New York, New York and Tokyo, Japan, February 2, 2024 – Pixie Dust Technologies, Inc. (Nasdaq: PXDT) (the "Company"), a Japanese technology company focused on commercializing innovative products and materials utilizing proprietary wave control technology, today announced its findings on Brain Activation and Cognitive Improvement by Sound Stimulation that were shared at the Neuroscience 2023 Conference in November 2023.※1

Previous studies have concluded that gamma waves are reduced in patients with dementia.※2 In addition, it has been reported that synchronizing gamma waves in the brain by presenting 40 Hz sensory stimuli (sound and light) can be expected to suppress cognitive decline and brain volume shrinkage.※3,4

In the study presented at Neuroscience 2023, participants were exposed to amplitude modulations of the original sound source, and brain activity showed significantly stronger synchronization. This result, showing that gamma waves can be synchronized not only by pulse sounds but also by amplitude-modulated sounds, suggests the possibility of arbitrarily selecting the target sound for modulation for the purpose of EEG (brain wave) synchronization. These results are expected to be useful for clinical application in the prevention of dementia.

The annual Neuroscience Conference is organized by the US-based Society for Neuroscience and is one of the largest scientific presentations on neuroscience in the world. The research announced today was conducted as part of the Company’s joint research with Shionogi & Co.,※5 a Japanese pharmaceutical company, and the National Institute of Advanced Industrial Science and Technology, a national research institute.

In the course of joint research with Shionogi based on the common concept of cognitive function care that integrates into daily life, the Company is jointly developing gamma wave sound that may lead to cognitive function care. The two companies will continue to provide new solutions to solve the problems faced by individuals by building further evidence for brain activation and improvement of cognitive function through sound stimulation. Together, they are working to realize a society in which dementia prevention and improvement of cognitive function are attainable for all individuals.

※1 Y. Nagatani, K. Takazawa, K. Maeda, A. Kambara, Y. Soeta, and K. Ogawa, "Phase lock of gamma wave by aurally presenting tones amplitude- modulated at 40 Hz," Neuroscience 2023 Abstracts, PSTR388.26/C44 (2023)
※2 C. S. Herrmann, and T. Demiralp. "Human EEG gamma oscillations in neuropsychiatric disorders," Clinical Neurophysiology 116, 2719-2733 (2005).
※3 A. J. Martorell et al. "Multi-sensory Gamma Stimulation Ameliorates Alzheimer's-Associated Pathology and Improves Cognition," Cell 177, 256-271.e22 (2019).
※4 D. Chan et al, "Gamma frequency sensory stimulation in mild probable Alzheimer's dementia patients: results of feasibility and pilot studies," PLOS ONE 17, e0278412 (2022).
※5 Press release, June 21, 2022: Shionogi and Pixie Dust Technologies Sign Basic Agreement Regarding Joint Research on Brain Activation and Improvement of Cognitive Function through Sound Stimulation - Toward the Provision of "Dementia Care Integrated into Daily Life" Services

Forward-Looking Statements

Certain statements contained in this press release are "forward-looking statements" made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements reflect the Company's current expectations or beliefs concerning future events and actual events may differ materially from current expectations. Any such forward-looking statements are subject to various risks and uncertainties, including the strength of the economy, changes to the market for securities, political or financial instability and other factors which are set forth in the Company's Annual Report on Form 20-F for the year ended April 30, 2023 (File No. 001-41749) filed with the SEC, and in all filings with the SEC made by the Company subsequent to the filing thereof. The Company does not undertake to publicly update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.

Pixie Dust Technologies Investor Relations Contact:

Email: PXDT_IR@pixiedusttech.com

Gateway Group, Inc.
John Yi and Luke Johnson
Email: pixie@gateway-grp.com