Copy of BetterLife Pharma Secures Funding to Advance Innovative Mental Health Treatment

LOS ANGELES — BetterLife Pharma Inc. (“BetterLife”), a biotech company at the forefront of mental disorder treatments, has announced the successful closing of $300,000 in convertible debentures. This funding is a strategic step towards the development of their lead compound, BETR-001, a non-hallucinogenic derivative of LSD, poised to revolutionize the treatment of psychiatric disorders.

BETR-001, BetterLife’s proprietary version of 2-bromo-LSD, stands out in the field of mental health for its potential in treating psychiatric disorders without causing hallucinations. The company plans to utilize the newly acquired funds to complete necessary IND-enabling studies as mandated by the FDA, and to produce Good Manufacturing Practice (GMP) drug substances for future clinical trials.

Ahmad Doroudian, CEO of BetterLife, emphasized the promising nature of BETR-001, supported by both historical and recent preclinical studies. He highlighted the compound’s safety and efficacy profile, further bolstered by its previous human study in the 1950s. Doroudian also noted BETR-001’s robust intellectual property protection, underscoring its unique position in the market.

The $300,000 in convertible debentures, maturing in June 2025, offers holders the option to convert into company units, each consisting of one common share and a share purchase warrant, at a conversion price of $0.10 per unit. Notably, Dr. Doroudian himself subscribed for $125,000 of these debentures, a move classified as a “related party transaction” under Multilateral Instrument 61-101. However, the transaction meets the exemption criteria under sections 5.5(b) and 5.7(a) of MI 61-101, with the fair market value of the transaction not exceeding 25% of the company’s market capitalization.

BetterLife Pharma’s focus extends beyond BETR-001, with BETR-002 also in preclinical stages. BETR-002 is derived from honokiol, the active anxiolytic component of magnolia bark, targeting anxiety-related disorders and benzodiazepine dependency. Additionally, the company is exploring strategic alternatives for its drug candidate aimed at treating viral infections, including COVID-19.

This development marks a significant milestone for BetterLife Pharma, reflecting its commitment to pioneering treatments for neuro-psychiatric and neurological disorders. The funding is a crucial step in bringing these novel therapies closer to clinical application and offering new hope in the field of mental health.