Vistagen Announces the Two Leading Proxy Advisory Firms, Institutional Shareholder Services and Glass Lewis, Recommend Stockholders Vote “FOR” Proposal No. 5 to Provide its Board with the Option to Implement a Future Reverse Stock Split, if Necessary

Vistagen Therapeutics, Inc. (Nasdaq: VTGN) (the Company), a late clinical-stage biopharmaceutical company aiming to transform the treatment landscape for individuals living with anxiety, depression and other central nervous system (CNS) disorders, today announced that the two leading independent proxy advisory firms, Institutional Shareholder Services Inc. (ISS) and Glass Lewis & Co. (Glass Lewis), have recommended that Vistagen stockholders entitled to vote at the Company’s 2022 Annual Meeting of Stockholders (the Annual Meeting) vote “FOR” Proposal No. 5 which, if approved, will provide the Company’s Board of Directors (the Board) with the option to implement a reverse stock split of the Company’s issued and outstanding common stock (the Reverse Split), if necessary in the future to maintain the Company’s listing on the Nasdaq Capital Market (Nasdaq).

Stockholders are encouraged to review certain frequently asked questions and answers about the potential Reverse Split below, as well as additional information about Proposal No. 5 that is available in the Company’s definitive proxy statement filed with the Securities and Exchange Commission on August 31, 2022.

ISS and Glass Lewis are the two leading independent, third-party proxy advisory and corporate governance firms that provide proxy voting recommendations to pension funds, investment managers, mutual funds and other institutional stockholders throughout North America.

“We are pleased that both ISS and Glass Lewis, the leading independent proxy advisory firms, support our Board’s recommendation that stockholders vote “FOR” Proposal No. 5,” said Shawn Singh, Chief Executive Officer of Vistagen. “Each stockholder’s vote is important, so we strongly encourage each investor to follow the recommendations of ISS and Glass Lewis and vote “FOR” Proposal No. 5 as promptly as possible. Approval of Proposal No. 5 will provide the flexibility that will be essential should we need to utilize this tool to maintain our Nasdaq listing. Confidence in our ability maintain our Nasdaq listing will be an important complement to our ongoing efforts to enhance market awareness of the potential of our pipeline to improve the millions of lives suffering from mental illness and other CNS disorders and deliver value to our stockholders.”