PharmaDrug Announces Director Appointment and Resignation

Rhea-AI Summary

PharmaDrug Inc. announces the appointment of Zalman Goldman to its board of directors, with a background in addiction and recovery, to advance the company's mission in drug research and commercialization. Concurrently, Nickolai Vassev resigns from the board. Mr. Goldman brings valuable experience to the company, receiving 500,000 stock options as part of his appointment.

Positive

• Appointment of Zalman Goldman, a respected figure in addiction and recovery, bringing valuable expertise to advance PharmaDrug's mission in drug research and commercialization.

• Granting of 500,000 stock options to Mr. Goldman at a favorable exercise price, showcasing confidence in his contributions and aligning his interests with the company's growth.

Negative

• Resignation of Nickolai Vassev, a board member, may lead to a loss of his expertise and contributions to the Company's operations and strategic decision-making.

Toronto, Ontario--(Newsfile Corp. - May 2, 2024) - PharmaDrug Inc. (CSE: PHRX) (OTC Pink: LMLLF) ("PharmaDrug" or the "Company"), a specialty pharmaceutical company focused on the research, development and commercialization of controlled-substances and natural medicines such as psychedelics and previously approved drugs, is pleased to announce today the appointment of Zalman Goldman to the board of directors, subject to approval of the Canadian Securities Exchange.

Zalman Goldman is the founding Director of Jacs Toronto has spent 20 plus years in the world of addiction and recovery and has used that time to try and make the city of Toronto a safer place when it comes to drug use and abuse. He has sat on the mayor's council on drug abuse and created dozens of programs over the years to assist families with the effects of addiction. Zalman is a pioneer in the recovery world, and he's thrilled to join the board of Pharmadrug and glad that it continues to make advancements in the health field, "I'm glad Pharmadrug has a role in making the world a safer place."

In connection with Mr. Goldman's appointment, the Company also announces that Mr. Nickolai Vassev has resigned as a director, effective April 30, 2024. The board of directors would like to thank Mr. Vassev for his contributions to the Company.

In connection with his appointment to the board, Mr. Goldman has been granted 500,000 stock options exercisable at C$0.05 per share for a period of 5 years, subject to the policies of the Canadian Securities Exchange and the Company's stock option plan.

About PharmaDrug Inc.

PharmaDrug is a specialty pharmaceutical company focused on the research, development and commercialization of controlled-substances and natural medicines such as psychedelics and previously approved drugs. PharmaDrug owns 51% of Sairiyo Therapeutics ("Sairiyo"), a biotech company that specializes in researching and reformulating established natural medicines with a goal of bringing them through clinical trials and the associated regulatory approval process in the US and Europe. Sairiyo is currently developing its patented reformulation of cepharanthine, a drug that has shown substantial third party validated potential for the treatment of infectious disease and rare cancers. Sairiyo is also conducting R&D in the psychedelics space for the treatment of non-neuropsychiatric conditions. PharmaDrug also owns 100% of SecureDose Synthetics Inc. ("SecureDose"), a pharmaceutical research and development company focused on the development of synthetic formulations of currently existing drugs for potential commercialization and distribution.

For further information, please contact:

Robert J. Steen, Chairman and CEO
rob@pharmadrug.ca
(416) 400-7086

Caution Regarding Forward-Looking Information:

THE CANADIAN SECURITIES EXCHANGE HAS NOT REVIEWED NOR DOES IT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

This news release may contain forward-looking statements and information based on current expectations. These statements should not be read as guarantees of future performance or results of the Company. Forward looking statements in this press release relate to the integration of the SecureDose business, the ability achieve the anticipated benefits of the Transaction and the development of the Company's business. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements.

Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: general business, economic, competitive, political and social uncertainties; general capital market conditions and market prices for securities; the actual results of the Company's future operations; competition; changes in legislation affecting the Company; the ability to obtain and maintain required permits and approvals, the timing and availability of external financing on acceptable terms; lack of qualified, skilled labour or loss of key individuals..

A description of additional risk factors that may cause actual results to differ materially from forward-looking information can be found in the Company's disclosure documents on the SEDAR+ website at www.sedarplus.ca. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. Readers are cautioned that the foregoing list of factors is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking information as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. 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.

The Company's securities have not been registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act"), or applicable state securities laws, and may not be offered or sold to, or for the account or benefit of, persons in the United States or "U.S. Persons", as such term is defined in Regulations under the U.S. Securities Act, absent registration or an applicable exemption from such registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in the United States or any jurisdiction in which such offer, solicitation or sale would be unlawful.

Forward-looking information contained in this press release is expressly qualified by this cautionary statement. The forward-looking information contained in this press release represents the expectations of the Company as of the date of this press release and, accordingly, are subject to change after such date. However, the Company expressly disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/207811

FAQ

Who was appointed and resigned from PharmaDrug's board of directors?

Zalman Goldman was appointed, while Nickolai Vassev resigned.

What is Zalman Goldman's background and expertise?

Zalman Goldman has over 20 years of experience in addiction and recovery, making him a valuable addition to PharmaDrug's board.

What is the significance of the stock options granted to Zalman Goldman?

Zalman Goldman received 500,000 stock options at C$0.05 per share for 5 years, reflecting confidence in his role and aligning his interests with the company's performance.