Neuphoria Therapeutics Inc. ("Neuphoria" or the "Company") (NASDAQ:NEUP), a clinical-stage biotechnology company dedicated to developing therapies that address the complex needs of individuals affected by neuropsychiatric disorders, today issued the following statement in response to an announcement made by London-listed biotechnology company Scancell Holdings plc ("Scancell").

The Neuphoria Board notes the announcement made by Scancell earlier today about a possible combination with Neuphoria. The Scancell announcement was made following speculation in the UK press and in compliance with UK regulations.

The Board can confirm that it is in discussions with Scancell about the potential acquisition of Neuphoria by Scancell, with Scancell becoming a Nasdaq-listed company following closing of any such transaction.

There can be no certainty that any agreement will be reached with Scancell, the terms of any transaction or if any transaction will proceed at all.