PharmaTher Holdings Ltd. announced that it has successfully completed a research study evaluating PharmaPatch??, a proprietary microneedle patch, in delivering N,N-dimethyltryptamine ("DMT"). The research study was conducted with Terasaki Institute for Biomedical Innovation ("Terasaki"). The research study aimed to develop a suitable prototype of PharmaPatch??

for transdermal delivery of DMT, which could potentially overcome obstacles associated with oral and intravenous dosing. The scope of the study included full characterization of DMT conjugated on the microneedle patch backbone, establishment and demonstration of the loading capacity for DMT, and release rate evaluations for the DMT conjugated materials using appropriate models. DMT conjugated microneedles have been successfully fabricated, optimized, and characterized.

Both structural aspects and ex-vivo skin insertion assessments of the drug conjugatedmicroneedles have demonstrated successful fabrication and acceptable performance. The incorporation of DMT into microneedles without issue and the ability to demonstrate complete ex vivo skin model release over several days demonstrates the potential for larger doses, modified release profiles, and microdosing. As published by Cameron et al., unverified reports have suggested that serotonergic psychedelics administered in low doses on a chronic, intermittent schedule (i.e. microdosing), might produce beneficial effects on mood, anxiety, cognition, and social interaction.

The study subjected male and female Sprague Dawley rats to behavioral testing following the chronic, intermittent administration of low doses of DMT. Results suggest that DMT microdosing may alleviate symptoms of mood and anxiety disorders. As such, a DMT PharmaPatch??

may enable an effective microdosing delivery solution and potential flexible drug load capacity and combinations, controlled released delivery, and be able to present desired pharmacokinetic and safety profiles, which could potentially overcome obstacles related with oral and intravenous dosed. PharmaPatch?? is a proprietary microneedle-enhanced delivery system offering an efficient and painless method for delivering drugs, including psychedelics and medicines, to treat infectious diseases.

The microneedle patch delivery technology is based on novel biocompatible and biodegradable gelatin methacryloyl ("GelMA") material to deliver water-soluble and insoluble drugs with desirable release profiles safely. The GelMA-based microneedle patch can efficiently penetrate the stratum corneum layer (outer layer of the skin), enable flexible drug load capacity and combinations., microdosing, and controlled released delivery. Microneedles are considered a promising way to achieve systemic effects by transdermal delivery of drugs, including psychedelics, andcircventing absorption and first-pass barriers typical for oral delivery.

In addition, it aims to empower patients to self-dose safely and incorporates anti-tampering and anti- abuse features. The Company has completed research studies demonstrating that PharmaPatch?? can deliver psychedelics, such as DMT, psilocybin, MDMA, and LD.

The Company believes it has an acceptable prototype for completing IND-enabling studies with the aim of pursuing human clinical studies.