Mindset Pharma Reports Fiscal Year 2021 Financial Results and Provides Corporate Update - Seite 3

Capital Markets: In December 2020, Mindset closed a $5.0 million gross proceeds private placement financing and subsequently listed its common shares on the Canadian Securities Exchange (CSE) under the ticker symbol “MSET.” In April 2021, Mindset closed an aggregate gross proceeds of $8.55 million bought deal public offering.

Pipeline Updates

To-date, Mindset has synthesized and screened over 100 compounds and run a battery of highly specialized in vitro and in vivo tests on its patent-pending novel compounds to select the optimal psychedelic drug candidates for progressing towards clinical trials. Preclinical results have demonstrated improved safety and efficacy across its four families of next-generation compounds when compared to their reference drugs, as well as a range of anticipated durations of action,.

Family 1

• In June 2021, Mindset selected its first lead clinical candidate, MSP-1014, a differentiated psilocybin-based analog, to move forward into current good manufacturing practice (cGMP) compliant manufacturing and IND-enabling studies with a goal of reaching clinical stage in 2022.
  
  
• In September 2021, Mindset announced treatment-resistant depression and end of life cancer angst as initial indications for MSP-1014.
  

Family 2

• In August 2021, Mindset announced its short-duration, psilocybin-based, analogs demonstrated superior efficacy and safety in head-to-head preclinical comparison to psilocin/psilocybin.
  

Family 3

• In August 2021, Mindset’s long-acting, psilocybin-like, analogs demonstrated extended duration of action and decreased effect size at the 5-HT2A receptor. These results indicated a potentially significant improvement in the sustained efficacy and safety profile of current microdosing practices.
  

Family 4

• In September 2021, Mindset identified three pipeline opportunities from its DMT and 5-MeO-DMT-inspired novel drug candidates, MSP-4018, MSP-4019 and MSP-4020.
  
  
• In preclinical studies, MSP-4018, MSP-4019 and MSP-4020 demonstrated a significant decrease in signs of serotonergic toxicity, which is a considerable health risk associated with the first-generation psychedelic, 5-MeO-DMT.
  

Fiscal Year 2021 Financial Results

Mindset concluded fiscal year 2021 with approximately $6.6 million dollars in cash. The Company believes it is well capitalized for continued growth.

Net loss for the fiscal year ended June 30, 2021 and for the period from October 7, 2019 (date of incorporation) to June 30, 2020 was approximately $11.7 million and $0.5 million, respectively.