NorthStrive Biosciences Inc. ("NorthStrive Biosciences"), a wholly owned subsidiary of PMGC Holdings Inc. ("PMGC" or the "Company") (NASDAQ:ELAB), today announced a key development milestone for its asset, EL-32: the successful transfer of the EL-32 Working Cell Bank ("WCB") to a U.S.-based third-party fermentation facility. This transfer initiates a manufacturing optimization program designed to increase production yield and establish a cost-efficient, scalable process in support of future clinical and commercial development.

EL-32 is a dual-action engineered probiotic therapeutic designed to express both myostatin and activin-A antigens, two key biological regulators of muscle development and metabolic function. By targeting both the myostatin and activin-A pathways through an oral, gut-mediated delivery mechanism, EL-32 offers a differentiated approach to preserving lean muscle mass and addressing metabolic dysfunction in patients undergoing GLP-1 receptor agonist weight loss therapy.

Modulant Biosciences LLC ("Modulant Biosciences"), licensee for the development, manufacture, and commercialization of products derived from EL-32 for non-human animal health applications under the previously announced License Agreement with NorthStrive Biosciences, has retained the third-party precision fermentation facility to lead upstream and downstream process development. This involves applying data-driven optimization strategies to improve yield, consistency, and manufacturability. NorthStrive Biosciences will work with Modulant Biosciences to leverage these efforts, with the goal of establishing a robust process foundation to support investigational new drug ("IND")-enabling activities and future good manufacturing practices ("GMP") manufacturing.

The parties' collaboration reflects a dual-track development strategy: NorthStrive Biosciences retains all rights to human therapeutic applications of EL-32, while Modulant Biosciences holds an exclusive license to develop and commercialize EL-32-derived products for non-human animal health applications. This parallel approach is intended to maximize the commercial potential of the EL-32 platform across both markets while leveraging shared manufacturing and process development insights.