PharmAla Biotech Provides Corporate Update: Change of Auditor, Retention of Watertower Research and Oak Hill

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Postmedia has not reviewed the content. by GlobeNewswire PharmAla Biotech Provides Corporate Update: Change of Auditor, Retention of Watertower Research and Oak HillAuthor of the article: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.THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountThe 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”).Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againOn 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.In connection with the Subscription Services, PharmAla will receive:Ongoing analyst support and coverage of Clients company which may include but is not limited to: Initiation of Coverage (“IOC”) Fireside Chats – Video Update NotesManagement Series ReportsQuarterly Earnings NotesWTR’s Small-Cap Spotlight PodcastIndustry Notes InclusionExpert Series – VideoWTR Symposium Series EventsSymposium Series Recap Notes WTR shares content through their digital delivery infrastructure, which includes their own website, social media and with direct mailing lists.3. Oak Hill Financial Inc.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.This advertisement has not loaded yet.This advertisement has not loaded yet, but your article continues below.There are no performance factors under the agreement with Oak Hill, and Oak Hill will not receive any common shares or other securities of the Company as compensation. Oak Hill has no present interest, directly or indirectly, in the Company or its securities, or any right or intent to acquire such an interest. Oak Hill is an arm’s length party to the Company.PharmAla Biotech Holdings Inc. (CSE: MDMA)(OTCQB: MDXXF) is a biotechnology company focused on the research, development, and manufacturing of MDXX class molecules, including MDMA. PharmAla was founded with a dual focus: alleviating the global backlog of generic, clinical-grade MDMA to enable clinical trials as well as commercial sales in selected jurisdictions, and to develop novel drugs in the same class. PharmAla is the only company currently provisioning clinical-grade MDMA for patient treatments outside of clinical trials. PharmAla’s research and development unit has completed proof-of-concept research into several IP families, including ALA-002, its lead drug candidate. PharmAla is a “regulatory first” organization, formed under the principle that true success in the psychedelics industry will only be achieved through excellent relationships with regulators.For more information, please contact:Nicholas KadyshChief Executive OfficerPharmAla Biotech Holdings Inc.Email: press@PharmAla.caPhone: 1-855-444-6362Website: www.PharmAla.caNeither the Canadian Securities Exchange nor its Regulation Services Provider have reviewed or accept responsibility for the adequacy or accuracy of this release.This press release contains ‘forward-looking information’ within the meaning of applicable Canadian securities legislation. These statements relate to future events or future performance. The use of any of the words “could”, “intend”, “expect”, “believe”, “will”, “projected”, “estimated” and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on PharmAla’s current belief or assumptions as to the outcome and timing of such future events. Forward-looking information is based on reasonable assumptions that have been made by PharmAla at the date of the information and is subject to known and unknown risks, uncertainties, and other factors that may cause actual results or events to differ materially from those anticipated in the forward-looking information. The forward-looking information contained in this press release is made as of the date hereof, and PharmAla is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements are described under the caption “Risk Factors” in PharmAla’s management’s discussion and analysis which is available on PharmAla’s profile at www.sedar.com.This news release does not constitute an offer to sell or the solicitation of an offer to buy, and shall not constitute an offer, solicitation or sale in any state, province, territory or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state, province, territory or jurisdiction.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.