Mindset Pharma To Defend Against Lawsuit Filed By Reunion Neurosciences

Rhea-AI Summary

On March 14, 2023, Mindset Pharma Inc. (OTCQB: MSSTF) announced that Reunion Neuroscience Inc. has filed a lawsuit against them in the U.S. District Court for New Jersey. The lawsuit claims inventorship and co-ownership of one of Mindset's patents, as well as allegations of inequitable conduct and breach of contract. Mindset firmly denies these allegations and intends to vigorously defend itself in court. The Company focuses on developing novel psychedelic and non-psychedelic medications aimed at treating neuropsychiatric and neurological disorders.

Positive

• Mindset Pharma is focused on developing next-generation psychedelic medications to address unmet medical needs.
• The company has a co-development agreement with the Otsuka Pharmaceuticals family for innovative compounds.

Negative

• The lawsuit may lead to costly legal expenses and management distraction.
• Potential impacts on patent rights and business operations due to the ongoing legal dispute.

TORONTO, March 14, 2023 (GLOBE NEWSWIRE) -- Mindset Pharma Inc. (CSE: MSET) (FSE: 9DF) (OTCQB: MSSTF) (“Mindset” or the “Company”), a drug discovery company developing novel, optimized, next-generation psychedelic and non-psychedelic medications to treat neuropsychiatric and neurological disorders with unmet medical needs, today announced that the Company has been made aware that Reunion Neuroscience Inc. (“Reunion”) has filed a lawsuit against Mindset in the United States District Court for the District of New Jersey asserting, among others, inventorship and co-ownership of one of Mindset’s patents, inequitable conduct, and breach of contract.

Mindset disagrees with and denies the allegations set forth from Reunion. The Company plans to vigorously defend itself against this lawsuit.

About Mindset Pharma Inc.
Mindset Pharma Inc. is a drug discovery and development company focused on creating optimized and patentable next-generation psychedelic and non-psychedelic medicines to treat neurological and psychiatric disorders with unmet medical 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 and cost-effective to chemically synthesize psilocybin in addition to its own proprietary compounds. The company has a co-development agreement with the McQuade Center for Strategic Research and Development, a member of the Otsuka Pharmaceuticals family of companies, for its short-duration compounds, Mindset Families 2 & 4.

For further information on Mindset, please visit our website at www.mindsetpharma.com.

For more information, please contact:

Investor Contact:
Allison Soss
KCSA Strategic Communications
Email: MindSet@kcsa.com
Phone: 212-896-1267
​​
Media Contact:
McKenna Miller
KCSA Strategic Communications
Email: MindSet@kcsa.com
Phone: 949-606-6585

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

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

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 the lawsuit against Mindset Pharma (MSSTF) about?

The lawsuit filed by Reunion Neuroscience claims inventorship and co-ownership of one of Mindset's patents.

When was the lawsuit against Mindset Pharma announced?

The lawsuit was announced on March 14, 2023.

How is Mindset Pharma responding to the lawsuit?

Mindset Pharma denies the allegations and plans to vigorously defend itself in court.

Who filed the lawsuit against Mindset Pharma?

The lawsuit was filed by Reunion Neuroscience Inc.