PharmAla Biotech names Watertower Research, Oak Hill advisers

PharmAla Biotech Provides Corporate Update: Change of Auditor, Retention of Watertower Research and Oak Hill

TORONTO, Sept. 17, 2026 (GLOBE NEWSWIRE) -- PharmAla Biotech Holdings Inc. (“PharmAla” or the “Company”) (CSE: MDMA) (OTCQB: MDXXF), a biotechnology company focused on the research, development, and manufacturing of novel MDXX class molecules (including its LaNeo™ MDMA), today announced three corporate updates.

1. Change of Auditor:

The Company determined that it was in its future best interest to pursue engaging an auditor who is capable of conducting a U.S. Public Company Accounting Oversight Board (“PCAOB”) mandate. The mandate was offered to Clearhouse LLP (the “Predecessor Auditor”), which advised the Company that it was unable to accept the engagement.

Following a request for proposals from multiple audit firms, the Company decided to replace the Predecessor Auditor with Davidson & Company LLP (the “Successor Auditor”).

On September 14, 2026, the Board of Directors of the Company passed a resolution to appoint Davidson & Company LLP and accepted the resignation of the Predecessor Auditor.

The Company extends its gratitude to Clearhouse LLP for its past service and looks forward to working with Davidson & Company LLP.

2. Water Tower Research

On April 23, 2026, PharmAla entered into a Subscription Services Agreement (the “Agreement”) with Water Tower Research LLC (“WTR”), a wholly owned subsidiary of alphaDIRECT Group LLC.

Under the Agreement, WTR will provide PharmAla with company research, investor engagement and stakeholder communication and intelligence programs through the production of research reports and supporting content (collectively referred to as “WTR Content”) distributed through WTR’s proprietary digital delivery infrastructure.

PharmAla agreed to pay $58,000 (“Annual Fee”) for access to the Subscription Services, which commenced on May 15, 2026 (“Effective Date”), upon execution of this Agreement. This Agreement has a one (1) year term (the “Term”) ending on May 15, 2027. There is no equity linked compensation for WTR under the terms of the Agreement.

In connection with the Subscription Services, PharmAla will receive:

• Ongoing analyst support and coverage of Clients company which may include but is not limited to: Initiation of Coverage (“IOC”) Fireside Chats – Video Update Notes
• Management Series Reports
• Quarterly Earnings Notes
• WTR’s Small-Cap Spotlight Podcast
• Industry Notes Inclusion
• Expert Series – Video
• WTR Symposium Series Events
• Symposium Series Recap Notes  

WTR shares content through their digital delivery infrastructure, which includes their own website, social media and with direct mailing lists.

3. Oak Hill Financial Inc.

On April 21, 2026, PharmAla signed a contract with Oak Hill Financial Inc. (“Oak Hill”). Oak Hill will provide business and capital markets advisory services, including raising the Company’s profile with the investment community, and assisting dissemination of investor presentation materials.

The initial term of the agreement was two months. Following the initial term, the agreement may be extended on a month-to-month basis at the sole discretion of the Company. Upon renewal, the monthly fee will remain the same. Either party may terminate the agreement after the initial term upon five (5) business days’ written notice. The Company will pay Oak Hill a monthly advisory fee of $12,000 plus pre-approved out-of-pocket expenses.

There are no performance factors under the agreement with Oak Hill, and Oak Hill will not receive any common shares or other securities of the Company as compensation. Oak Hill has no present interest, directly or indirectly, in the Company or its securities, or any right or intent to acquire such an interest. Oak Hill is an arm’s length party to the Company.

About PharmAla

PharmAla Biotech Holdings Inc. (CSE: MDMA)(OTCQB: MDXXF) is a biotechnology company focused on the research, development, and manufacturing of MDXX class molecules, including MDMA. PharmAla was founded with a dual focus: alleviating the global backlog of generic, clinical-grade MDMA to enable clinical trials as well as commercial sales in selected jurisdictions, and to develop novel drugs in the same class. PharmAla is the only company currently provisioning clinical-grade MDMA for patient treatments outside of clinical trials. PharmAla’s research and development unit has completed proof-of-concept research into several IP families, including ALA-002, its lead drug candidate. PharmAla is a “regulatory first” organization, formed under the principle that true success in the psychedelics industry will only be achieved through excellent relationships with regulators.

For more information, please contact:
Nicholas Kadysh
Chief Executive Officer
PharmAla Biotech Holdings Inc.
Email: press@PharmAla.ca
Phone: 1-855-444-6362
Website: www.PharmAla.ca

Neither the Canadian Securities Exchange nor its Regulation Services Provider have reviewed or accept responsibility for the adequacy or accuracy of this release.

Cautionary Statement

This press release contains ‘forward-looking information’ within the meaning of applicable Canadian securities legislation. These statements relate to future events or future performance. The use of any of the words “could”, “intend”, “expect”, “believe”, “will”, “projected”, “estimated” and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on PharmAla’s current belief or assumptions as to the outcome and timing of such future events. Forward-looking information is based on reasonable assumptions that have been made by PharmAla at the date of the information and is subject to known and unknown risks, uncertainties, and other factors that may cause actual results or events to differ materially from those anticipated in the forward-looking information. The forward-looking information contained in this press release is made as of the date hereof, and PharmAla is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements are described under the caption “Risk Factors” in PharmAla’s management’s discussion and analysis which is available on PharmAla’s profile at www.sedar.com.

This news release does not constitute an offer to sell or the solicitation of an offer to buy, and shall not constitute an offer, solicitation or sale in any state, province, territory or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state, province, territory or jurisdiction.