BetterLife Pharma Inc. Announces US$100 Million Public Offering

BetterLife Pharma Inc., a biotechnology company focused on developing treatments for neurological disorders, has announced the filing of a final prospectus for a public offering of up to 555 million common shares and pre-funded common share purchase warrants. The offering, which is being conducted on a commercially reasonable efforts agency basis, aims to raise up to US$100 million (CDN$138,750,000).

The company plans to use the net proceeds from the offering for several key initiatives. These include conducting Phase 1A studies in healthy humans, Phase 1B clinical trials for cluster headache and migraine, Phase 2 clinical trials for these conditions, and a post-Phase 2 registration study for cluster headache. Additionally, the funds will be used to support the company's working capital and other general corporate purposes.

BetterLife Pharma Inc. is developing BETR-001, a non-hallucinogenic and non-controlled LSD derivative, for the treatment of various neurological disorders. The drug is currently in preclinical and IND-enabling studies and is unique in its unregulated status, allowing for self-administration. The company holds a synthesis patent for BETR-001 and a pending patent for its composition and method of use, which covers treatment of various neurological disorders until around 2042.

The offering is being managed by Bloom Burton Securities Inc. and Haywood Securities Inc. as agents. The company has granted these agents an option to offer additional common shares and pre-funded warrants, representing 15% of the total number issued, to cover over-allotments if any occur. The agents will be compensated with a 7.0% cash commission on the gross proceeds and broker warrants equivalent to 7.0% of the total number of securities issued.

The offering is expected to close on or about September 17, 2026, subject to the satisfaction of customary closing conditions, including regulatory and stock exchange approvals. The company has received a waiver from the Canadian Securities Exchange (CSE) to avoid the shareholder approval requirements that would otherwise apply due to the level of dilution resulting from the offering.

BetterLife Pharma Inc. intends to use the proceeds to advance its research and development efforts, particularly in the areas of cluster headache and migraine. The company's CEO, Ahmad Doroudian, expressed optimism about the potential impact of the offering on the company's future.

The offering is subject to regulatory approval and is not being offered to U.S. persons or in the United States. For further details, interested parties can access the final prospectus on SEDAR+ at www.sedarplus.ca.