Clearmind Medicine and SciSparc Collaboration Yields Positive Results for its Psychedelic Combination Treatment

Pre-clinical trial based on the proprietary combination demonstrates high safety profile in addition to a significant suppressive effect on alcohol consumption

Vancouver, May 24, 2022 (GLOBE NEWSWIRE) — Clearmind Medicine Inc. (CSE: CMND, OTC Pink: CMNDF, FSE: CWY0) (“Clearmind” or the “Company“), a biotech company focused on discovery and development of novel psychedelic-derived therapeutics to solve major undertreated health problems, today announced positive safety profile results from its joint pre-clinical trial with SciSparc Ltd. (NASDAQ: SPRC), a specialty clinical-stage pharmaceutical company focusing on the development of therapies to treat disorders of the central nervous system (“SciSparc“).

The trial evaluated the proprietary combination of Clearmind’s proprietary psychedelic molecule MEAI and SciSparc’s CannAmide™ for treating alcohol consumption.

“We are extremely pleased with these positive results that once again strengthen our belief in the potential of our novel propriety psychedelic molecule MEAI,” said Dr. Adi Zuloff- Shani, Clearmind’s Chief Executive Officer. “The results continue to suggest a high safety profile of the joint venture psychedelic combination treatment. We plan to further explore the safety and efficacy of combining our novel technology with Clearmind’s novel molecule.”

Earlier trials successfully showed a significant dose-dependent effect for MEAI treatment in reducing alcohol consumption in mice, with an additional significant effect achieved when combining CannAmide™ with a lower sub-effective MEAI dose. These positive results follow previously announced results showing that alcohol consumption was significantly reduced following treatment with MEAI at a dose of 40 mg/kg and higher (p<0.01) compared to consumption before treatment.

A histopathology assessment was conducted to determine safety of the proprietary combination of MEAI and CannAmide vs. control (mice that were not exposed to alcohol). Several organs (heart, lungs, liver, kidneys, brain, pancreas, spleen, and thyroid gland) were harvested from all experiment groups (n=3-5 per group) and evaluated for impairment. The severity of impairments was scored by a 5-point scale by a qualified blinded toxicologist (Schafer et al., Toxicol Pathol 2018, 46:256-265). Results indicated a high safety profile of the combination treatment with no treatment-related changes observed.

Alcohol consumption was significantly reduced following dual treatment with 25 mg/kg CannAmide™ in addition to MEAI at a dose of 20 mg/kg and compared to consumption before treatment. The mice were provided with 20% alcohol solution for 24 hours, three times a week for seven weeks, and were treated every day with MEAI or MEAI/CannAmide™ during the last two weeks of alcohol treatment. The alcohol consumption was measured by weighing the alcohol bottles before and after; water consumption was measured similarly in parallel.

About Clearmind Medicine Inc.

Clearmind is a biotech company focused on the discovery and development of novel psychedelic-derived therapeutics to solve widespread and underserved health problems, including alcohol use disorder, binge eating and depression.

The Israeli-Canadian company holds several patents for the non-hallucinogenic compound MEAI. The company intends to seek additional patents for its compounds whenever warranted and will remain opportunistic regarding the acquisition of additional intellectual property to build its portfolio.

The company’s intellectual portfolio currently consists of five patent families. The company intends to seek additional patents for its compounds whenever warranted and will remain opportunistic regarding the acquisition of additional intellectual property to build its portfolio.

Shares of Clearmind are listed for trading on the Canadian Securities Exchange under the symbol “CMND”, the Frankfurt Stock Exchange under the symbol “CWYO” and on the OTC pink under the symbol “CMNDF”.

About SciSparc (NASDAQ:SPRC):

SciSparc Ltd. is a specialty clinical-stage pharmaceutical company led by an experienced team of senior executives and scientists. Our focus is on creating and enhancing a portfolio of technologies and assets based on cannabinoid pharmaceuticals. With this focus, the company is currently engaged in the following drug development programs based on THC and/or non-psychoactive cannabidiol (CBD): SCI-110 for the treatment of Tourette syndrome, for the treatment of obstructive sleep apnea and Alzheimer’s disease and agitation; SCI-160 for the treatment of pain; and SCI-210 for the treatment of autism spectrum disorder and status epilepticus.

For further information, please contact:

Investor Relations

invest@clearmindmedicine.com

Telephone: (604) 260-1566

General Inquiries

Info@Clearmindmedicine.com

www.Clearmindmedicine.com

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