Mindset Announces Milestone in New Drug Program with Successful Proof-of-Concept Animal Studies of Its Patent-Pending Psilocybin-Inspired Drug Candidates

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Toronto, Ontario–(Newsfile Corp. – February 10, 2021) –  Mindset Pharma Inc. (CSE: MSET) (FSE: 9DF) (“Mindset” or the “Company“), a drug discovery and development company focused on developing next generation psilocybin-inspired medicines and related technologies, is pleased to announce that several of its proprietary, novel and diverse psychedelic compounds are demonstrating strong potency and efficacy, superior to psilocybin in in vivo proof-of-concept (“PoC“) studies. These PoC results in animal models represent a significant advancement in Mindset’s development of its new psychedelic drug program.

Mindset New Drug Program

Mindset has developed a leading pipeline of diverse patent-pending pre-clinical psilocybin-inspired drug candidates, employing cutting-edge structure-based drug design strategies in order to create novel and patentable optimized psychedelic drug candidates for pharmaceutical use. Mindset’s new drugs are broadly grouped into three “families”.

The first family can further be divided into prodrugs and deuterated analogs of psilocybin. The former has shown rapid metabolism into psilocin with verified efficacy both in vitro and in vivo. The deuterated analogs have shown similar effects as psilocin on receptor binding and function assays and in vivo data indicate similar efficacy to psilocybin with oral bioavailability and central nervous system penetration. This positions this first family of compounds as potential rapid drug development candidates for generic patentable psilocybin.

The second family, which consists of restricted side-chain analogs of psilocybin, show increased potency and efficacy compared to psilocin and psilocybin based on both in vitro and in vivo data, respectively. Certain compounds also show oral bioavailability and are brain penetrant with in vivo pharmacokinetic evidence of shorter duration than psilocybin. This profile positions this second family of compounds for next generation in clinic candidates to support psychedelic-assisted psychotherapy applications and protocols.

The third and final family continues to demonstrate unique and promising in vitro profiles. In particular, certain compounds from the third family show a similar binding profile to the human 5HT2A receptor comparable to that of psilocin’s, but with smaller effect size and a much longer duration of action based on human liver microsome stability data. This profile uniquely positions the third family of compounds for potential microdosing applications, including specialized populations and indications such as pediatric ADHD and Alzheimer’s disease.

The results of these PoC studies indicate that Mindset has several promising psilocybin-inspired drug candidates with differentiated pharmacological properties. Consistency between its in vitro and in vivo studies strongly validates both Mindset’s extensive in vitro drug screening protocols as well as the elegant drug design strategies used by the Mindset scientific team.

James Lanthier, Chief Executive Officer of Mindset, commented “We believe that there will be multiple next generation psychedelic compounds used clinically in treating mental health disorders and that different treatment protocols for various indications will require distinct drug characteristics. It has been the goal of the Company’s new drug discovery program to identify and qualify a rich portfolio of psychedelic drug candidates that demonstrate variations in onset, duration, potency, safety and receptor selectivity. Mindset’s pre-clinical results to date demonstrate significant progress towards this goal, with several promising psychedelic drug candidates exhibiting diverse pharmacological properties”.

Based on further pre-clinical testing, the Company expects shortly to select multiple lead compounds to advance towards investigational new drug-enabling studies in the second half of 2021.

FOR MORE INFORMATION, PLEASE CONTACT:

James Lanthier
Chief Executive Officer
jlanthier@mindsetpharma.com

Jason Atkinson
VP, Corporate Development
jatkinson@mindsetpharma.com

About Mindset Pharma Inc.

Mindset Pharma Inc. is a drug discovery and development company focused on creating optimized and patentable next-generation psychedelic medicines to treat neurological and psychiatric disorders with unmet needs. Mindset was established to develop next generation pharmaceutical assets that leverage the breakthrough therapeutic potential of psychedelic drugs. Mindset is developing several novel families of next generation psychedelic compounds, as well as an innovative process to chemically synthesize psilocybin along with its own proprietary compounds. www.mindsetpharma.com.

Forward-Looking Information

This news release contains certain “forward-looking information” within the meaning of applicable securities law. Forward looking information is frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “may”, “will”, “would”, “potential”, “proposed” and other similar words, or statements that certain events or conditions “may” or “will” occur. These statements are only predictions. Forward-looking information is based on the opinions and estimates of management at the date the information is provided, and is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. For a description of the risks and uncertainties facing the Company and its business and affairs, readers should refer to the Company’s Management’s Discussion and Analysis. The Company undertakes no obligation to update forward-looking information if circumstances or management’s estimates or opinions should change, unless required by law. The reader is cautioned not to place undue reliance on forward-looking information.

NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATIONS SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/74087

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