VistaGen Therapeutics (NASDAQ: VTGN), a biopharmaceutical company committed to developing and commercializing a new generation of medicines with the potential to go beyond the current standard of care for anxiety, depression and other central nervous system (“CNS”) disorders, has reported its second-quarter 2022 financial and business status. Highlights of the reports include that progress on the company’s PALISADE phase 3 clinical trials of PH94B for rapid-onset acute treatment of anxiety in adults with social anxiety disorder (“SAD”) is on schedule and that VTGN launched its PH94B Phase 2A clinical program targeting additional potential anxiety indications. In addition, the company added new board members during the quarter. Notable numbers for the second quarter, which ended Sept. 30, 2021, included approximately $0.4 million in noncash sublicense revenue from the $5.0 million upfront payment received in the quarter and a $7.7 million increase of R&D expenses, which went from $2.4 million in Q2 2020 to $10.1 million for second quarter 2021. “We continued our strong performance throughout the quarter with notable advances in all programs for our lead product candidate, PH94B,” said VistaGen CEO Shawn Singh in the press release. “We advanced our PALISADE Phase 3 Program in social anxiety disorder with the initiation of a second Phase 3 study, PALISADE-2, and our PALISADE Long-term Safety Study. We also launched our exploratory Phase 2A clinical program for PH94B to begin to assess its therapeutic potential in anxiety indications beyond SAD. Our Phase 2A study of PH94B in its second potential indication, adjustment disorder with anxiety, is now underway. . . . As we diligently pursue our goals for our CNS pipeline through 2022 and well beyond, we are well positioned to deliver on our mission to improve the mental health and daily lives of millions in the U.S. and around the world who are suffering from the debilitating effects of anxiety and depression.”

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About VistaGen Therapeutics Inc.

VistaGen Therapeutics is a late-stage biopharmaceutical company committed to developing and commercializing innovative medicines with the potential to go beyond the current standard of care for anxiety, depression and other CNS disorders. Each of VistaGen’s clinical-stage drug candidates has therapeutic potential in multiple CNS markets. For more information about the company, please visit www.VistaGen.com.

NOTE TO INVESTORS: The latest news and updates relating to VTGN are available in the company’s newsroom at https://ibn.fm/VTGN

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