News Release Dated September 25, 2023

MedRx Co., Ltd.

Yonehiro Matsumura, CEO

Stock code: 4586, TSE Growth

MedRx and Alto Neuroscience Enter Development Agreement for Novel CNS Targeted Medication

MedRx Company Limited (MedRx) today announced MedRx has signed a joint development and collaboration agreement with Alto Neuroscience Inc. (Alto), a U.S.-basedclinical-stage biopharmaceutical company, to develop and commercialize a novel product candidate leveraging MedRx's proprietary technology for transdermal drug delivery. The drug candidate is currently in Phase 1 clinical development and is expected to advance into Phase 2 clinical studies in 2024 for the treatment of various mental health conditions.

Under the terms of the agreement, MedRx and Alto will jointly develop the drug candidate, each company bearing their cost until a certain development stage. After reaching a specific stage in development, Alto will retain the rights to develop and commercialize the drug worldwide. MedRx will be eligible to receive developmental milestone payments through the first commercial sale. If the product candidate obtains regulatory approval, MedRx will exclusively supply the product to Alto and be eligible to receive royalty payments based on the net sales of the product.

About Med Rx Company Limited

MedRx is a pharmaceutical formulation development company that aims to improve people's health and quality of life by developing new dosage forms of medicines and leveraging novel transdermal absorption technology. For more information, visit https://www.medrx.co.jp/.

About Alto Neuroscience Inc.

Alto Neuroscience is pioneering precision psychiatry by developing targeted medicines to help patients get better faster. Differences in individuals' biology impact how they respond to treatment. Alto's Precision Psychiatry Platform™ measures brain biomarkers by analyzing EEG activity, behavioral task performance, wearable data, genetics, and other factors to match each patient with the right Alto drug. For more information,

visit https://www.altoneuroscience.com or follow on Twitter.

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Contact: MEDRx Co., Ltd. Management Department E-mail: info@medrx.co.jp

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Medrx Co. Ltd. published this content on 25 September 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 September 2023 23:55:06 UTC.