Mindset Files International Patent Application for its Novel Psilocybin Synthesis Method

TORONTO, Aug. 03, 2021 (GLOBE NEWSWIRE) -- Mindset Pharma Inc. (CSE:MSET) (FSE:9DF) (OTCQB:MSSTF) ("Mindset" or the "Company"), a drug discovery and development company focused on creating optimized next-generation psychedelic medicines to treat neurological and neuropsychiatric disorders with unmet medical needs, today announced that it has filed an international patent application for its novel psilocybin synthesis method. The application claims the priority date of the Company's previously filed United States Patent and Trade Office provisional application, filed on July 24, 2020.

The patent application covers Mindset's Synthesis Process, a ground-breaking process to synthesize psilocybin and psilocin?two of the known active compounds in psychedelic mushrooms. This process enables faster psilocin and psilocybin synthesis compared to many of the established methodologies used today and has advantages over current processes that include: lower cost, milder reaction conditions, more convenient operations, easily obtained commercially available raw materials, suitability for multi-kilogram scale manufacturing, and lower environmental impact.

Malik Slassi, Mindset's VP of Innovation commented, "Since filing our provisional patent application in July of 2020, we have made substantial progress towards demonstrating the commercial viability of our synthesis process. Earlier this year, we engaged a leading international contract development and manufacturing organization ("CDMO") to complete optimization and scale-up of the process. To date, significant optimization work has been completed and we are now initiating a 100g pilot scale synthesis to be followed by a 1.0 kg batch of cGMP psilocybin using Mindset's Synthesis Process. The large-scale cGMP synthesis batch is expected to be completed by the end of 2021."

"We believe that our proprietary synthesis process is likely the most cost-effective method available in the marketplace today for cGMP grade psilocybin. The process strategically complements our next generation drug development programs and represents a significant potential market opportunity with near-term revenue potential. We anticipate that there will be significant demand for our cGMP psilocybin supply given the increasing number of trials and studies underway utilizing psilocybin," added James Lanthier, CEO of Mindset.

Watch Mindset's management team discuss the significance of this announcement:
https://www.youtube.com/watch?v=yfmIlGTw_4A.

The Company has engaged Pinnacle Capital Markets to provide digital marketing and awareness services at a cost of $4,500 per month for a six-month term.

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 in order to develop pharmaceutical assets that leverage the breakthrough therapeutic potential of psychedelic drugs. Mindset is advancing its own proprietary therapeutics identified across its four novel families of psychedelic-inspired compounds.

For further information on Mindset, please visit our website at www.mindsetpharma.com.

For more information, please contact:

Investor Contact:
Allison Soss/Tim Regan
KCSA Strategic Communications
Email: [email protected]
Phone: 212-896-1267/ 347-487-6788

Company Contact:
James Lanthier, CEO
Email: [email protected]

Jason Atkinson, VP, Corporate Development
Email: [email protected]
Phone: 416-479-4094

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. Additional information regarding risks and uncertainties relating to the Company's business are contained under the heading "Risk Factors" in the Company's annual information form for the financial year ended June 30, 2020 dated March 5, 2021. The forward-looking information included in this news release is made as of the date of this news release and the Company does not undertake an obligation to publicly update such forward-looking information to reflect new information, subsequent events or otherwise, except as required by applicable law.

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