NeonMind Announces Corporate Update and Strategic Reorganization of its Pharmaceutical Division
NeonMind Announces Corporate Update and Strategic
Reorganization of its Pharmaceutical Division
●
Designed to Accelerate Execution of Integrated Drug
Development Plan
for NEO-001 to Treat Obesity
●
Establishes R&D Advisory Board, Appoints Philippe
Martin as Chairman
●
Expands Regulatory Capabilities in Preparation for
Proof-of-Concept Study
VANCOUVER, BC / ACCESSWIRE / August 5, 2021 / NeonMind
Biosciences Inc.
(
CSE:NEON
) (
OTCQB:NMDBF
) (
FFE:6UF
) ("
NeonMind
'' or
the "
Company
"), an integrated
drug development and wellness company focused on the
potential therapeutic uses of
psilocybin for treating obesity and weight management
conditions, announced today a strategic
reorganization to focus on the execution of the Company's
integrated drug development plan
("
IDP
") for its lead drug candidate targeting obesity,
NEO-001.
This new structure reorganizes NeonMind's business
operations to focus on its core
Pharmaceutical Division, and establishes resources
to execute on the Company's regulatory
and clinical operations strategy. This includes the
establishment of a Research and
Development Advisory Board and the expansion of NeonMind's
regulatory team through the
engagement of several key industry professionals.
The reorganization will enable NeonMind to
successfully execute its IDP by streamlining its corporate
structure and leveraging the guidance
of regulatory experts.
"These organizational changes will drive the advancement
of our lead drug candidate,
NEO-001, through the regulatory process," said Robert
Tessarolo, President & CEO of
NeonMind. "Combined with our earlier initiatives,
including the establishment of our Specialty
Clinics Advisory Board, we have brought together an
incredible team, all with proven expertise
in executing regulatory, clinical, and commercial
milestones across leading pharmaceutical
organizations. We are excited to prepare NEO-001 for
a phase 1/2 study in obese patients as
we collaborate with the FDA and Health Canada on IND/CTA
submissions."
Key Appointments to Oversee Core Businesses
As part of the reorganization, Philippe Martin has
been appointed Chairman of the Company's
R&D Advisory Board. Mr. Martin was instrumental in
building NeonMind's integrated
development plan through the Company's R&D Working
Group. He has 20 years of
biotechnology and pharmaceutical industry experience
developing and commercializing
innovative therapies in the fields of immunology,
oncology/hematology, and neurology. Currently,
he is the Chief of Development & Operations at Bioalta
Inc. overseeing the development of
pre-clinical and clinical assets. Previously, at Celgene, Mr. Martin led the development and
commercialization of the blockbuster drug Otezla®.
Prior to this, while at Schering-Plough, he
oversaw the anti-TNF alpha collaboration with Johnson
& Johnson and led the REMICADE
lifecycle strategy and operations, as well as SIMPONI
development, regulatory approvals, and
preparation for launch in multiple indications.
In addition, NeonMind has expanded its regulatory
team with the hiring of highly experienced
regulatory consultants. They bring over 45 years of
combined biopharmaceutical industry
experience and will provide regulatory guidance and
support as the Company prepares for its
Proof-of-Concept study.
Related to the reorganization, the Company's Chief
Psychedelics Officer, Trevor Millar, is
transitioning to an advisory capacity. Mr. Millar
has resigned as Chief Psychedelics Officer and
has been engaged by the Company as an advisor, effective
August 6, 2021. Additionally, as
NeonMind's
focus
shifts
to
navigating
the
regulatory
process,
the
Company
has
terminated
its
consulting
agreement
with
Translational
Life
Sciences
and
Dr.
William
Panenka
is
leaving
the
Scientific Advisory Board.
In May 2021, the Company established its Specialty
Clinics Advisory Board to guide the
planning and operation of NeonMind branded clinics
across Canada. To support this endeavor,
in July 2021 NeonMind appointed Dr. Sagar Parikh,
MD to its Specialty Clinics Advisory
Board. In this role, Dr. Parikh will leverage his
vast expertise in clinical treatment and
interventional psychiatry including effectively treating
patients with psychedelics such as
ketamine, esketamine, and neurostimulation for mood
and anxiety disorders to guide
NeonMind as it develops specialty clinic services
for communities in need. Dr. Parikh also
brings pivotal experience in planning and successfully
launching new mental health
treatments. NEO-001, the Company' lead drug candidate
targeting obesity, is a high-dose
psilocybin treatment coupled with behavior therapy
and lifestyle intervention, which aims to
improve the efficacy of chronic weight management
in adults. The Company has identified a
regulatory strategy, including a target indication
and product profile, which it believes will best
position NeonMind as it advances its first lead candidate
through development.
About NeonMind Biosciences Inc.
NeonMind is engaged in preclinical research to develop
potential clinical treatments and
wellness products to address obesity and weight management
conditions and to promote health
and wellness. The Company operates three divisions:
(i) a pharmaceutical division engaged in
drug development of psychedelic compounds with two
lead psilocybin-based drug candidates
targeting obesity; (ii) a medical services division
focused on launching specialty mental health
clinics that integrate psychedelic therapeutics into
traditional psychotherapy settings; and (iii) a
consumer products division that currently sells mushroom-infused
products to promote health
and wellness.
In its pharmaceutical division, NeonMind has two distinct psilocybin drug development programs
targeting obesity. NeonMind's lead candidate, NEO-001,
employs psilocybin as an agonist at the
serotonin 5- HT2A receptor, which is involved in the
hallucinogenic effect of psychedelics. The
Company's second drug candidate, NEO-002, employs
low-dose psilocybin as an agonist at the
5-HT2C receptor, which controls appetite.
NeonMind established a medical services division with
the goal of launching NeonMind-branded
specialty mental health clinics in Canada that incorporate
evidence-backed innovative
treatments to address a variety of mental health needs.
NeonMind's consumer division currently sells NeonMind-branded
coffee products in the United
States and Canada through NeonMind's direct to consumer
e-commerce platform.
For more information on NeonMind, go to
www.NeonMindBiosciences.com
.
Rob Tessarolo, President & Chief Executive Officer,
NeonMind Biosciences Inc.
Tel: 416-750-3101
Investor Relations:
KCSA Strategic Communications
Scott Eckstein/Tim Regan
Tel: 212-896-1210
Media Inquiries:
KCSA Strategic Communications
Annie Graf
Tel: 786-390-2644
The Canadian Securities Exchange has not reviewed,
approved nor disapproved the contents of
this news release.
Cautionary Statement Regarding Forward-Looking Statements
Certain statements contained in this press release
constitute forward-looking information. These
statements relate to future events or NeonMind's future
performance. The use of any of the
words "could", "expect", "believe", "will", "projected",
"estimated" and similar expressions and
statements relating to matters that are not historical
facts are intended to identify
forward-looking information and are based on NeonMind's
current belief or assumptions as to
the outcome and timing of such future events. Actual
future results may differ materially. In
particular, NeonMind's drug development plans, its ability to retain key personnel, and its
expectation as to the development of its intellectual
property and other steps in its preclinical
and clinical drug development constitute forward-looking
information. Actual results and
developments may differ materially from those contemplated
by forward-looking information.
Readers are cautioned not to place undue reliance
on forward-looking information. The
statements made in this press release are made as
of the date hereof. NeonMind disclaims any
intention or obligation to publicly update or revise
any forward-looking information, whether as a
result of new information, future events or otherwise,
except as may be expressly required by
applicable securities laws.
SOURCE:
NeonMind Biosciences Inc.
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