PharmaDrug Inc. announced that the Company continues to successfully execute on key objectives related to its multiprong psychedelics research and development strategy by generating potential shareholder value through a diversified approach to foundational research, drug development, and near- term translation into clinical studies. The Company's complimentary efforts in psychedelic research all focus on N,N-Dimethyltryptamine (DMT) and undisclosed analogues thereof. Specifically, PharmaDrug continues to capitalize on its formal engagement and collaborative efforts with leading researchers and translational scientists at Johns Hopkins University (JHU), Center for Psychedelic and Consciousness Research, Terasaki Institute for Biomedical Innovation (TIBI) and University of Michigan, through advancement of drug development efforts, human clinical studies, and strengthening of its patent portfolio. Based on promising research conducted at Terasaki Institute for Biomedical Innovation (TIBI) the Company announced that it has selected its final lead drug candidate from a short list of six DMT analogue molecules and intends to submit a provisional patent in fourth quarter, 2022 detailing the novel uses and dosage forms of its lead candidate, and medical device for the treatment of primary open angle glaucoma (POAG). Lead candidate selection derives from the demonstration of superiority as it relates to in vitro potency in two predictive bioassays, a favorable toxicity profile as well as physical, chemical, and metabolic properties necessary to fabricate a proprietary medical device capable of conveniently
delivering sub-psychedelic levels of drug to he front of the eye over a sustained period. With efforts related to discovery and candidate selection now complete, the Company intends to advance its program in POAG by finalizing details of a second sponsored research collaboration with TIBI to undertake 1) mechanism of action studies, 2) optimization of medical device drug release Based on promising research conducted at Terasaki Institute for Biomedical Innovation (TIBI) the Company announced that it has selected its final lead drug candidate from a short list of six DMT analogue molecules and intends to submit a provisional patent in fourth quarter, 2022 detailing the novel uses and dosage forms of its lead candidate, and medical device for the treatment of primary open angle glaucoma (POAG). Lead candidate selection derives from the demonstration of superiority as it relates to in vitro potency in two predictive bioassays, a favorable toxicity profile as well as physical, chemical, and metabolic properties necessary to fabricate a proprietary medical device capable of conveniently delivering sub-psychedelic levels of drug to the front of the eye over a sustained period. With efforts related to discovery and candidate selection now complete, the Company intends to advance its program in POAG by finalizing details of a second sponsored research collaboration with TIBI to undertake 1) mechanism of action studies, 2) optimization of medical device drug release characteristics, 3) in vitro host-species justification studies, 4) evaluation of drug efficacy in an IND- enabling study of POAG with the goal of providing all necessary support to file an investigative new drug (IND) application with the United States Food and Drug Administration (the "FDA") to conduct clinical studies. Under the terms of the existing agreement, the Company owns or co-owns all resulting intellectual property that arises and has an exclusive option to obtain a worldwide, royalty-bearing commercialization license to all rights and title that result from studies conducted within the scope of the sponsored research agreement.