Nova Mentis Applauds Government Decision to Create Rare Disease Advisory Group

Rhea-AI Summary

Nova Mentis Life Science Corp. applauds the Canadian government for establishing a new Implementation Advisory Group (IAG) for drugs for rare diseases. The government will make up to $1.4 billion available to provinces and territories to improve access and affordability of effective drugs for rare diseases. Nova Mentis is dedicated to improving the quality of life for those with fragile x syndrome (FXS) and is conducting a human trial investigating the effects of psilocybin on FXS. The company has achieved orphan drug designation in both the US and EU for the use of psilocybin in the treatment of FXS.

Positive

• The Canadian government has established a new Implementation Advisory Group (IAG) for drugs for rare diseases.
• The government will make up to $1.4 billion available to provinces and territories to improve access to new and emerging drugs.
• Nova Mentis is conducting a human trial investigating the effects of psilocybin on cognitive and behavioral symptoms associated with fragile x syndrome (FXS).
• Nova Mentis has achieved orphan drug designation in both the US and EU for the use of psilocybin in the treatment of FXS.

Negative

• None.

Vancouver, British Columbia--(Newsfile Corp. - November 3, 2023) - Nova Mentis Life Science Corp. (CSE: NOVA) (FSE: HN3Q) (OTCQB: NMLSF) ("NOVA" or the "Company"), a biotechnology company and global leader in first-in-class psilocybin-based therapeutics and complementary diagnostics for neuroinflammatory disorders is pleased the Canadian government has established a new Implementation Advisory Group (IAG) for drugs for rare diseases, as part of its National Strategy to help facilitate information sharing and improve access and affordability of effective drugs for rare diseases across the country.

As part of this overall investment, the Government of Canada will make available up to $1.4 billion to provinces and territories through bilateral agreements. This funding will help provinces and territories improve access to new and emerging drugs, as well as support enhanced access to existing drugs, early diagnosis, and screening for rare diseases.

"NOVA has dedicated its research and drug development efforts to improving quality of life and public health outcomes for those with fragile x syndrome (FXS), a rare disease and the leading genetic cause of autism spectrum disorder (ASD). We applaud the Canadian government for prioritizing families who are dealing with rare diseases and trying to meet the increasing need for effective therapeutic solutions," says CEO, Will Rascan.

NOVA is the first company in the world conducting a human trial investigating the effects of psilocybin on the cognitive and behavioural symptoms associated with FXS. The clinical trial is currently recruiting participants to assess repetitive, oral microdose psilocybin therapy on adults diagnosed with FXS. The Company intends to validate behavioural testing with state-of-the-art diagnostic and therapeutic biomarker technology, and machine learning artificial intelligence (AI).

NOVA is the first biotech company in the world to achieve orphan drug designation in both the United States and European Union for the use of psilocybin in the treatment of FXS. Orphan drugs are drugs that are developed specifically to treat rare diseases.

About Nova Mentis Life Science Corp.

Nova Mentis Life Science Corp. is a Canadian-based biotechnology company and global leader in developing diagnostics and psilocybin-based therapeutics for neuroinflammatory disorders. Nova is the first biotech company to achieve orphan drug designation in both the United States and European Union for the use of psilocybin in the treatment of fragile X syndrome (FXS).

NOVA's goal is to diagnose and treat debilitating chronic conditions that have unmet medical needs, such as autism spectrum disorder (ASD) and FXS.

For further information on the Company, please visit www.novamentis.ca or email info@novamentis.ca.

On Behalf of the Board

Will Rascan, President & CEO
Nova Mentis Life Science Corp.

Phone: 778-819-0244
Toll Free: 1-833-542-5323

Twitter: @novamentislsc
Instagram: @novamentislsc
Facebook: @novamentislsc

Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release contains statements that constitute "forward-looking statements." Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Nova Mentis Life Science's actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such 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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/186183

FAQ

What is the purpose of the new Implementation Advisory Group (IAG) established by the Canadian government?

The IAG aims to help facilitate information sharing and improve access and affordability of effective drugs for rare diseases across the country.

How much funding will the Government of Canada make available to provinces and territories?

The government will make up to $1.4 billion available to provinces and territories through bilateral agreements.

What is Nova Mentis conducting a human trial for?

Nova Mentis is conducting a human trial investigating the effects of psilocybin on the cognitive and behavioral symptoms associated with fragile x syndrome (FXS).

What is orphan drug designation?

Orphan drugs are drugs that are developed specifically to treat rare diseases. Nova Mentis has achieved orphan drug designation in both the US and EU for the use of psilocybin in the treatment of FXS.