Optimi Health and Psyence Biomedical Sign Non-Binding Letter of Intent to Advance Global Psilocybin Drug Development

Vancouver, British Columbia and New York, New York--(Newsfile Corp. - August 13, 2024) - Optimi Health Corp. (CSE: OPTI) (OTCQX: OPTHF) (FSE: 8BN) ("Optimi"), a GMP-approved, Health Canada licensed psychedelics pharmaceutical manufacturer specializing in botanical psilocybin and MDMA, and Psyence Biomedical Ltd. (NASDAQ: PBM) ("Psyence"), a developer of nature-derived psilocybin-based therapeutics, are pleased to announce that the companies have entered into a non-binding Letter of Intent ("LOI"). This arrangement would position Optimi as the exclusive supplier of GMP nature-derived (non-synthetic) psilocybin extract for Psyence's global drug development and commercialization initiatives for FDA approved use in the Palliative Care context.

Under the terms of the LOI, and subject to the execution of a binding agreement, Optimi will become the exclusive supplier of GMP nature-derived (non-synthetic) psilocybin extract for Psyence. Optimi will provide comprehensive Chemistry, Manufacturing, and Control ("CMC") support for regulatory submissions related to these trials and any future Investigational New Drug ("IND") applications. Psyence will obtain exclusive rights to Optimi's drug candidate for treatment use in the Palliative Care context.

Bill Ciprick, Optimi CEO, expressed enthusiasm for the partnership: "This collaboration would bring together two innovative companies dedicated to advancing psilocybin-based therapies and quality science. By ensuring a reliable supply of high-quality GMP nature-derived psilocybin extract for Psyence's clinical trials, we will once again demonstrate our commitment to delivering products on demand and at the most affordable price."

Neil Maresky, MD, Psyence CEO, highlighted the strategic importance of this long-term arrangement: "The exclusive supply agreement, once executed, will provide Psyence Biomed with high-quality, mushroom derived psilocybin extract needed for our critical studies within our global development program. With Optimi's support, we will be able to confidently move forward with our clinical trials and regulatory submissions, aiming to bring transformative treatments for mental health conditions, leading with Adjustment Disorder in the context of Palliative Care. This partnership will solidify our commitment to pioneering advancements in psychedelic-based mental health therapies."