Psyence Biomedical Ltd. Issues Shareholder Letter Recapping Recent Progress and Outlining Key Future Milestones

TORONTO, March 12, 2024 (GLOBE NEWSWIRE) -- Psyence Biomedical Ltd. (Nasdaq: PBM), a clinical-stage life science biotechnology company pioneering the use of nature-derived psilocybin in mental health and wellbeing, today issued the following letter to shareholders.

To my fellow shareholders:

Having recently commenced trading on the Nasdaq stock exchange under the ticker “PBM,” following the completion of our business combination with Newcourt Acquisition Corp., I am happy to write to update you on our recent progress and upcoming milestones.

Our merger with Newcourt and subsequent listing on Nasdaq confers numerous benefits to our company. These include expanded access to capital to fund our development programs and the opportunity to share the Psyence story more broadly and garner support from more sophisticated long-term institutional life sciences investors to further enhance our value.

Recall that we are exploring the therapeutic potential of nature-derived psilocybin (the naturally occurring psychedelic prodrug compound produced by more than 200 species of fungi), beginning with a focus on adjustment disorder in Palliative Care.

While other companies are exploring synthetic psilocybin, Psyence is the world’s first Nasdaq traded biopharmaceutical company researching a nature-derived (non-synthetic) psilocybin candidate. Furthermore, Psyence is the only publicly traded company to research a non-synthetic psilocybin candidate to treat Adjustment Disorder in the context of Palliative Care. Our proprietary market research suggests that the U.S. Palliative Care market will grow at a compound annual growth rate (CAGR) of 9.4% through 2030, reaching $28.6 billion in annual market opportunity.ⁱ

Palliative Care is an area of medicine that has continued to show a track record of growth and is welcome to innovation, and this gives us great optimism for the long-term opportunity for our company as a first mover in this wide-open area. Additionally, there are signs that big pharma is growing more interested in the therapeutic potential of nature-derived compounds like psilocybin, and as a recognized first mover in the field of palliative medicine, we plan to position ourselves as a leader in this emerging area of medicine.