BetterLife Announces Debt Settlements

Core Insights - BetterLife Pharma Inc. is an emerging biotech company focused on developing BETR-001, a non-hallucinogenic neuroplastogen for treating psychiatric and neurological disorders [3][4] - The company has issued 14,999,303 common shares to settle accounts payable and amounts due to directors and officers, totaling $1,499,930 [1] - BETR-001 is in preclinical and IND-enabling studies, with a synthesis patent that eliminates regulatory hurdles, allowing for self-administration [4] - BETR-002, another compound in development, is based on honokiol and targets anxiety-related disorders, including benzodiazepine dependency [5] Financial Activities - The company settled $1.03 million in amounts owed to officers and directors for a total of 10,308,039 common shares [1] - Additionally, 250,000 common shares were issued from the exercise of share purchase warrants, generating gross proceeds of $25,000 [2] Product Development - BETR-001's pending patent covers treatment for major depressive disorder, anxiety disorder, and neuropathic pain [4] - BETR-002 is also in preclinical studies, with pending patents for its method of use and formulations [5] - BetterLife Pharma is exploring strategic alternatives for further development of a drug candidate aimed at treating viral infections [5]