DMT Small Pharma Inc

Small Pharma Inc. (TSXV: DMT) (OTCQB: DMTTF) (the “Company” or “Small Pharma”), a biotechnology company focused on short-acting psychedelic-assisted therapies for mental health conditions, today announces that Mr. Peter Rands, co-founder, Chief Innovation & Intellectual Property Officer and former Chief Executive Officer of the Company, has left his positions as an executive officer and director of the Company and its subsidiaries, effective as of July 1, 2023.

Mr. Rands commented: “I started Small Pharma with a vision to create innovative pharmaceutical products based on known compounds that could be transformative for people suffering from mental health disorders. In the past eight years, we have made great strides towards achieving that vision. I am immensely proud of the Small Pharma team of scientists and innovators whom I have had the privilege of working alongside, and who have made this progress possible.”

Mr. Rands founded Small Pharma in 2015, building the team and infrastructure to enable significant clinical milestones, including the achievement of the first placebo-controlled proof-of-concept results for N,N-dimethyltryptamine (“DMT”) in patients with Major Depressive Disorder. During his tenure as Chief Executive Officer, Mr. Rands led the Company to a successful go-public transaction on the TSX Venture Exchange (the “TSXV”), alongside a concurrent $58 million equity financing. Mr. Rands also spearheaded the development of a robust and multi-layered Intellectual Property (“IP”) portfolio to protect the Company’s preclinical and clinical candidates.

Following Mr. Rands’ departure from his role as Chief Innovation & Intellectual Property Officer, Emma Hodge, the Company’s current Head of Intellectual Property, will lead IP development and strategy. Ms. Hodge, who joined Small Pharma in 2021, is a qualified patent attorney, with over 20 years’ experience specializing in the pharmaceutical industry, having spent the majority of her career at Pfizer and Novartis.

Lyne Fortin, Chair of the Board said: “It is with a deep appreciation for Peter’s original vision and his tenacity in pursuing it that Small Pharma will continue its mission to develop novel mental health treatments for millions of patients worldwide. During his time at Small Pharma, Peter assembled a world-class team that has achieved multiple research and development milestones and positive trial results, establishing the Company as a leader amongst psychedelic biotechnology companies. On behalf of the board of directors and the Small Pharma team, I want to thank Peter for his leadership. I have great faith that the team led by CEO George Tziras will continue to drive tremendous progress towards creating a brighter future for under-served mental health patients.”

About Small PharmaSmall Pharma is a biotechnology company progressing a pipeline of short-duration psychedelic-assisted therapies for the treatment of mental health conditions. Small Pharma has a portfolio of clinical-stage DMT-based assets, SPL026 and SPL028. The Company was granted an Innovation Passport designation for SPL026 from the U.K. Medicines and Healthcare products Regulatory Agency (the “MHRA”) and has a pipeline of proprietary preclinical assets.

For further information contact:

Small Pharma Inc.George Tziras, Chief Executive OfficerEmail: ir@smallpharma.co.ukTel: +44 (0)7720 326 847

Media Relations Contact:Jenny MaguireHead of External AffairsEmail: jenny.maguire@smallpharma.com

Cautionary NoteSmall Pharma makes no medical, treatment or health benefit claims about its proposed products. The MHRA or other similar regulatory authorities have not evaluated claims regarding DMT-assisted therapies and other next generation psychoactive compounds. The efficacy of such therapies has not been confirmed by MHRA-approved research. There is no assurance that such DMT-assisted therapies and other psychoactive compounds can diagnose, treat, cure or prevent any disease or condition. Vigorous scientific research and clinical trials are needed. Any references to quality, consistency, efficacy and safety of potential therapies do not imply that Small Pharma verified such in clinical trials or that Small Pharma will complete such trials. If Small Pharma cannot obtain the approvals or research necessary to commercialize its business, it may have a material adverse effect on Small Pharma’s performance and operations.

The TSXV has neither approved nor disapproved the contents of this news release. Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.