Mindset Pharma Reports Fiscal Year 2021 Financial Results and Provides Corporate Update

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Evolving Pipeline of Psychedelics Compounds Focused on Improved Efficacy and Safety

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

Developing Robust Patent Portfolio for Next-Generation Compounds and Methods
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TORONTO, Oct. 26, 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 corporate update and reported financial results for its fiscal year ended June 30, 2021.

“During fiscal 2021 and subsequent months, our team made tremendous progress developing and advancing our vast library of next-generation psychedelic compounds as well as creating state-of-the-art, standard-setting processes for evaluating novel psychedelic drug candidates, which will prove valuable for the psychedelics industry at large. We complement our broad preclinical research with a strategic focus on intellectual property and filing patents to protect our growing new drug portfolio. Our overarching goal is to select the most promising clinical candidates from our ongoing discovery work, and advance them into the clinic as quickly as possible, either through partnerships or directly ourselves,” said James Lanthier, CEO of Mindset.

“The preclinical results from our compounds have meaningful clinical implications. Mindset’s next-generation psychedelic drug candidates can potentially offer a more scalable, safer and more convenient treatment for clinic-based mental health therapy programs due to optimization in duration, efficacy and safety. Our robust pipeline means that we have multiple ‘shots on goal’ to achieve a positive clinical outcome for patients. We have already identified four differentiated families of compounds and see an opportunity to expand further,” concluded Mr. Lanthier.

Corporate Highlights During and Subsequent to the Fiscal Year 2021

• 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.