Further to the announcement by Psyence Group Inc. ("Psyence Group" or the "Company") of the closing (the "Closing") of the business combination of its subsidiary, Psyence Biomedical Ltd. ("PBM") with Newcourt Acquisition Corp. ("Newcourt"), a special purpose acquisition company, (the "BusinessCombination" or "Spin-Out") and the subsequent listing of PBM on the NASDAQ stock exchange with the trading symbol "PBM", Psyence Group provides a corporate update. Dr Clive Ward-Able has been appointed as Medical Director for PBM to support the CEO in the execution of the Psyence Biomed clinical trial and has resigned as Medical Director of Psyence Group.

Christopher Bull and Dr Neil Maresky have resigned as members of the Psyence Group board to join the board of PBM. Jody Aufrichtig and Alan Friedman will retain their respective board positions with Psyence Group with Jody as continuing executive chairman of the board.