MINDCURE Achieves Key Development Milestone for Novel Ibogaine Program

Rhea-AI Summary

Mind Cure Health has filed a provisional patent for non-racemic ibogaine mixtures aimed at treating central nervous system disorders more effectively. The company plans to advance its proprietary synthesis processes, targeting Good Manufacturing Practice (GMP) certification by the year's end. President Kelsey Ramsden emphasized the importance of this development as a step towards commercial success. Additionally, 315,000 stock options were granted to employees at exercise prices of $0.195 and $0.15 per share, reinforcing the company’s commitment to talent retention.

Positive

• Filing of a provisional patent for non-racemic ibogaine mixtures which may enhance treatment efficacy for CNS disorders.
• Proprietary synthesis processes are advancing, with an expectation of GMP certification by year-end.
• Development is on track to provide GLP supply options for research partners by the end of Q2 2022.

Negative

• None.

Provisional Patent Filed on Non-Racemic Ibogaine Mixtures

VANCOUVER, BC, March 2, 2022 /PRNewswire/ - Mind Cure Health Inc. (CSE: MCUR) (OTCQX: MCURF) (FRA: 6MH) ("MINDCURE" or the "Company"), a leader in advanced proprietary technology for mental health care and research in psychedelics, announced today that it has developed a number of non-racemic mixtures of ibogaine and has filed a provisional patent for these mixtures and their therapeutic use in treating a range of central nervous system (CNS) disorders.

These novel enantiomerically enriched mixtures of ibogaine and pharmaceutical compositions thereof are being developed with a view to treating CNS disorders more safely and effectively than current compositions and methods.

"MINDCURE is actively on course, further advancing our proprietary synthesis processes, and developing a series of mixtures from our fully synthetic ibogaine, serving as a key catalyst and important step in our pre-clinical development program towards Good Manufacturing Practice ("GMP") certification of ibogaine and the ability to scale and manufacture a global supply of fully synthetic ibogaine for research partners," said MINDCURE's President and CEO Kelsey Ramsden. "The filing of this additional provisional patent representing our novel ibogaine program (MC-808), is another significant milestone within a comprehensive strategy that is fundamental to securing solid intellectual property protection and future commercial success," Ramsden added.

MINDCURE is currently on schedule and expects to have GLP supply available for research partners by the end of Q2 2022 and GMP towards year end.  

The Company also announces it has granted a total of 315,000 stock options to certain employees pursuant to the terms of the Company's long term incentive plan ("Plan"). The stock options are exercisable: 300,000 at a price of $0.195 per share and 15,000 at a price of $0.15 per share, and are subject to the terms of the Plan.

About Mind Cure Health Inc.
MINDCURE is a life sciences company focused on innovating and commercializing new ways to promote healing and improve mental health. The company is developing digital therapeutics technology and researching psychedelic compounds to support access to safe, evidence-based psychedelic-assisted therapies globally. Learn more at mindcure.com, and follow us on LinkedIn, Facebook, Twitter, and Instagram.

On Behalf of the Board of Directors
Kelsey Ramsden, President & CEO
Phone: 1-888-593-8995

The Canadian Securities Exchange ("CSE") has neither approved nor disapproved the contents of this news release. Neither the CSE nor its Market Regulator (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Information
Certain information regarding MINDCURE and its business presented in this news release may constitute "forward-looking information" within the meaning of applicable securities laws. Forward looking information generally can be identified by the use of terms and phrases such as "anticipate", "believe", "could", "estimate", "expect", "feel", "intend", "may", "plan", "predict", "project", "subject to", "will", "would", and similar terms and phrases.

Forward-looking information is based on a number of key expectations and assumptions made by management of MINDCURE, including, without limitation: the considerations and outcome of the strategic review; COVID-19 pandemic impact on the Canadian economy and MINDCURE's business, and the extent and duration of such impact; no change to laws or regulations that negatively affect MINDCURE's business; no unanticipated expenses, costs or detrimental consequences of the strategic review process will arise; the continuation of the Company's core strategic objectives, including the development and launch of the iSTRYM product as well as the development of synthetic ibogaine, so as to preserve and enhance the value of the Company's current business and operations; and the expected cash runway of the Company's business.

Forward-looking information is provided for the purpose of presenting information about management's current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. Forward-looking information inherently entails known and unknown risks and uncertainties about the future and actual results and involves significant risks and uncertainties and should not be read as a guarantee of future performance or results as actual results may differ materially from those expressed or implied in such forward looking information. Although MINDCURE has attempted to identify important factors that could cause actual results, performance or achievements to differ materially from those described in forward-looking information presented, there may be other factors that cause results, performance or achievements to differ from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on any forward-looking statements as no forward-looking information can be guaranteed.

Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and MINDCURE does not undertake any obligation to publicly update or revise any forward-looking information, whether as a result of new information, future events, or otherwise.

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SOURCE Mind Cure Health Inc.

FAQ

What is the significance of Mind Cure Health's provisional patent filed on March 2, 2022?

The provisional patent signifies Mind Cure Health's commitment to developing non-racemic ibogaine mixtures intended to treat CNS disorders more safely and effectively.

What does the filing of a provisional patent mean for Mind Cure Health's future?

It represents a critical milestone in securing intellectual property and supports the company's strategy for future commercial success.

What are the expected timelines for Mind Cure Health's product availability?

The company plans to have GLP supply for research partners by the end of Q2 2022 and expects GMP certification by the end of the year.

How many stock options were granted by Mind Cure Health in March 2022?

Mind Cure Health granted a total of 315,000 stock options to employees, with exercise prices set at $0.195 and $0.15 per share.

What is Mind Cure Health's focus in their research and development?

Mind Cure Health focuses on innovating mental health solutions and researching psychedelic compounds to provide evidence-based therapies.