NeonMind Announces Decision to Seek A Buyer For Drug Development Program
NeonMind Announces Decision to Seek A Buyer For Drug Development Program
Oakville, Ontario – November 8, 2022: NeonMind Biosciences Inc. (CSE: NEON) (FRA:6UF0)(“NeonMind” or the “Company”) announced the strategic decision to seek to divest its lead drugdevelopment program NEO-001 and undertake a search for a new business acquisition.
Its lead program NEO-001 aims to deliver a new treatment modality, psilocybin-assisted therapy forchronic weight management and obesity and includes a body of supporting preclinical data, patentapplications covering a spectrum of weight management conditions, comprehensive IntegratedDevelopment Plan and Investigators Brochure for NEO-psilo-001, the proposed Phase 1/2 DoseEscalation and Dose Expansion Study of NEO-001-Assisted Therapy and Lifestyle Modifications forObesity Management.
“In response to sector market conditions, we are looking for a suitable partner to acquire and advanceour lead program; having completed a successful pre-IND FDA consultation we believe a clear path existsto move the development of NEO-001 forward into clinical development” said Robert Tessarolo,Chairman of the Board of NeonMind.
About NeonMind Biosciences Inc.
NeonMind has been engaged in drug development of psychedelic compounds with two leadpsilocybin-based drug candidates targeting obesity.
Rob Tessarolo, Chairman of the Board, NeonMind Biosciences [email protected]: 705-710-6366
The Canadian Securities Exchange has not reviewed, approved nor disapproved the contents of this newsrelease.
Cautionary Statement Regarding Forward-Looking Statements
Certain statements contained in this press release constitute forward-looking information. Thesestatements 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 statementsrelating to matters that are not historical facts are intended to identify forward-looking information andare based on NeonMind’s current belief or assumptions as to the outcome and timing of such futureevents. Actual future results may differ materially. In particular, NeonMind’s drug development plans, itsability to retain key personnel, and its expectation as to the development of its intellectual property andother steps in its preclinical and clinical drug development constitute forward-looking information. Actualresults and developments may differ materially from those contemplated by forward-lookinginformation. Readers are cautioned not to place undue reliance on forward-looking information. Thestatements made in this press release are made as of the date hereof. NeonMind disclaims any intentionor obligation to publicly update or revise any forward-looking information, whether as a result of newinformation, future events or otherwise, except as may be expressly required by applicable securitieslaws.