Mindset Pharma Recaps 2021 Milestones and Highlights

Evolving Pipeline of Psychedelic Compounds Focused on Improved Efficacy and Safety

Advancing MSP-1014 as First Lead Drug Clinical Candidate to IND-Enabling Studies

TORONTO, Dec. 30, 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 provided a recap of its 2021 milestones and highlights.

“In 2021, we made significant progress in building our portfolio of next-generation psychedelic compounds showing improved preclinical safety and efficacy of 5-MeO-DMT and psilocybin-based therapies,” said James Lanthier, CEO of Mindset. “As we enter 2022, we are excited to advance these novel therapies towards the clinic as we progress IND-enabling studies for our lead candidate, MSP-1014, and select additional candidates from our other families of compounds. 2021 was, however, just the beginning for Mindset; we are building the industry’s leading drug discovery platform and intend to continue to break new ground in psychedelic drug discovery in order to bring patented, safe and effective therapies to those suffering from a range of mental illnesses and neurological disorders.”

Operational Highlights:

• Expanded Patent Portfolio: Filed four provisional patent applications bringing the total to eight provisional applications filed to-date. Mindset also has filed four final PCT applications, which cover a broad range of novel, next generation drugs inspired by psilocybin, DMT, & 5-MeO-DMT and a novel psilocybin synthesis and manufacturing method.
• Advanced First Lead Drug Candidate Toward Clinical Trials: Selected its first lead clinical candidate, MSP-1014, a differentiated psilocybin-based analog, to move forward into investigational new drug (IND)-enabling studies.
• Growing Library of Novel Compounds: Synthesized over 100 novel compounds in more than 500 in vitro and in vivo studies.
• Developed First-in-Class Benchmarking: Under the Cooperative Psychedelics Evaluation Platform (“COPE”) program, Mindset and its partner, InterVivo Solutions, continued to develop first-in-class benchmarking data across first-generation psychedelic drugs.
• Effect Size & Safety Differentiation Driven by Technology Platform: Preclinical data generated across the four families of novel chemical entities resulted in the identification of a platform technology that enhances effect size and improves safety profiles of psychedelic drugs. A provisional patent application was filed in May of 2021.
• Enhanced Leadership and Advisory Teams: Appointed Dr. Malik Slassi as Senior Vice President of Innovation, Mr. Ian Dean as Director of Preclinical Development, and Drs. Michael Rogawski, Guy Higgins, Joseph Gabriele and Ishrat Husain to its Scientific Advisory Board (SAB).

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

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.

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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