Mindset Selects its Lead Clinical Candidate, MSP-1014, a Next Generation Psychedelic Medicine

MSP-1014 selected based on head-to-head comparison to psilocybin and its active metabolite psilocin

MSP-1014 showed greater safety and efficacy in in vitro and in vivo preclinical models

Cost effective for cGMP manufacturing and IND-enabling studies

TORONTO, June 03, 2021 (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 selected its lead clinical candidate, MSP-1014, a differentiated psilocybin-based compound from its Family 1 of novel, patent-pending psychedelic compounds to move forward into current good manufacturing practice (cGMP) compliant manufacturing and investigational new drug (IND)-enabling studies.

“The selection of Mindset’s first lead candidate, MSP-1014, is a significant milestone in our clinical journey. We are excited to enter the final preclinical development step prior to commencing first-in-human clinical trials. Our next generation psychedelic compounds represent the flourishing evolution of therapeutics to effectively address neurological and neuropsychiatric disorders,” said James Lanthier, CEO of Mindset.

“MSP-1014 demonstrates superior preclinical characteristics in head-to-head comparison with psilocybin and its active metabolite psilocin, including increased safety and efficacy, which we believe will potentially result in lower clinical doses thereby indirectly decreasing safety concerns, and manufacturing advantages. MSP-1014 has the potential to be a safer, more efficacious analog to psilocybin, with reduced potential side effects. Given its chemical profile, we anticipate that MSP-1014 will have the potential to treat mood disorders, including major depressive disorder, substance misuse disorders and end-of-life angst associated with terminal illnesses, including cancer. Therefore, we believe that MSP-1014 has the potential to be a first-in-class psychedelic drug candidate. With our first lead candidate selected, Mindset continues to steadily advance its position in developing innovative next-generation psychedelic therapeutics that couple the life-changing potential of psychedelic drugs with novel and patentable new chemical entities that are more predictable, convenient, and safer than first-generation psychedelics.”

Mindset’s Family 1 compounds leverage state-of-the art modern drug design using conjugated and deuterated psilocybin and psilocin design strategies to improve on psilocybin’s potential toxicity and pharmacokinetic profiles. Rodent preclinical studies showed that MSP-1014 displayed superior in vivo and safety profiles in mice compared to psilocybin at a range of doses, and 5-HT2A subtype activation in rats. The superiority to psilocybin is due in part to the incorporation of a conjugated amplification moiety (CAM) that enhances 5-HT2A specific effects while reducing non-specific effects. In addition, the manufacturing process of MSP-1014 precludes the phosphorylation step, one of the most challenging chemical synthesis steps in psilocybin manufacturing.

The Company’s Family 1 includes patent-pending compounds comprising two patent applications with priority dates of February 2020. The Company has run a comprehensive range of specialized in vitro and in vivo tests on its patent-pending novel compounds to select the optimal psychedelic drug candidate for progressing towards human clinical trials. These studies have revealed a high rate of success among many of its compounds (see Mindset’s news release of April 29, 2021), giving Mindset an exceptional pool of new drug candidates from which it will continue to identify additional suitable compounds. The Company intends to further develop candidates from Mindset Families 2-4 with the goal of selecting additional lead candidates in the near future.

For additional detail on our Family 1 lead candidate MSP-1014, please watch the following interview from Mindset’s management team:
https://youtu.be/ZWl14TPzAek

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.

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

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.

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