenic effects. This comes after the FDA's recent rejection of MDMA for PTSD treatment due to concerns about hallucinogenic drugs.

BetterLife aims for patient self-administration of BETR-001 at home for various psychiatric and neurological disorders. The company is completing IND-enabling studies and plans to start human clinical trials soon. Additionally, BetterLife has issued 4,983,699 common shares and warrants through the conversion of convertible debentures, with 2,250,000 shares and warrants issued to CEO Dr. Ahmad Doroudian.

Positive

• Publication of patent for treating mental or mood disorders using BETR-001
• BETR-001 maintains therapeutic benefits of LSD without hallucinogenic effects
• Potential for patient self-administration at home, avoiding need for specialized clinics
• Completion of IND-enabling studies and planned start of human clinical trials

Negative

• Issuance of 4,983,699 common shares and warrants, potentially diluting existing shareholders

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
Email: David.Melles@blifepharma.com
Phone: 1-778-887-1928

Cautionary Note Regarding Forward-Looking Statements

No securities exchange has reviewed nor accepts responsibility for the adequacy or accuracy of the content of this news release. This news release contains forward-looking statements relating to product development, licensing, commercialization and regulatory compliance issues and other statements that are not historical facts. Forward-looking statements are often identified by terms such as “will”, “may”, “should”, “anticipate”, “expects” and similar expressions. All statements other than statements of historical fact, included in this release are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations include the failure to satisfy the conditions of the relevant securities exchange(s) and other risks detailed from time to time in the filings made by the Company with securities regulations. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will update or revise publicly any of the included forward-looking statements as expressly required by applicable law.

FAQ

What is the main advantage of BetterLife's BETR-001 over traditional psychedelics?

BETR-001's main advantage is that it is non-hallucinogenic while maintaining therapeutic benefits, potentially allowing for patient self-administration at home without the need for specialized clinics or strict controlled substance classification.

When does BetterLife (BETRF) plan to start human clinical trials for BETR-001?

BetterLife plans to start human clinical trials for BETR-001 upon completion of the ongoing IND-enabling studies and filing of the IND application.

How many shares and warrants did BetterLife (BETRF) issue on August 27, 2024?

BetterLife issued 4,983,699 common shares and 4,983,699 share purchase warrants pursuant to the conversion of convertible debentures and accrued interest.

What is the exercise price and expiration date for the warrants issued by BetterLife (BETRF)?

The share purchase warrants are exercisable at $0.10 per warrant and expire on December 31, 2025 or September 27, 2026.