FSD Pharma Inc. announced that an interim report has been received for the first-in-human single ascending dose Phase I clinical trial evaluating the Company's novel drug candidate Lucid-21-302, an orally-administered treatment for Multiple Sclerosis. This interim blinded report was issued on August 17, 2023 for the first 4 cohort, with an addendum report describing the results of the fifth cohort due by the end of the month. The report, issued by Biopharma Services Inc. as the clinical research organization under contract to FSD, states that "Lucid-21-302 was demonstrated to be safe and well-tolerated in single oral doses in healthy volunteers.

Individual concentrations and PK parameters of Cohorts 1 to 4 are very encouraging for further development activity". In Multiple Sclerosis, the brain, spinal cord, and optic nerves that make up the central nervous system (CNS) are attacked by immune system, and damage to CNS leads to the symptoms of MS. FSD Pharma cannot give any assurance that such forward-looking statements will prove to have been correct. Since forward-looking statements relate to future events and conditions, by their very nature they require making assumptions and involve inherent risks and uncertainties.

The Company cautions that although it believes the expectations and material factors and assumptions reflected in these forward-looking statements are reasonable as of the date hereof, there can be no assurance that these expectations, factors and assumptions will prove to be correct and these risks and uncertainties give rise to the possibility that actual results may difference materially from the expectations set out in the forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to a number of known and unknown risks and uncertainties including, but not limited to: the fact that the drug development efforts of both Lucid and FSD BioSciences are at a very early stage; the fact that preclinical drug development is uncertain, and the drug product candidates of Lucid and FSD Bio Sciences may never advance to clinical trials; the fact that results of preclinical studies and early-stage clinical trials may not be predictive of the results of later stage clinical trials; the uncertain outcome, cost, and timing of product development activities, preclinical studies and clinical trials of Lucid and FSDBioSciences; the uncertain clinical development process, including the risk that clinical trials may not have an effective design or generate positive results; the potential inability to obtain or maintain regulatory approval of the drug product candidates of LucID and FSD BioScience; the introduction of competing drugs that are safer, more effective or less expensive than, or otherwise superior to, the drug product candidates of Luc ID and FSD BioSciciences; the initiation, conduct, and completion of preclinical studies and clinical trials may be delayed, adversely affected, or impacted by COVID-19 related issues; the potential inability to obtained or maintain intellectual property protection for the drug product candidates of Lucids and FSD BioSciencing; the initiation, conduct, & completion of preclinical studies andclinical trials may be delayed, adversely affect, or impacted by COVID -19 related issues; the potential ability to obtain or maintain intellectual property protect for the drug product candidates ofLucid and F SD BioSciences; the initiation, conducted, and completion of preclinical research studies and clinical trials may be delays, adversely affected, or impacted from COVID-19 related issues, the potential inability to obtain or maintaining intellectual property protection for the drug products of Lucid and FSD bioSciences; the potential inability to obtain and maintain intellectual property protection for the Drug product candidates of Lucid and DSD BioSciences; and other risks. Accordingly, readers should not place undue reliance on the forward-looking statements contained in this press release, which speak only as of the date of this press release.