PurMinds Triples its Psilocybin-Containing Mushroom Propagation Yields and Increases its Inventory of Dried Psilocybe Cubensis Strains for Supply to Clinical Trials and Authorized Medical Clinics World-Wide

Toronto, Ontario and Boston, Massachusetts--(Newsfile Corp. - November 7, 2023) - PurMinds NeuroPharma ("PurMinds™" or the "Company"), a clinical-stage neuroscience company focused on neurological and neurodegenerative disorders and advancing a robust clinical development pipeline of small molecules, psychedelic compounds and other modalities, is pleased to announce that under its Health Canada Dealer's License for Controlled Drugs and Substances ("Dealer's License"), it has tripled its psilocybin mushroom propagation yields and has a growing inventory of three dried psilocybe cubensis strains.

Psilocybin Mushroom Cultivation

Under the coverage of its Dealer's Licence, and inside its Ontario-based Production Facility, PurMinds™ has just completed its 8th harvest of psilocybin-containing mushrooms, where all propagation, cultivation and post-harvest processes are fully compliant with the WHO and EMA GACP guidelines. The Company is current growing weekly with authorization to store up to 250,000 kg of dried psilocybin-containing mushrooms on-site, or the equivalent of 1,250 kg of psilocybin.

PurMinds™ is currently able to supply its psilocybin mushrooms in dried whole mushroom form, or milled and encapsulated, with potency analyses reaching average total tryptamine levels of up to 1.03%. To support patient safety and practitioner confidence, each batch is also tested for impurities.

"Through the outstanding work of Bi Kim, our Director of Technology, and her talented mycology team at the PurMinds™ laboratory facilities, our psilocybin mushroom production has expanded rapidly and the Company is building a solid inventory of dried psilocybe cubensis in preparation for a rising demand for natural fungi containing psilocybin for research studies, clinical trials, and eventually medical clinics across the globe," said Robin Shugar, Chief Commercial Officer & General Counsel. "The specialized expertise that our scientists and cultivation team possess, coupled with the Company's strong focus on safety, efficacy and profitability, has ideally positioned PurMinds to be at the forefront of legal natural psilocybin mushroom supply."

With Australia's pivotal drug policy reform to reschedule psilocybin and MDMA, FDA approval for MDMA therapy expected within the year, Alberta's recent regulation of psychedelics for healthcare purposes, and Switzerland's innovative legal supply policy initiatives, PurMinds™ said it anticipates that whole psilocybin mushroom supply for research studies, clinical trials and medical clinics world-wide will be a large growth opportunity for the Company that should greatly accelerate the pathway to positive cash flow as a surge in the demand for natural investigatory psychedelic drug sales occurs.

ABOUT PURMINDS

PurMinds™ is a neurological drug development company pursuing breakthrough solutions to neurological and neurodegenerative disorders and operating within a key innovation area in pharmaceutical drug development. Its clinical pipeline includes innovative therapeutics that combine proven mechanisms of action with exciting new discoveries regarding the powerful ability of psychedelics and other psychoplastogens to rapidly promote neuroplasticity and neuro-rejuvenation, and its drug development program includes the potential for FDA "Breakthrough Designation" with a fast track to Phase IIa, The company's Ontario NeuroLab was granted a Schedule 1 Health Canada Controlled Drugs and Substances Dealer's License authorizing the production, formulation and global supply of pharma-grade Psychedelic compounds including Psilocybin and MDMA for clinical trials and research studies.

PurMinds™ champions a de-risked business model that includes progressing short and mid-term IP-driven revenue paths, while augmenting a de-risked multi-target approach to drug development, creating long-term value through the accelerated development of novel therapeutics.

For further information about PurMinds NeuroPharma, please visit the Company's website at PurMinds.com.

Media Contacts

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Forward Looking Statements

This press release contains forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and assumptions and accordingly, actual results and future events could differ materially from those expressed or implied in such statements. You are hence cautioned not to place undue reliance on forward-looking statements. All statements other than statements of present or historical fact are forward-looking statements, including statements with respect to PurMinds™' future business plans and partnerships. Forward-looking statements include words or expressions such as "proposed", "anticipated", "will", "subject to", "near future", "in the event", "would", "expect", "prepared to" and other similar words or expressions.

Forward-looking statements are based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements. Some of the risks and other factors could cause results to differ materially from those expressed in the forward-looking statements which include, but are not limited to: the ability of PurMinds™ ' to secure patent protection; the regulatory environment in which PurMinds™ operates; the ability of PurMinds™ to carry out its business plans and unforeseen challenges in carrying out such plans; trends in the future use of psychedelics; general business, economic, competitive, political and social uncertainties; the state of capital markets; risks relating to general economic, market and business conditions; and other unforeseen events, developments, or factors causing any of the aforesaid expectations, assumptions, and other factors ultimately being inaccurate or irrelevant. The forward-looking information contained in this news release is expressly qualified by this cautionary statement. We disclaim any obligation to update or revise these forward-looking statements, except as required by applicable law.

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