Mindset Pharma Reaches Agreement to Manufacture Large Quantity of Pharmaceutical Grade Psilocybin Using Patent Pending Synthesis Process
Toronto, Ontario, February 22 2021 – Mindset Pharma Inc. (CSE:MSET) (FSE:9DF) ("Mindset" or the "Company"), a drug discovery and development company focused on developing next generation psilocybin-inspired medicines and related technologies, is pleased to announce that it has engaged a leading international contract development and manufacturing organization ("CDMO") to synthesize a 1.0 kg batch of cGMP (i.e. pharmaceutical grade) psilocybin utilizing Mindset’s innovative and cost-effective patent-pending synthesis process. The large scale cGMP synthesis batch is expected to be released in the fall of 2021.
Mindset anticipates that there will be significant demand for its proprietary, high-quality psilocybin supply given the increasing number of trials and studies underway utilizing psilocybin. High-quality psilocybin for clinical research purposes is currently expensive and difficult to procure, however Mindset's cost-effective patent-pending synthesis process provides Mindset with a unique advantage to accelerate the commercialization of its portfolio of intellectual property. Several CDMOs that specialize in psilocybin synthesis have exclusive relationships with individual clients, further narrowing the range of psilocybin supply options. Additionally, Mindset is not aware of any existing psilocybin suppliers that have synthesized a commercial quantity at a scale exceeding 1.0kg.
James Lanthier, Chief Executive Officer of Mindset, commented “We believe that Mindset’s proprietary synthesis process can benefit the entire medical psychedelic market, from the drug design process stage to clinical treatment as it is scalable, efficient, and, to our knowledge, one of the most cost-effective methods available in the marketplace today for GMP grade psilocybin, with a non-optimized cost per gram substantially below current retail costs.
Mindset’s synthesis process strategically complements our next generation drug development programs and represents a significant potential market opportunity. Mindset’s novel synthesis process meets an increasing need from the growing medical psychedelic space for a reliable source of affordable, pharmaceutical grade psilocybin. We anticipate even further refinements to our process that will enable us to significantly improve cost and efficiency.”
Joseph Araujo, Chief Scientific Officer, Founder and Director, commented “The excitement and enthusiasm demonstrated by this world class CDMO has given us further confidence that this process is potentially game-changing for the industry and should enhance access to psychedelic-assisted treatments for people with the greatest needs. We already have had multiple supply enquiries, as has the CDMO, and we are confident that demand for our synthetic psilocybin will be robust.”
MINDSET PROGRAM UPDATE CALL
The Company will be hosting a conference call and webcast on Monday, February 22, 2021 at 2:00 p.m. EST with James Lanthier, Chief Executive Officer and Joseph Araujo, Chief Science Officer to discuss updates on the Company’s scientific programs.
Investors can access the live conference call and webcast by clicking on the event link http://services.choruscall.ca/links/mindsetpharma20210222.html or can dial in using the numbers below.
PARTICIPANT TELEPHONE NUMBERS
Canada/USA TF: 1-800-319-4610
International Toll: +1-604-638-5340
Germany TF: 0800-180-1954
Callers should dial in 5 – 10 minutes prior to the scheduled start time and simply ask to join your call.
FOR MORE INFORMATION, PLEASE CONTACT:
James Lanthier
Chief Executive Officer
Jason Atkinson
VP, Corporate Development
About Mindset Pharma Inc.
Mindset Pharma Inc. is a drug discovery and development company focused on creating optimized and patentable next-generation psychedelic medicines to treat neurological and psychiatric disorders with unmet needs. Mindset was established to develop next generation pharmaceutical assets that leverage the breakthrough therapeutic potential of psychedelic drugs. Mindset is developing several novel families of next generation psychedelic compounds, as well as an innovative process to chemically synthesize psilocybin along with its own proprietary compounds. www.mindsetpharma.com
Forward-Looking Information
This news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "would", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. These statements are only predictions. Forward-looking information is based on the opinions and estimates of management at the date the information is provided, and is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. For a description of the risks and uncertainties facing the Company and its business and affairs, readers should refer to the Company's Management's Discussion and Analysis. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change, unless required by law. The reader is cautioned not to place undue reliance on forward-looking information.
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