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."

The successful outcomes of these trials may enable Psyence to commercialize the licensed product, in a way that it believes will revolutionize treatments within the Palliative Care setting.

This is a non-binding LOI and there can be no guarantee that the companies will execute a fully binding agreement.

Contact Information

Optimi Health Corp.

For more information about Optimi Health Corp., please contact:

Bill Ciprick, CEOTelephone: (778) 761-4551

For media inquiries, please contact:Andrea MestrovicEmail: Andrea@weareverypolite.com

For investor inquiries, please contact:Michael KyddEmail: investors@optimihealth.ca

For more information, please visit www.optimihealth.ca

Psyence Biomed

Email: ir@psyencebiomed.comMedia Inquiries: media@psyencebiomed.comGeneral Information: info@psyencebiomed.comPhone: +1 416-477-1708

Investor Contact:Jeremy FefferManaging DirectorLifeSci Advisorsjfeffer@lifesciadvisors.com

About Psyence Biomed

Psyence Biomedical Ltd. (NASDAQ: PBM) is the world's first life science biotechnology company focused on the development of botanical (nature-derived, or non-synthetic) psilocybin-based psychedelic medicine to be listed on Nasdaq. The name "Psyence" combines the words "psychedelics" and "science" to affirm Psyence Biomed's commitment to an evidence-based approach to innovation as it works to develop safe and effective, nature-derived psychedelic therapeutics to treat a broad range of mental health disorders. Psyence is initially focused on mental health disorders in the context of Palliative Care.