PharmaDrug Inc. announced it has entered into a research collaboration agreement with PharmaTher Holdings Ltd. to evaluate the delivery of N,N-Dimethyltryptamine (DMT) using PharmaTher's novel microneedle patch (MN-Patch) delivery technology. PharmaTher has completed a non-clinical research study with Terasaki Institute for Biomedical Innovation (TIBI) evaluating the delivery of its DMT MN-Patch. Research results from this study will be available in early second quarter-2023 and will be used to support a potential human clinical study.

Based on the results, PharmaDrug and PharmaTher will finalize a product and clinical development plan to initiate regulatory discussions for future clinical studies in various indications where DMT may have promise such as major depressive disorder. In addition to developing cepharanthine for cancer and infectious diseases, PharmaDrug continues to build a specialty psychedelics program focusing on novel uses and delivery forms of DMT and other undisclosed psychedelic tryptamines as a potential treatment for ocular disease and neuropsychiatric conditions. The Company's DMT programs include: discovery of novel DMT-analogue and delivery device in partnership with TIBI for the treatment of primary open angle glaucoma; advancement of a clinical research collaboration with Johns Hopkins University to evaluate DMT in a Phase 1 Clinical Study under the direction of Dr. Frederick S. Barrett, PhD, Associate Professor of Psychiatry and Behavioral Sciences, and Co-investigators Dr. Sandeep Nayak and Dr. Roland Griffiths; all from the JHU Center for Psychedelic and Consciousness Research; and completion of foundational research aimed at understanding the role of endogenous DMT in collaboration with Dr. Jimo Borjigin, University of Michigan.

The collaboration will allow PharmaDrug to evaluate the results of PharmaTher's DMT MN-Patch. The Company believes that the DMT MN-Patch may enable flexible drug load capacity and combinations, controlled released delivery, and be able to present desired pharmacokinetic and safety profiles, which could potentially overcome obstacles associated with oral dosing.