Mindset Pharma Aims to Treat Broader Addressable Neurology Market by Studying Cognitive Benefits of its “Microdosing” Compounds

Rhea-AI Summary

Mindset Pharma Inc. (CSE: MSET) (OTCQB: MSSTF) has announced the synthesis of new candidates from its Family 3 of next-generation psilocybin compounds, which exhibit low activity at the 5-HT2A receptor and significant half-lives. The Company plans to initiate Proof of Concept preclinical studies to evaluate these compounds as daily pro-cognitive medications for neurological and psychiatric disorders. CEO James Lanthier highlighted the potential to address markets like juvenile ADHD and Alzheimer's without the hallucinogenic effects of traditional psychedelics. Mindset also recently secured a co-development agreement with Otsuka Pharmaceuticals.

Positive

• Synthesis of promising new candidates from Family 3 of psilocybin compounds.
• Low activity at the 5-HT2A receptor, reducing hallucinogenic risks.
• Initiation of Proof of Concept preclinical studies for pro-cognitive benefits.
• Potential to target significant markets including juvenile ADHD and Alzheimer's.
• Recent co-development agreement with Otsuka Pharmaceuticals to fund Family 2 & 4 development.

Negative

• None.

Mindset’s Family 3 of next-generation psilocybin compounds have demonstrated low levels of activity at the 5-HT2A receptor and long half lives

Advancing compounds into additional Proof of Concept preclinical studies to measure daily take-home viability

TORONTO, Feb. 03, 2022 (GLOBE NEWSWIRE) -- Mindset Pharma Inc. (CSE: MSET) (FSE: 9DF) (OTCQB: MSSTF) ("Mindset" or the "Company"), a drug discovery and development company focused on creating optimized and patentable next-generation psychedelic medicines to treat neurological and psychiatric disorders with unmet medical needs, today announced that it has synthesized additional promising candidates from its Family 3 of next generation drug candidates, and will initiate Proof of Concept preclinical studies to further measure the viability of these compounds as daily pro-cognitive take-home medication.

“Our scientists designed and developed a unique class of novel and patentable compounds, our ‘Family 3,’ which have shown promise as a substitute for microdosing approaches due to their low activity at the 5-HT2A receptor. This validates our decision to study the efficacy of these compounds further for pro-cognitive indications associated with neurological and mental health disorders,” said James Lanthier, CEO of Mindset. “If we can demonstrate pro-cognitive benefits at a range of sub-hallucinogenic doses, our compounds have the potential to dramatically broaden the addressable neurology and mental health market we are pursuing while avoiding the hallucinogenic liability associated with traditional approaches. Providing pro-cognitive solutions that do not elicit a psychedelic effect will suit vulnerable patient populations such as juvenile ADHD, Alzheimer's disease, and a range of others.”

To better understand potential pro-cognitive benefits across a range of sub-hallucinogenic doses, Mindset will initiate a series of in vivo Proof of Concept studies, which will measure motivation and attention. These studies will be critical in establishing the clinical viability of Mindset’s family 3 drug candidates.

Mindset recently announced a first-of-its-kind co-development agreement with the McQuade Center of Strategic Research and Development, a member of the Otsuka Pharmaceuticals family of companies, which fully funds and advances the development of Mindset’s Family 2 & Family 4. Family 3 compounds are potential opportunities for Mindset to partner with other groups to progress its most promising candidates from this family to the clinic.

To watch a video of Mindset’s CEO discussing the announcement in greater detail, please visit: https://youtu.be/4gg0QKfwmrI.

For more information, please contact:

Investor Contact:
Allison Soss/Tim Regan
KCSA Strategic Communications
Email: MindSet@kcsa.com
Phone: 212-896-1267/ 347-487-6788

Company Contact:
James Lanthier, CEO
Email: jlanthier@mindsetpharma.com

Jason Atkinson, VP, Corporate Development
Email: jatkinson@mindsetpharma.com
Phone: 416-479-4094

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 in order 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 as well as its own proprietary compounds.

For further information on Mindset, please visit our website at 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. Additional information regarding risks and uncertainties relating to the Company's business are contained under the heading "Risk Factors" in the Company's annual information form for the financial year ended June 30, 2020 dated March 5, 2021. The forward-looking information included in this news release is made as of the date of this news release and the Company does not undertake an obligation to publicly update such forward-looking information to reflect new information, subsequent events or otherwise, except as required by applicable law.

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

FAQ

What is Mindset Pharma's new development announcement regarding MSSTF?

Mindset Pharma announced the synthesis of new candidates from its Family 3 psilocybin compounds, aiming to initiate preclinical studies.

What are the potential benefits of Mindset's Family 3 compounds?

These compounds may provide pro-cognitive effects without the hallucinogenic impacts of traditional psychedelics.

When will Mindset Pharma start its Proof of Concept studies?

Mindset Pharma plans to initiate Proof of Concept preclinical studies soon, focusing on the viability of their new compounds.

How does the co-development agreement with Otsuka Pharmaceuticals impact Mindset Pharma?

The agreement fully funds the development of Mindset's Family 2 & 4 compounds, providing essential financial support.

What is the significance of the low activity at the 5-HT2A receptor for MSSTF?

Low activity at the 5-HT2A receptor reduces the risk of hallucinogenic side effects, making these compounds suitable for vulnerable populations.