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Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Research from Water Tower Research

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Equity Bottom-Up

Pharmala Biotech Holdings  / Equity Bottom-Up

<div><ul><li>Commercial today in a sector that mostly is not. PharmAla Biotech Holdings, Inc. (CSE: MDMA/OTC: MDXXF) sells Current Good Manufacturing Practice (cGMP) MDMA under the LaNeo™ brand into more than 30 clinical trials worldwide and, via the Cortexa JV, into Australia’s regulated prescribing market.</li><li>Product sales of C$2.4M plus C$0.7M of Cortexa license income since FY23 separate it from pre-revenue psychedelic peers.</li><li>Competitive advantage lies in regulatory infrastructure, not manufacturing.</li></ul></div>

Commercial today in a sector that mostly is not. PharmAla Biotech Holdings, Inc. (CSE: MDMA/OTC: MDXXF) sells Current Good Manufacturing Practice (cGMP) MDMA under the LaNeo™ brand into more than 30 clinical trials worldwide and, via the Cortexa JV, into Australia’s regulated prescribing market.Product sales of C$2.4M plus C$0.7M of Cortexa license income since FY23 separate it from pre-revenue psychedelic peers.Competitive advantage lies in regulatory infrastructure, not manufacturing.

MDMA: Monetizing Regulatory Advantage Through IP and Data