Toronto, July 20, 2021 (GLOBE NEWSWIRE) — via InvestorWire– Clearmind Medicine Inc. (CSE: CMND) (“Clearmind” or the “Company“), a psychedelic medicine biotech company focused on the discovery and development of novel psychedelic-derived therapeutics to solve widespread and undertreated health problems, has issued a letter to shareholders from its Chief Executive Officer Dr. Adi Zuloff-Shani.
The full text of the letter can be read below:
As Clearmind’s new CEO, I would like to take this opportunity to welcome you as a shareholder, introduce myself and give you an update on the Company as well as some insight regarding our plans going forward.
I trust by now you are aware that this past May we finalized a Change of Business Listing on the Canadian Stock Exchange (CSE). In conjunction with the listing, the Company changed its name from Cyntar Ventures Inc. to Clearmind Medicine Inc. to better reflect our shift to the research and development of innovative psychedelic therapeutics. As of May 26th, shares of Clearmind have been trading on the CSE under the symbol “CMND.”
As we announced last week, I was recently appointed as the Company’s CEO. I first joined Clearmind as a member of the Scientific Advisory Board. As I became more involved in the Company and reviewed the pre-clinical testing results, I recognized real commercial potential. So, when I was offered the position of CEO, I jumped at the opportunity to initiate the regulatory approval process for our 5-Methoxy-2-aminoindane (MEAI), a novel synthetic small molecule psychedelic, with Alcohol Use Disorder (AUD) as the initial indication. Further to that, it is my intention to use my experience to build a viable proprietary psychedelic-centric product pipeline for Clearmind.
A researcher at heart, I was intrigued by the mounting evidence supporting the “Psychedelic Renaissance,” particularly for the treatment of mental health disorders, where existing therapies can be ineffective and are often associated with adverse side effects.
The FDA seems receptive to the possibilities; they have eased restrictions on research into psychedelic-based pharmaceuticals and they recently granted the first Breakthrough Therapy designation to two psilocybin-based drugs for the treatment of Major Depressive Disorder.
Another promising indicator: several states have proposed or are currently preparing legislation permitting psilocybin use for medical purposes.
Clearmind’s mission is to leverage the properties of our compounds to develop novel therapeutics that address prevalent mental health conditions which are under-treated or lacking effective treatments today, such as addictions.
Our leading compound, MEAI, is designed to address AUD, binge drinking and other binge behavior prevention, as well as addiction, conditions that affect over 13 million people in the U.S. alone.
MEAI is a novel psychoactive aminoindane derivative that simulates the euphoric alcohol-like experience while reducing the desire to consume alcohol.
Pre-clinical study results were extremely favorable, demonstrating a high safety profile and promising efficacy. We are now beginning the process of requesting an Investigational New Drug (IND) review with the FDA. The first step is a pre-IND meeting, after which an IND submission will be filed in preparation for phase I clinical study in humans.
Intellectual Property is the primary asset of any pharmaceutical company, and as such it is critical that we protect the proprietary nature of our intellectual property, whether it is our compounds, formulations, indications, etc., as well as the investment of time and capital we have all made in the Company. This is especially important now, as researchers and pharmaceutical companies begin to recognize that the benefits and potential applications for psychedelic treatments represent a substantial market opportunity.
The Clearmind IP Portfolio currently comprises two patent families; binge behavior regulators which have been granted approval in the U.S., Europe, China, and India, as well as pending divisional applications in Europe and the US. Our alcohol beverage substitute has been approved for a European patent, with pending applications in the US, China, and India.
We are seeking additional patents to expand not only our IP portfolio but also our therapeutic solutions for underserved conditions.
I am happy to report that Clearmind is financially sounder since the Change of Business listing. In addition to eliminating obligations related to the previous business, we recently secured $6.2 million in private placement. The capital raised strengthens our balance sheet and provides us funding for our current R&D plan, and since the offering was a unit deal, the warrants, if exercised, present the possibility for additional future capital.
I believe psychedelic-based medicine has the potential to revolutionize the way we treat mental health issues. Clearmind is committed to creating effective therapies that will better the lives of millions. Our management team has the expertise and passion necessary to achieve that objective, and we have attracted a world-class Scientific Advisory Board to help us become a leader in the field.
I would like to thank you for your continued support along this journey and look forward to sharing more good news with you soon.
Adi Zuloff-Shani, PhD.
Chief Executive Office
If you would like more information on our recent progress, we invite you to read the listing documents posted on the Exchange website www.thecse.com.
Learn more at:
Telephone: (778) 400-5347
This news release may contain forward-looking statements and information based on current expectations. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. Such statements include submission of the relevant documentation within the required timeframe to the satisfaction of the relevant regulators and raising sufficient financing to complete the Company’s business strategy. There is no certainty that any of these events will occur. Although such statements are based on management’s reasonable assumptions, there can be no assurance that such assumptions will prove to be correct. We assume no responsibility to update or revise them to reflect new events or circumstances.
Investing into early-stage companies inherently carries a high degree of risk and investment into securities of the Company shall be considered highly speculative.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any province in which such offer, solicitation or sale would be unlawful. The securities issued, or to be issued, under the Private Placement have not been, and will not be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
Not for distribution to U.S. newswire services or dissemination in the United States.