Mindset Pharma Receives Allowance for U.S. Patent Application Covering Composition of Matter for Its Lead Psychedelic Therapeutic Candidate, MSP-1014, And Additional Family 1 Tryptamine Prodrug Candidates

TORONTO, Jan. 20, 2023 (GLOBE NEWSWIRE) -- Mindset Pharma Inc. (CSE: MSET) (FSE: 9DF) (OTCQB: MSSTF) ("Mindset" or the "Company"), a drug discovery company developing novel, optimized, next-generation psychedelic and non-psychedelic medications to treat neuropsychiatric and neurological disorders with unmet medical needs, announced today that the United States Patent and Trademark Office ("USPTO") has granted allowance for Mindset's patent application number 17/833,341, titled "Psilocin Derivatives As Serotonergic Psychedelic Agents for the Treatment of CNS Disorders." Included within this application is MSP-1014, its backup MSP-1009, as well as additional prodrug candidates that the Company classifies as belonging to Family 1.

MSP-1014 and MSP-1009 are novel analogues of psilocybin that demonstrated improved efficacy and safety profiles, with reduced potential side effects and evidence of increased target engagement, in pre-clinical studies. Also included in this patent application are multiple other tryptamine prodrug candidates and other psilocybin analogs. This application is one of a family of applications having a priority date of February 4, 2020.

"Since its inception, Mindset has been focused on discovering and developing novel therapeutics, because it is our view that they offer the greatest opportunity to help patients with unmet medical needs. Our early and consistent focus on novelty has created a valuable intellectual property (IP) portfolio," said James Lanthier, CEO of Mindset Pharma. "Further, this focus on IP has already created value for Mindset, and today's announcement is a good indication of the potential for additional returns for Mindset thanks to our ongoing focus on novel optimized psychedelic inspired medications."

About Mindset Pharma Inc.
Mindset Pharma Inc. is a drug discovery and development company focused on creating optimized and patentable next-generation psychedelic and non-psychedelic medicines to treat neurological and psychiatric disorders with unmet needs. Mindset was established in order 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 in addition to its own proprietary compounds. The company has a co-development agreement with the McQuade Center for Strategic Research and Development, a member of the Otsuka Pharmaceuticals family of companies, for its short-duration compounds, Mindset Families 2 & 4.

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

For more information, please contact:

Investor Contact:
Allison Soss
KCSA Strategic Communications
Email: [email protected]
Phone: 212-896-1267
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Media Contact:
McKenna Miller
KCSA Strategic Communications
Email: [email protected]
Phone: 949-606-6585

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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