BetterLife Provides Comments on CEO’s Share Position Ownership and Recent BCSC Press Release

Rhea-AI Summary

BetterLife Pharma has issued a statement addressing the BCSC's May 21, 2025 news release regarding CEO Dr. Ahmad Doroudian's share position ownership. The company had previously amended its Management Information Circulars (MIC) on July 16, 2024, to correct disclosures of beneficial ownership. The corrections show various adjustments in reported share ownership, most notably from 9,161,929 (9.455%) to 21,330,518 (22.01%) for February 2019. Since early 2023, Dr. Doroudian has increased his ownership from 5.8M to 16M shares through a direct investment of $675,000 and salary settlements in shares. Despite expressing disappointment about the BCSC penalty, Dr. Doroudian remains optimistic about BetterLife and its lead asset BETR-001.

Positive

• CEO's increased stake through $675,000 direct investment shows confidence in company
• CEO's willingness to accept salary in shares demonstrates alignment with shareholder interests
• Transparency in correcting historical ownership disclosures

Negative

• BCSC penalty indicates regulatory compliance issues
• Previous inaccurate disclosures of CEO's beneficial ownership may affect investor trust
• Need for multiple corrections in Management Information Circulars suggests internal control weaknesses

VANCOUVER, British Columbia, May 22, 2025 (GLOBE NEWSWIRE) -- BetterLife Pharma Inc. (“BetterLife” or the “Company”) (CSE: BETR / OTCQB : BETRF / FRA: NPAU), an emerging biotech company focused on the development of BETR-001, a non-hallucinogenic neuroplastogen in the treatment of psychiatric and neurological disorders, is issuing the following press release in response to British Columbia Securities Commission’s (“BCSC”) May 21, 2025 news release.

BetterLife announced on July 16, 2024, that it had amended its past Management Information Circulars (“MIC”) to correct disclosures of beneficial ownership by its Chief Executive Officer, Dr. Ahmad Doroudian. The July 16, 2024, press release corrected Mr. Doroudian’s beneficial ownership as follows:

Dates of MIC and Related Record Dates	Section in MIC	Amount of Beneficial Ownership and Percentage of Class (if applicable) as Disclosed in MIC	Amended Amount of Beneficial Ownership and Percentage of Class (if applicable)
February 28 and February 10, 2023	Proposal No. 2 – Election of Directors	5,506,367 common	5,863,786 common
November 23 and November 5, 2021	Proposal No. 2 – Election of Directors	5,155,162 common	5,529,887 common
November 20 and November 9, 2020	Voting Securities and Principal Holders of Voting Securities	5,155,162 common 13.9%	5,251,637 common 14.2%
February 15 and February 13, 2019	Principal Stockholders and Security Ownership of Management	9,161,929 common 9.455%	21,330,518 common 22.01%

Since early 2023, through direct investment of $675,000 and settlement of his annual salary with BetterLife shares, Dr. Doroudian has increased his ownership from approximately 5.8 million shares to 16 million shares. “I am disappointed by the recent BCSC penalty, but extremely proud of my contributions to BetterLife and the Company’s achievements thus far. I am truly excited about the prospects of BetterLife and its lead asset BETR-001,” said Dr. Doroudian.

About BetterLife Pharma 

BetterLife Pharma Inc. is an emerging biotechnology company primarily focused on developing and commercializing two compounds, BETR-001 and BETR-002, to treat neuro-psychiatric and neurological disorders.

BETR-001, which is in preclinical and IND-enabling studies, is a non-hallucinogenic neuroplastogen. BETR-001 is a non-controlled substance. BETR-001 will be developed for the treatment of various psychiatric and neurological disorders. BETR-001 pending patent, for composition and method of use, covers treatment of major depressive disorder, anxiety disorder and neuropathic pain and other neuro-psychiatric and neurological disorders. 

BETR-002, which is in preclinical and IND-enabling studies, is based on honokiol, the active anxiolytic ingredient of magnolia bark. BetterLife’s pending method of use and formulations patent covers treatment of anxiety-related disorders including benzodiazepine dependency. 

BetterLife also owns a drug candidate for the treatment of viral infections and is in the process of seeking strategic alternatives for further development.

For further information, please visit BetterLife Pharma.

Contact

David Melles, Investor Relations Manager 
Email: David.Melles@blifepharma.com
Phone: 1-778-887-1928 

Cautionary Note Regarding Forward-Looking Statements

No securities exchange has reviewed nor accepts responsibility for the adequacy or accuracy of the content of this news release. This news release contains forward-looking statements relating to product development, licensing, commercialization and regulatory compliance issues and other statements that are not historical facts. Forward-looking statements are often identified by terms such as “will”, “may”, “should”, “anticipate”, “expects” and similar expressions. All statements other than statements of historical fact, included in this release are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations include the failure to satisfy the conditions of the relevant securities exchange(s) and other risks detailed from time to time in the filings made by the Company with securities regulations. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will update or revise publicly any of the included forward-looking statements as expressly required by applicable law.

FAQ

What was the BCSC penalty issued to BetterLife Pharma (BETRF) CEO?

The press release does not specify the details of the BCSC penalty issued to BetterLife Pharma's CEO, only mentioning Dr. Doroudian's disappointment regarding it.

How many shares does BetterLife Pharma (BETRF) CEO currently own?

According to the press release, Dr. Doroudian has increased his ownership from approximately 5.8 million shares to 16 million shares since early 2023.

How much did BetterLife Pharma (BETRF) CEO invest directly in the company?

Dr. Doroudian made a direct investment of $675,000 and accepted salary settlements in shares to increase his ownership position since early 2023.

What was the largest correction in CEO ownership disclosure for BETRF?

The largest correction was for February 2019, where the beneficial ownership was amended from 9,161,929 shares (9.455%) to 21,330,518 shares (22.01%).