GoodCap Pharmaceuticals and the University of Toronto Awarded NSERC Alliance Grant for Ongoing Research of Low-Dose Psilocybin Drug Formulas Targeting Inflammation and Depressive Disorders

Toronto, Ontario--(Newsfile Corp. - November 10, 2022) - GoodCap Pharmaceuticals Inc. ("GoodCap" or the "Company"), a biopharmaceutical company developing low-dose psychedelic therapies, is pleased to announce that the Natural Sciences and Engineering Research Council of Canada (NSERC) has awarded an Alliance Grant to its research partner at the University of Toronto (the "University") for $237,339, effective October 2022 to be paid through 2023. The research is focused on furthering the evaluation and development of GoodCap's combination therapies designed to target chronic systemic inflammation causing diseases such as depression.

Previously the Company announced that its research collaboration with the University involved preclinical studies on the effects of low-dose psilocybin on mammalian metabolism and mental health conditions, which are ongoing. The research team at the University of Toronto led by principal investigator, Dr. Richard Bazinet, will continue to study the safety and activity of GoodCap's products.

"We are pleased with the news of the grant being awarded with our collaborators at the University of Toronto," says Steven Sadoff, GoodCap's CEO. "This additional support extends the strong partnership we have formed with the team at Dr. Bazinet's lab and will serve to further validate the effectiveness of the Company's product pipeline as we continue on our path to developing breakthrough therapies for the hundreds of millions worldwide suffering with inflammation-based diseases and mental health issues."

ABOUT GOODCAP

GoodCap, a privately held biopharmaceutical research and development company, is a leader in the development of therapies containing low-dose psilocybin that target both inflammation and depressive disorders including treatment resistant depression. GoodCap believes that inflammation is a major comorbidity and contributor to depressive disorders and is developing treatments that target both pathologies.

For further information go to the GoodCap webpage at www.goodcap.com or contact:

Steven Sadoff
Chief Executive Officer
GoodCap Pharmaceuticals Inc.
info@goodcap.com

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