Marvel Biosciences Announces New Program to Develop Novel Orally Dosed Non-Hallucinogenic Neuroplastic Promoting Compounds

Calgary, Alberta--(Newsfile Corp. - October 27, 2021) - Marvel Biosciences Corp. (TSXV: MRVL) and its wholly owned subsidiary, Marvel Biotechnology Inc. (collectively the "Company" or "Marvel"), is pleased to announce that the Company has initiated a new program whose goal is to identify and develop novel, safe agents that promote neuroplasticity without the liabilities of abuse potential or hallucinations that occur with psychedelics which include ketamine, LSD and tryptamine derivatives such as DMT and psilocybin.

Marvel has identified a series of compounds inspired by known psychedelic molecules, that appear to be active as anti-depressants in pre-clinical testing. The compounds were administered for seven days, and preliminary evidence found multiple molecules with the same core structure capable of reducing depressive symptoms as measured in the widely accepted forced swim test. Early indications are extremely positive, with the swim test producing 2 positive indicators that exhibited strong potential for treatment.

Key features of the first class of molecules that Marvel has developed are:

• fast acting
• orally available
• water soluble
• no evidence of hallucinatory activity
• significantly better (p<0.05) than fluoxetine (Prozac)

"Although early, this is an auspicious start for our new program that presents a compelling opportunity, as we further expand our product portfolio," commented Dr. Mark Williams, President and Chief Science Officer. "We need to further characterize and expand upon the first set of hits we have identified, and we are also investigating molecules with very different structures to the known psychedelics to promote neuroplasticity as well. We are strong advocates for the use of psychedelic treatments to address mental health issues, yet it is critical that they are put through rigorous testing to ensure efficacy and safety for patients."

"This program is in addition to our current development program of our caffeine inspired lead compound asset MB-204 being developed for neurological conditions such as depression and anxiety, Alzheimer's disease (AD) and ADHD. MB-204 is in the manufacturing development phase and advancing well towards the clinic," stated Rod Matheson, Chief Executive Officer. "We look forward to advancing this new program quickly owing to the potential breadth of neuroplastic agents to treat not only depression but PTSD, AD, Parkinson's disease, autism, ALS, fetal alcohol exposure and schizophrenia for example."

About Marvel Biosciences Corp.

Marvel Biosciences Corp., and its wholly owned subsidiary, Marvel Biotechnology Inc., is a Calgary-based pre-clinical stage pharmaceutical development biotechnology company that utilizes a "drug redevelopment" approach to drug development. Historically, when a new class of drug is developed, it is optimized for a particular target, but typically only approved for a specific disease. Often, a new disease is identified which involves the same target, however, pending the remaining patent life, the originally approved drug may not have sufficient time left for it to be commercially viable to be developed for the new disease indication. Marvel develops new synthetic chemical derivatives of the original approved drug for the new disease indication. Patent protection is sought as the new potential asset is developed by the Company. The Company believes the business model results in significantly less risk, cost and time to develop its assets compared to traditional biotechnology companies.

Marvel Biotechnology Inc. has currently developed several new chemical entities, using synthetic chemical derivatives of known, off-patent drugs, that inhibit the A2a adenosine receptor with application to neurological diseases (depression & anxiety, Alzheimer's, ADHD), and the non-neurological conditions of cancer and non-alcoholic steatohepatitis. Marvel is also exploring additional undisclosed targets to expand its asset pipeline.

Contact Information

Investor Relations:
Virtus Advisory Group
Tel: 416-644-5081
Email: info@virtusadvisory.com

Marvel Biosciences Corp.
Roderick (Rod) Matheson, Chief Executive Officer or
Dr. Mark Williams, President and Chief Science Officer
Tel: 403 770 2469
Email: info@marvelbiotechnology.com

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All information contained in this news release with respect to the Company and its subsidiary, (collectively, the "Parties") were supplied by Marvel, respectively, for inclusion herein and each parties' directors and officers have relied on each other for any information concerning such Party.

This news release may contain forward-looking statements and other statements that are not historical facts. Forward-looking statements are often identified by terms such as "will", "may", "should", "anticipate", "expects" and similar expressions. All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding the future plans and objectives of the Company are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the expectations of the Company and include other risks detailed from time to time in the filings made by the Company under securities regulations.

The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. As a result, the Company cannot guarantee that the above events will occur and within the time disclosed herein or at all. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will update or revise publicly any of the included forward-looking statements as expressly required by Canadian securities law.

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