Bright Minds Biosciences Receives a Favorable Written Opinion from the International Searching Authority for BMB-202

Rhea-AI Summary

Bright Minds Biosciences (CSE:DRUG, NASDAQ:DRUG) has received a positive Written Opinion from the International Searching Authority on its international patent application for phenethylamine compounds, which includes its lead clinical candidate BMB-202. This selective 5-HT_2A agonist shows over 30-fold selectivity against 5-HT_2C and over 500-fold against 5-HT_2B. The favorable report supports the company's strategy in drug discovery aimed at neuropsychiatric disorders, epilepsy, and pain. BMB-202's potential as a best-in-class treatment is highlighted, with optimized properties such as a short half-life and strong potency, outperforming psilocin in vitro. The CEO emphasized this as a crucial step in protecting their innovative compounds globally.

Positive

• International patent application received positive Written Opinion, indicating novelty and inventiveness.
• BMB-202 exhibits over 30-fold selectivity compared to 5-HT_2C, over 500-fold compared to 5-HT_2B.
• BMB-202 shows two-fold superior potency compared to psilocin in vitro.
• BMB-202 has favorable drug-like properties and demonstrated antidepressant profile in vivo.

Negative

• None.

-- BMB-202 is a highly selective 5-HT_2A agonist that exhibits a more than 30-fold selectivity over 5-HT_2C and more than 500-fold selectivity over 5-HT_2B --

-- BMB-202 is the first clinical candidate from an extensive portfolio of selective 5-HT_2A and 5-HT_2A/2C agonists inspired from natural compound scaffolds --

VANCOUVER, British Columbia, April 19, 2023 (GLOBE NEWSWIRE) -- Bright Minds Biosciences Inc. (CSE:DRUG) (NASDAQ:DRUG) (“Bright Minds” or the “Company”), a biotechnology company focused on developing novel drugs for the targeted treatment of neuropsychiatric disorders, epilepsy, and pain, today announced that the International Searching Authority reviewed its international patent application directed to phenethylamine compounds and issued a Written Opinion indicating that Bright Minds’ core phenethylamine compounds of interest are novel and inventive over the searched prior art.

Bright Minds recently filed an international patent application (assigned a filing number of PCT/CA2023/050003) directed at compounds that belong to the phenethylamine class of molecules, which the Company believes are potentially best in class compounds with an optimized short half-life, highly potent and extreme selectivity relative to other 5-HT_2A agonists in development. Compounds from the Company’s 5-HT_2A and 5-HT_2A/5-HT_2C programs are contained in this patent application, including its lead 5-HT_2A agonist, BMB 202, as well as other backup and compounds of high interest from both programs. While the Written Opinion is non-binding, the Written Opinion is encouraging news and supports the view that Bright Minds has developed patentable phenethylamine compounds.

“We are very pleased with this favorable opinion and believe that it validates our drug discovery capabilities. This is an important first step in protecting our compounds of interest in jurisdictions around the world, as we continue to pursue innovation in the treatment of multiple brain-related disorders,” stated Ian McDonald, CEO of Bright Minds.

About BMB 202

BMB-202 is a highly selective 5-HT_2A agonist with proprietary intellectual property. BMB-202 exhibits a more than 30-fold selectivity over 5-HT_2C and more than 500-fold selectivity over 5-HT_2B. BMB-202 has shown two-fold superior potency compared to psilocin in vitro. As opposed to the first-generation psychedelics, BMB-202 is a full agonist at 5-HT_2A receptor and does not have significant activity at other 5-HT receptors. BMB-202 is a fast acting, short duration, C_max driven compound. We call these fast-on-fast-off compounds with anticipated patient discharge around two hours. BMB-202 exhibits excellent drug-like properties, brain penetrance and has demonstrated antidepressant drug profile in vivo. BMB-202 is the first clinical candidate from an extensive portfolio of selective 5-HT_2A and 5-HT_2A/2C agonists inspired from natural compound scaffolds.

About Bright Minds

Bright Minds is focused on developing novel transformative treatments for neuropsychiatric disorders, epilepsy, and pain. Bright Minds has a portfolio of next-generation serotonin agonists designed to target neurocircuit abnormalities that are responsible for difficult to treat disorders such as resistant epilepsy, treatment resistant depression, PTSD, and pain. The Company leverages its world-class scientific and drug development expertise to bring forward the next generation of safe and efficacious drugs. Bright Minds’ drugs have been designed to potentially retain the powerful therapeutic aspects of psychedelic and other serotonergic compounds, while minimizing the side effects, thereby creating superior drugs to first-generation compounds, such as psilocybin.

Investor Contacts:
Lisa Wilson
E: lwilson@insitecony.com
T: 917-543-9932

Ian McDonald
CEO and Director
E: ian@brightmindsbio.com
T: 917-543-9932

This news release includes certain statements that may be deemed “forward-looking statements.” All statements in this new release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential,” and similar expressions, or that events or conditions “will,” “would,” “may,” “could,” or “should” occur. Forward-looking information in this news release includes statements related to the Company’s drug discovery capabilities, the future status of BMB-202 as a patentable compound or possibly as a best in class compound, the use of BMB-202 to treat disorders, and the pursuit of innovation in the treatment of multiple brain-related disorders. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include market prices, continued availability of capital and financing, results of clinical trials with respect to BMB-202 and other compounds that the Company may seek to test in the future, regulatory conditions with respect to in-human drug trials, and general economic, market or business conditions, and future findings by reviewers of the Company’s patent applications. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.

Neither the Canadian Securities Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

FAQ

What is BMB-202 and its significance for Bright Minds (CSE:DRUG, NASDAQ:DRUG)?

BMB-202 is a highly selective 5-HT_2A agonist with significant selectivity over other receptors, representing Bright Minds' lead candidate for treating neuropsychiatric disorders.

What does the recent patent application for BMB-202 entail?

The recent patent application covers phenethylamine compounds, including BMB-202, and has received a positive Written Opinion indicating these compounds are novel and inventive.

How does BMB-202 compare to psilocin?

BMB-202 has shown two-fold superior potency compared to psilocin in vitro, indicating its potential as a more effective treatment.

What are the expected benefits of BMB-202 for patients?

BMB-202 is designed to offer a fast-acting treatment with a short duration, potentially allowing for patient discharge within two hours post-administration.

What does the favorable Written Opinion mean for Bright Minds' future?

The favorable Written Opinion supports the company's belief in its drug discovery capabilities and aids in protecting its intellectual property across global markets.