MYND Life Sciences Announces New Director & Update on the Proposed Merger with Cava Healthcare Inc.

Rhea-AI Summary

MYND Life Sciences welcomes Ms. Laurie Bakke to the Board, and announces a proposed merger with Cava Healthcare Inc. The strategic merger aims to redefine medical innovation and develop new treatment options for Alzheimer's disease, depression, and cancer. MYND continues to focus on repurposing FDA approved anti-angiogenesis cancer drugs for Alzheimer's treatment, developing a diagnostic biomarker for depression, and advancing the development of an immune-regulator for cancer monitoring and prognosis.

Vancouver, British Columbia--(Newsfile Corp. - January 30, 2024) - MYND Life Sciences (CSE: MYND) (OTCQB: MYNDF) ("MYND" or the "Company") The Company is pleased to welcome Ms. Laurie Bakke who was recently appointed to MYND's Board. Ms. Bakke joins as an independent non-executive director, bringing over 30 years of experience in the banking and finance industry to the Board. Ms. Bakke has extensive experience in domestic and international commercial finance with expertise in strategic direction, financial performance, risk and opportunity assessment, and business development. Ms. Bakke has led finance divisions for both privately held and publicly traded banks in the United States and Sweden. She possesses the ability to transform businesses, to generate targeted business and financial returns and to build high-performing teams.

Dr. Lyle Oberg, Executive Chairman of MYND states, "I extend a very warm welcome to Ms. Bakke. Her experience will bring significant value to the MYND Board and its shareholders."

With respect to the proposed merger with Cava Healthcare Inc. ("Cava"), the Board of Directors formed a Special Committee to review the proposed transaction. Cava shares a robust, complementary business relationship with MYND as reflected in intellectual property assets, scientific expertise, and goals, that will allow a powerful approach to provide detection and new treatment options for several important maladies such as Alzheimer's disease, depression and cancer. For this reason, a strategic merger of the two companies offers a unique combination of strengths that will redefine the landscape of medical innovation and is a testament to the unwavering commitment of both companies to drive transformative advancements of these and other inflammation-related diseases. The Cava and Mynd management teams are working in concert to secure a bridge financing loan, up to $1,500,000, to facilitate the amalgamation and restructuring.

Mr. Jay Campbell, MYND Director, President and Chief Executive Officer, states, "The proposed merger is well on its way to being realized and once completed will add significant value for both MYND and Cava shareholders."

The combined company will initially focus on three specific areas that are in advanced development:

1. Alzheimer's Disease: We are focused on repurposing FDA approved anti-angiogenesis cancer drugs for the treatment for Alzheimer's disease. Positive results in animal models have allowed us to rapidly move into a Phase 2B clinical trial.

2. Diagnostic Biomarker and Treatment of Depression: MYND continues to develop a diagnostic biomarker with the potential to diagnose and monitor major depressive disorder (MDD), a growing global health concern. A clinical trial in Australia is currently underway to assess the biomarker performance in microdosing trials for treatment of MDD.

3. Interleukin-33 ("IL-33") Biomarker for Cancer Monitoring and Prognosis: MYND continues to advance its development of an important immune-regulator for monitoring the transition of primary cancers to their metastatic form and is associated with aggressive disease progression. The plan is to assess its prognostic performance in a 10,000-patient clinical trial.

MYND Life Sciences Inc. is a medical biotech drug research and development company focused on neuro-pharmaceutical and novel drug development, diagnostics and vaccines. MYND is developing new biological entities and new chemical entities and differentiates itself from other (bio)pharmaceutical companies by developing unique molecular approaches to treat and diagnose diseases. The Company advances pharmaceutical developments through rigorous science and clinical trials while diligently patenting and safeguarding its intellectual property.

For more information please contact:

John (Jay) Campbell
Email: ir@myndsciences.com
Phone: 403-671-0292
Web: www.myndsciences.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/196210

FAQ

Who was recently appointed to MYND's Board?

Ms. Laurie Bakke was recently appointed to MYND's Board as an independent non-executive director, bringing over 30 years of experience in the banking and finance industry.

What is the proposed merger with Cava Healthcare Inc.?

The proposed merger with Cava Healthcare Inc. aims to redefine medical innovation and develop new treatment options for Alzheimer's disease, depression, and cancer.

What are the areas of focus for the combined company?

The combined company will initially focus on repurposing FDA approved anti-angiogenesis cancer drugs for Alzheimer's treatment, developing a diagnostic biomarker for depression, and advancing the development of an immune-regulator for cancer monitoring and prognosis.