PharmaDrug Inc. announced that it has appointed David Posner to its Advisory Committee and as a consultant with a mandate for strategic initiatives and corporate restructuring. The Board of Directors is assessing strategic alternatives to be able to yield maximum shareholder value for its cepharanthine and N,N-Dimethyltryptamine (DMT) programs which management believes is being significantly undervalued by the markets at this current time. Possible avenues include potential entries into joint ventures in order to add intellectual bench strength, scientific program synergies and short to mid term financial flexibility.

Management has already begun discussions with several companies, although there is no guarantee an agreement will be reached. PharmaDrug's intention is to keep operational control of its cepharanthine and DMT programs. As part of this initiative, The Company has parted ways with its Chief Science Officer, Paul Van Slyke. In the meantime, PharmaDrug will use third party consultants until it finalises an agreement with a new strategic partner.