FSD Pharma (NASDAQ: HUGE) (CSE: HUGE) (FRA: 0K9A), a biopharmaceutical company dedicated to building a portfolio of innovative assets and biotech solutions for the treatment of challenging neurodegenerative, inflammatory and metabolic disorders, announced that its Australian entity, FSD Pharma Australia Pty Ltd., has been approved to move forward with a key phase 2 clinical trial. The approval comes from the Alfred Ethics Committee in Australia, and the trial is designed to evaluate FSD Pharma’s Lucid-201 as a novel drug candidate for the potential treatment of major depressive disorder (“MDD”). Lucid-Psych is being developed outside of Australia by Lucid Psycheceuticals Inc., a wholly owned subsidiary of FSD Pharma; inside the country, Lucid-Psych is developed by FSD Pharma Australia Pty Ltd. “Psychoactive molecules as new therapeutics for depression and other mental disorders represent some of the most exciting areas of clinical research in healthcare today,” said FSD Pharma Australia Pty CEO Dr. Lakshmi Kotra in the press release. “Today’s standard of care is prescribing antidepressants that merely mask the symptoms and are well documented to have a bevy of potential negative side effects. Hundreds of millions of people globally need new, safer, accessible and more effective options to redefine the front-line approach by getting to the root of the disorder and how it is currently treated. As we initiate the clinical stage for Lucid-Psych, our clinical team is optimistic that our novel drug candidate in a unique dosage form will be safe and tolerated.”

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About FSD Pharma Inc.

FSD Pharma is a biotechnology company with three drug candidates in different stages of development. FSD BioSciences Inc., a wholly owned subsidiary, is focused on pharmaceutical research and development of its lead compound FSD201, a proprietary ultramicronized palmitoyl ethylamine (“PEA”) formulation for the treatment of inflammatory diseases. Lucid Psychss Inc., a wholly owned subsidiary, is focused on the research and development of its lead compounds: Lucid-PSYCH and Lucid-MS. Lucid-Psych is a molecular compound identified for the potential treatment of mental health disorders, and expanding this category, the company is investigating other products addressing acute medical needs due to the abuse of drugs such as alcohol. Lucid-MS is a molecular compound identified for the potential treatment of neurodegenerative disorders. For more information about the company, please visit www.FSDPharma.com

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