Psygen Announces use of Psilocybin in Human Trial and Provides Update on IP Portfolio

patent applications filed for manufacturing processes

patent-pending technology aims to improve yields and ultimately margins

Calgary, Alberta--(Newsfile Corp. - October 6, 2021) - Psygen Industries Ltd. ("Psygen" or the "Company") provided an update today on use of psilocybin in humans and on its intellectual property portfolio. Psygen is excited to announce that psilocybin recently used in a clinical trial was manufactured by Psygen personnel working with a third-party licensed dealer. The Company is also announcing that Psygen has developed patent-pending technology that is expected to improve yields and margins on revenue, and that the technology is key to scale-up and automation. Psygen's chemistry team garnered valuable experience from manufacturing the GMP batches that were used in clinical trials. This experience informed and accelerated the development of Psygen's patent-pending technology.

Psygen has developed key intellectual property rights focused on optimized manufacturing processes for psilocybin and other tryptamines. In 2021, Psygen filed two provisional patent applications at the United States Patent and Trademark Office (the "USPTO"), establishing priority dates. Current data on one of the two technologies shows evidence of improved efficiency and economics in the manufacture of psilocybin and other tryptamines. A second patent-pending technology developed by Psygen may provide additional formulation options for psilocybin.

Psygen has also developed key manufacturing and analytical processes that will be applied to manufacture and release of the pharmaceutical quality Active Pharmaceutical Ingredients ("APIs"), both for controlled substances and unscheduled substances that will be offered by Psygen. These processes are expected to be applied at Psygen's facility once construction is completed, and in the case of controlled substances, once Psygen's application for a dealer's licence has been issued.

Danny Motyka, CEO of Psygen, said, "Psygen was founded to improve access to psychedelic medicines for therapeutic applications and for research. Our work is focused on scaling production processes for synthetic psychedelic drugs. Any time a process is optimized, that optimization might be patentable. Psygen will create unique, comprehensive methods that render the ultimate process more efficacious."

In addition to establishing priority dates for the protection of Psygen's recent innovations by filing provisional patent applications, Psygen has protected its brand through filing applications for registration of trademarks.

This press release is a correction of a press release that was issued earlier today and retracted. The previous press release indicated that Psygen's patent-pending technology had been used to manufacture the psilocybin that was used in the clinical trial.

About Psygen

Psygen intends to be a leading provider of psychedelics for healing and wellness. Psygen will be a manufacturer of pharmaceutical-grade psychedelic drug substances for clinical research and therapeutic applications. Psygen consists of a team of industry and business experts with over 25 years of direct experience in manufacturing psychedelics. Psygen is building Canada's first dedicated psychedelics manufacturing facility for the synthesis of psychedelic drugs for clinical research and approved therapeutic applications. Psygen has worked in partnership with an existing Licensed Dealer to develop manufacturing protocols for psychedelic drug products.

Cautionary Statements Regarding Forward-Looking Information

This press release contains "forward-looking information" within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify forward-looking statements or information. Forward-looking statements and information in this press release includes, but is not limited to, the anticipated development of the subject matter of the provisional patent applications, the build-out of Psygen's facility, the Company receiving a dealer licence from Health Canada and the application of the Company's key manufacturing and analytical processes to its manufacturing. Although the Company believes that the expectations and assumptions on which the forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information because the Company cannot give any assurance that they will prove to be correct. Readers are cautioned not to place undue reliance on forward-looking information. Actual results and developments may differ materially from those contemplated by these statements depending on, among other things, the timely development of the subject matter of the provisional patent applications, the timing of construction of Psygen's facility, the Company receiving a dealer licence from Health Canada. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. The Company cautions that the foregoing list of risks and uncertainties is not exhaustive. The forward-looking statements and information contained in this news release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statement or information, whether as a result of new information, future events or otherwise unless so required by applicable securities laws.

For more information, please contact:

Psygen Industries Ltd.

Andreas Curkovic, Investor Relations
Telephone: 416-577-9927
Email: invest@psygen.ca

THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES.

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