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.

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”).

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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.

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.

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

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.