NeonMind Reports Business Highlights on Partnership Activities, Clinical Pipeline and Corporate Developments
NeonMind Reports Business Highlights on Partnership Activities, Clinical Pipeline andCorporate Developments
● Completed concrete milestones in its strategy to become a leading psychedelic drug developerand specialty clinics operator
● Developed clear drug development pathway for NEO-001, the industry’s first psilocybin-basedobesity treatment with near-term clinical milestones
● Partnered with well-established specialty treatment providers, SRx Health Solutions and BioScriptSolutions to build out a network of NeonMind-branded specialty mental health clinics acrossCanada
Oakville, Ontario – March 10, 2022: NeonMind Biosciences Inc. (CSE: NEON) (OTCQB: NMDBF) (FRA:6UF) (“NeonMind'' or the “Company”), an integrated drug development and wellness company focusedon bringing innovative psychedelic-based treatments to people suffering from obesity and mental healthdisorders, today provided a summary of business highlights on the Company’s activities and progressacross its Pharmaceutical and Medical Services Divisions.
Pharmaceutical Division Highlights
● Successfully completed a pre-Investigational New Drug (pre-IND) consultation with the U.S. Food
and Drug Administration (FDA) regarding proposed clinical trials for NeonMind’s lead obesity
drug candidate, NEO-001. The Company expects to file its IND application in the first half of 2022
and initiate a Phase 1/2 clinical study during the course of this year.
● Filed four new provisional patent applications with the United States Patent and Trademark
Office to protect NeonMind’s proprietary data derived from the Company’s initial preclinical trial
examining the potential use of psilocybin as a treatment for weight loss.
● Completed an integrated drug development plan for its lead drug candidate targeting obesity,
NEO-001, a high-dose psilocybin treatment coupled with behavioral therapy and lifestyle
intervention, aimed to improve the efficacy of chronic weight management in adults.
● Established a Research and Development Advisory Board and expanded NeonMind’s team with
regulatory experts to successfully execute its integrated drug development plan and streamline
its corporate structure for capital efficiencies.
● Appointed drug development executive Philippe Martin as Chairman of the Company’s Research
and Development Advisory Board.
Medical Services Division Highlights
● Established strategic alliances with SRx Health Solutions and BioScript Solutions, leading
Canadian specialty healthcare services and medical treatment providers, to establish and
operate a network of NeonMind specialty clinics to deliver evidence-backed innovative
treatments for a variety of mental health needs.
● Announced inaugural specialty mental health clinic location in Mississauga, Ontario; expected to
begin treatment services in the second half of 2022.
● Appointed emergency and addiction expert, Dr. Dinesh Bhayana, as site medical directorof its
inaugural specialty mental health clinic.
● Formed aSpecialty Clinics Advisory Boardwith Canadian medical leaders in mental health and to
guide planning and operation of NeonMind clinics, protocols and treatment models across
Canada.
“We made significant progress in our corporate transformation to become a psychedelic drug developer
and specialty mental health clinics operator,” saidRobert Tessarolo, President & CEO of NeonMind. “Our
strategic focus provides near-term revenue generation and a proprietary groundbreaking treatment for
obesity, both of which provide exposure to exciting and novel treatments for mental health and wellness.
We now have a clear drug development pathway to bring NEO-001, the first and only psychedelic-based
treatment for obesity, into clinical trials. Additionally, our strategic alliances with SRx and BioScript will
enable us to quickly establish a network of NeonMind-branded specialty mental health clinics across
Canada. As the psychedelic industry continues to undergo rapid expansion, we are well positioned to
execute on our growth strategy and develop innovative therapeutic uses for psychedelic compounds to
treat weight management conditions and mental health disorders.”
Corporate Highlights
● The Company’s common shares, listed on the OTCQB Venture Market, became eligible forelectronic clearing and settlement through the Depository Trust Company (“DTC”) in the UnitedStates.
● Completed divestiture of assets related to its consumer division, including e-commerceoperations and underlying functional food assets, as well as shares owned in Translational LifeSciences Inc. for a combined consideration of approximately C$1.1 million plus royalty. Inconnection with the divestiture of the consumer division, Amber Allen has resigned as VicePresident of Sales, effective January 17, 2022.
● Launched a new website at www.neonmindbiosciences.com.
● As a result of NeonMind’s growing specialty clinic operations, the Company has established itsnew headquarters in Oakville, Ontario. The full address is 295 Robinson Street, Suite 100,Oakville, ON L6J 1G7.
About NeonMind Biosciences Inc.
NeonMind operates two divisions: (i) a pharmaceutical division engaged in drug development ofpsychedelic compounds with two lead psilocybin-based drug candidates targeting obesity; and (ii) amedical services division focused on launching specialty mental health clinics that integrate psychedelictherapeutics into traditional psychotherapy settings.
In its pharmaceutical division, NeonMind has two distinct psilocybin drug development programstargeting obesity. NeonMind’s lead candidate, NEO-001, employs psilocybin as an agonist at theserotonin 5- HT2A receptor, which is involved in the hallucinogenic effect of psychedelics. The Company’ssecond drug candidate, NEO-002, employs low-dose psilocybin as an agonist at the 5-HT2C receptor,which controls appetite.
NeonMind and its strategic partners are building NeonMind-branded specialty mental health clinics inCanada that incorporate evidence-backed innovative treatments to address a variety of mental healthneeds. For more information on NeonMind, go to www.NeonMindBiosciences.com.
Rob Tessarolo, President & Chief Executive Officer, NeonMind Biosciences [email protected]: 416-750-3101
Investor Relations:KCSA Strategic CommunicationsScott Eckstein/Tim [email protected]: 212-896-1210
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.