GlobeNewswire Inc | Jan 26, 2021 08:30AM EST

January 26, 2021

VANCOUVER, Jan. 26, 2021 (GLOBE NEWSWIRE) -- BetterLife Pharma Inc. (BetterLife or the Company) (CSE: BETR /OTCQB: BETRF / FRA: NPAU), an emerging biotech company focused on the development and commercialization of cutting-edge treatments in mental disorders and viral infections, today announced it hasconfirmed stability of its inhalable interferonproduct through six months of real- time testing. The testing was conducted at -20C and +2C to +8C temperatures which correspond toordinary freezer and refrigerator temperatures. The interferon met all established stability testing criteria. The ability to ship, storeand use the product at these temperatures greatly simplifies the distribution chain and patient use protocols.

The testing wasperformed at Longmont, Colorado-based Neva Analytics. We greatly accelerated our formulation development and testing protocols to make GMP product inrecord time during 2020, said Dr. Libby Russell, Sr. Vice President at Neva, We believe our time from formulation concept to GMPsupplies was a modern record. A description of the program to produce GMP supplies supported by stability studies and processdevelopment was presented at the Lab University conference in October 2020.

BetterLife's Chief Executive Officer, Dr. Ahmad Doroudian, added, We are very pleased to see that our predictions for our patented inhalable interferon alpha2b product for the treatment of early stage COVID-19 are being shown to be correct.Webelieve our novel engineered interferon alpha 2b derived from our proprietary master cell bank offers important advantages thatallows for a quick scale up of manufacturing, especially in terms of logistics and cost of goods, which should enable us to meetpotentially large demand (subject to regulatory clearance) once our treatment is ready for distribution. Our various manufacturing partners, with their state-of-the-art formulation and testing facilities, and agile teams are ideal partners to help realize our vision.

About BetterLife Pharma Inc.

BetterLife Pharma Inc. is an emerging biotechnology company engaged in the development and commercialization of next generation psychedelic products for the treatment of mental disorders. Utilizing drug delivery platform technologies, BetterLife is refining and developing drug candidates from a broad set of complementary interferon-based technologies which have the potential to engage the immune system to fight virus infections, such as the coronavirus disease (COVID-19) and human papillomavirus.

For further information please visitwww.abetterlifepharma.com.

AboutNeva Analytics LLC

Neva Analytics LLC is a full service analytical testing lab. Neva Analytics is registered with the FDA and provides services to pharmaceutical anddevice manufacturers from pre-clinical to commercial stage. Headquartered in Longmont, CO, Neva offers world class expertise intesting biologics, pharmaceuticals and medical devices. Neva has both chemical and microbiological testing expertise. For moreinformation, please visit http://nevaanalytics.com.

Cautionary NoteThe Company is not making any express or implied claims that AP-003 or any other product has the ability to eliminate, cure or contain the COVID-19 (or SARS-2 Coronavirus) at this time.

Contact:Ahmad Doroudian, Chief Executive Officer Email:Ahmad.Doroudian@blifepharma.com Phone: 604-221-0595

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 Companys 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.