NeonMind Submits Applications to Health Canada for Product Formulas to Support Cognitive and Immune Function and to Fight Stress
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NeonMind Submits Applications to Health Canada for Product Formulas to Support
Cognitive and Immune Function and to Fight Stress
Vancouver, British Columbia--(Newsfile Corp. - February 10, 2021) - ¬NeonMind Biosciences Inc. (CSE:
NEON) (FSE: 6UF) ("NeonMind"), announces that through its consumer products division, it submitted on
February 2, 2021 four applications to Health Canada's Natural and Non-prescription Health Products Directorate
(NNHPD), to obtain product licenses for its products with 100% plant-based extracts, and make their related
health claims.
NeonMind Submits Applications to Health Canada for Product Formulas to Support Cognitive and Immune
Function and to Fight Stress
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"The expansion and operation of our consumer products division is strategically implemented to capture growth
and provide high-quality products in the rapidly growing functional food market while aiding our pharmaceutical
division through sustained revenue for its research and development initiatives," said Rob Tessarolo, President
and CEO of NeonMind.
The formulas primarily consist of combinations of medicinal mushrooms: Lion's Mane, Reishi, Turkey Tail and
Cordyceps. Certain herbs traditionally used in Ayurveda were also included in the formulas. The NeonMind
proprietary formulas were created by an expert of Ayurvedic medicine.
If the claim applications are deemed acceptable through Health Canada's regulatory review process, then
NeonMind will be able to launch natural health products in Canada containing the herbal and fungi formulations
described in the NHP applications. Under the natural health product number ("NPN") assigned by Health
Canada, NeonMind will be allowed to market these products in different capacities as long as they contain the
same makeup and quantities of herbs that are authorized for sale by Health Canada.
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Health claims submitted as part of the NHP applications by NeonMind include claims that one or more of the
formulas can help support memory and cognitive function, support the body's immune response, be used as an
adaptogen to help increase energy and resistance to stress (in the case of mental and physical fatigue related to
stress), relieve pain and inflammation, and the claim of traditional use in Ayurveda to relieve general debility
(especially during convalescence or old age).
All natural health products need to obtain a product licence with detailed information about the medicinal
ingredients, source, dose, potency, non medicinal ingredients, recommended use, and appropriate risk mitigation
statements to be sold in Canada. Once the product is assessed to be safe, effective and of high quality Health
Canada issues a product licence an NPN number, allowing it to make health claims.
NeonMind's consumer products division currently has four mushroom infused coffees that do not contain any
psychoactive or restricted substances for sale in Canada through NeonMind's direct-to-consumer ecommerce
platform at neonmind.com. NeonMind has plans to launch additional products in Canada as natural health
products if Health Canada approves its recent applications. NeonMind's consumer division operates in the
rapidly growing functional food market.
NeonMind also plans to launch dietary supplements in the United States and is currently developing products
and packaging for four products to be manufactured to comply with the United States Food and Drug
Administration (FDA) rules. NeonMind plans to roll out these products for sale in the U.S. in spring 2021.
In addition to its consumer products division, NeonMind's pharmaceutical division is engaged in the research
and development of drugs and treatments for obesity and obesity related diseases using psychedelic compounds.
It is currently engaged in a preclinical trial examining its patent pending treatment of obesity through the
administration of psilocybin and is currently developing protocols for a phase 2 human clinical trial.
About NeonMind Biosciences Inc.
NeonMind has two divisions, a consumer products division with a focus on medicinal mushroom infused
products, and a pharmaceutical division engaged in drug development of psychedelic compounds. NeonMind's
consumer division currently sells 4 NeonMind branded coffee products in Canada through NeonMind's direct to
consumer e-commerce platform. In its pharmaceutical division, NeonMind's first drug candidate involves
psilocybin (a complex organic compound found in psychedelic mushrooms) as a treatment for obesity and
related illnesses for which NeonMind is conducting a preclinical trial at the University of British Columbia.
NeonMind's intellectual property includes methods of aiding in weight loss, treating compulsive eating disorder,
treating obesity and complications of obesity by administering psilocybin or other psychedelic compounds.
NeonMind's team includes experts in obesity, psychiatry, psychology, neuroscience, and intellectual property and
executives with experience from leading consumer product and pharmaceutical companies. Jeff B. Smith, one of
NeonMind's directors, brings more than 20 years of experience, including executive roles such as Company
Group Chairman, at Johnson and Johnson Consumer Companies. Rob Tessarolo, NeonMind's President and
CEO, has 25 years of experience in the pharmaceutical industry and has acted as Chief Executive Officer in
several drug development companies, including Cipher Pharmaceuticals Inc. and Mind Medicine (Mindmed)
Inc. Trevor Millar, NeonMind's Chief Psychedelic Officer, was formerly the Chair of MAPS Canada and has
extensive experience in the treatment of substance abuse disorder using psychedelic substances.
For more information on NeonMind, go to www.NeonMindBiosciences.com or buy NeonMind mushroom
infused coffee at www.NeonMind.com.
Rob Tessarolo, President & Chief Executive Officer, NeonMind Biosciences Inc.
Tel: 416-750-3101
Investor Relations:
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Melanie Barbeau
mbarbeau@renmarkfinancial.com
Tel: 416-644-2020 or 212-812-7680
Media Inquiries:
Exvera Communications Inc.
The Canadian Securities Exchange has not reviewed, approved or 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.
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