MYND Life Sciences Inc. Achieves a Major Milestone and Provides Default Status Report
Identification of a potent, monomolecular non-hallucinogenic analog of psilocybin 100 times stronger than psilocybin.
Vancouver, British Columbia–(Newsfile Corp. – March 14, 2023) – MYND Life Sciences Inc. (CSE: MYND) (OTCQB: MYNDF) (“MYND” or the “Company”), a biopharmaceutical research and development company creating innovative precision medicines and diagnostic solutions for patients with relentless neurological diseases, announced that it has successfully accomplished a significant milestone to help advance the Company’s future scientific development.
Positive preclinical data indicates that MYND has identified a non-hallucinogenic psilocybin analog that has bioactivity one hundred times more active than psilocybin itself. This would enable the analog to be given at 1% of the dosage thereby dramatically reducing side effects and potentially increasing the treatment efficacy in inflammatory diseases such as Major Depressive Disorder, Multiple Sclerosis, Alzheimer’s Disease and others.
“MYND continues to build and advance its research and development pipeline towards creating treatments for Major Depressive Disorder (MDD) and related diseases. The identification of a non-hallucinogenic analog is very exciting as this has been the singular focus for the entire clinical sectors and pharmaceutical industry related to purposing psilocybin-related compounds as mainstream, clinically approved drugs,” stated MYND CEO Dr. Lyle Oberg. “We have now taken a major step forward in developing and delivering MYND-604 in a safe and effective way and with the achievement of this milestone we now plan to advance MYND-604 into clinical trials and ultimately obtain FDA approval,” said Dr. Oberg.
In accordance with the alternative information guidelines set out in National Policy 12-203 – Management Cease Trade Orders (“NP 12-203”) MYND is giving the following update:
On March 1, 2023, the Company announced that it applied for a management cease trade order (“MCTO”) with the applicable securities regulatory authorities in Canada on the basis that the Company would be unable to file its Annual Audited Financial Statement, the Required Filing, for the year ended October 31, 2022 by the applicable filing deadlines. The MCTO was issued on March 1, 2023 and restricts all trading in securities of the Company, whether direct or indirect, by the Chief Executive Officer and Chief Financial Officer of the Company. The MCTO does not affect the ability of other shareholders of the Company to trade their securities.
The Company’s management continues to work diligently to complete the Required Filing and anticipates that the Required Filing will be filed by March 31, 2023.
The Company confirms that since the date of the Original Announcement: (i) other than as described above, there has been no material change to the information set out in the Original Announcement that has not been generally disclosed; (ii) there has been no failure by the Company in fulfilling its stated intentions with respect to satisfying the provisions of the alternative information guidelines set out in NP 12-203; (iii) there has not been any other specified default by the Company under NP 12-203; and (iv) there is no other material information concerning the affairs of the Company that has not been generally disclosed.
ABOUT MYND LIFE SCIENCES INC.
MYND Life Sciences Inc. is a medical biotech drug research and development company focused on neuro-pharmaceutical and novel drug development and diagnostics. MYND is developing new biological entities (NBEs) and new chemical entities (NCEs) and differentiates itself from other (bio)pharmaceutical companies by unique molecular concepts for overcoming disease. The Company advances pharmaceutical developments through rigorous science and clinical trials while diligently patenting and safeguarding its intellectual property.
For more information and to subscribe to MYND’s mailing list, please visit https://myndsciences.com/contact/.
Dr. Lyle Oberg, MD, CEO
This news release contains forward-looking statements and information within the meaning of applicable securities legislation. Often, but not always, forward-looking statements and information can be identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “estimates”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements or information involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of MYND to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements or information contained in this release.
Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. The Canadian Securities Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.
None of the securities issued in connection with the Offering will be registered under the United States Securities Act of 1933, as amended (the “1933 Act”), and none of them may be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the 1933 Act. This press release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of the securities in any state where such offer, solicitation, or sale would be unlawful.
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