Amendment of Disclosures in Past Management Information Circulars

VANCOUVER, British Columbia, July 16, 2024 (GLOBE NEWSWIRE) — As a result of a review by the British Columbia Securities Commission, 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 derivative of lysergic acid diethylamide (“LSD”), is issuing the following press release to clarify disclosures in its past Management Information Circulars (“MIC”) as it relates to beneficial ownership by its Chief Executive Officer, Dr. Ahmad Doroudian: Dates of MIC and Related Record DatesSection in MICAmount of Beneficial Ownership and Percentage of Class (if applicable) as Disclosed in MICAmended Amount of Beneficial Ownership and Percentage of Class (if applicable)February 28 and February 10, 2023Proposal No. 2 – Election of Directors5,506,367 common5,863,786 commonNovember 23 and November 5, 2021Proposal No. 2 – Election of Directors5,155,162 common5,529,887 commonNovember 20 and November 9, 2020Voting Securities and Principal Holders of Voting Securities5,155,162 common13.9%5,251,637 common14.2%February 15 and February 13, 2019Principal Stockholders and Security Ownership of Management9,161,929 common9.455%21,330,518 common22.01% The Company also announces that it has issued 350,000 common shares and 350,000 share purchase warrants pursuant to the conversion of convertible debentures totalling $35,000. Share purchase warrants are exercisable into common shares, on a one-for-one basis, at an exercise price of $0.10 per warrant and expires on August 31, 2026. 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 and non- controlled LSD derivative in development and it is unique in that it is unregulated and therefore can be self-administered. BetterLife’s synthesis patent for BETR-001 eliminates regulatory hurdles and its 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: [email protected]: 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.