NeonMind Purchases GMP Grade Synthetic Psilocybin from Psygen Labs
for Phase 2 Human Clinical Trial
Vancouver,
B.C. – February 24, 2021 -- InvestorsHub NewsWire -- NeonMind
Biosciences Inc. (CSE:
NEON) (FFE:
6UF)
("NeonMind"),
announces that it has purchased an initial order of GMP grade
psilocybin from Psygen Labs Inc. ("Psygen")
for its planned phase 2 human clinical trial expected to begin in
Canada later this year.
Psygen is a
Calgary-based company specializing in the synthetic manufacture of
psychedelic medicines. The company provides non-exclusive access to
psychedelic drug products for clinical research, therapeutic
applications and is a leading supplier for the emerging commercial
market.
"NeonMind is
focused intently on conducting innovative
research in the vital public health field of weight loss and
obesity, and we look forward to a rigorous, safe clinical trial as
the next step," said Rob Tessarolo, President & CEO of NeonMind
Biosciences Inc. "The COVID-19 pandemic has sadly highlighted the
existential risk and serious health threats posed by obesity, a
precursor for a range of underlying conditions. Clearly additional
study is needed to develop new effective strategies, and we aim to
be on the forefront of this."
The purchase is made pursuant to a restricted substance
supply agreement
between Psygen and NeonMind entered into on September 28, 2020.
Last year NeonMind received supply under the agreement of non-GMP
synthetic psilocybin for its preclinical trial
which
commenced last November. Now, with promising initial results from
its preclinical trial, NeonMind has purchased the GMP grade
synthetic psilocybin so it can move forward with an application to
Health Canada for a phase 2 human clinical trial.
The GMP
grade synthetic psilocybin was manufactured through Psygen's
collaboration with Applied Pharmaceutical Innovation
("API")
and a licensed dealer at the University of Alberta. All the future
material will be manufactured at Psygen's soon-to-be completed
commercial
facility in Calgary. NeonMind may not accept delivery of the
psilocybin until it has received authorization from Health
Canada.
NeonMind filed a
provisional patent application in the US, later converted to a PCT
patent application for therapeutic administration of psilocybin
alone or in combination with psychotherapy. The patent focuses on
psilocybin's potential health benefits for aiding weight loss, diet
alterations, reducing food cravings, decreasing food intake, and
related health complications. NeonMind plans to study the
use of psilocybin alone and in combination with psychotherapy as a
treatment for obesity.
"Psygen is
dedicated to supporting the legal supply chain for clinic research
on drug substances and other limited drug products," said
Danny Motyka,
CEO of Psygen Labs Inc. "This latest announcement from NeonMind is
another example of how our lab enables important scientific
clinical research to move ahead despite regulatory hurdles. Psygen
continues to expand a commercial manufacturing space as a
leader in the expanding psychedelic medicine market."
An Allied Market Research study
found the weight loss and weight management diet market was
projected to reach $295.3
billion by 2027 increasing by over 10 percent annually from 2021 to
2027. The market is expected to reach $92.6 billion in China by
2027.
A Harvard School of Public
Health study indicated that 500 million adults globally are obese.
The study found that by 2030 half of US men and women could be
obese. The World Health Organization estimates that by 2025, 2.7
billion adults will be overweight and 1 billion will be
affected
by obesity.
About
Psygen Labs Inc.
Psygen Labs Inc.
is a Calgary-based company specializing in the synthetic
manufacture of psychedelic medicines. The company provides
non-exclusive access to psychedelic drug products for clinical
research, therapeutic applications and is a
leading supplier for the emerging commercial market.
Psygen has
engaged with Applied Pharmaceutical Innovation (API), a non-profit
CRO engaged with the University of Alberta which allows them for
the manufacture, sale, import, export, and analysis of
psilocybin, MDMA, DMT, LSD, 2C-B, and mescaline. Psygen has applied
to Health Canada for a corporate Dealer's License which will allow
them to manufacture, possess, sell, import, export and analyze
psychedelic substances. The company is actively developing and
constructing their 6000sq/ft lab capable of large-scale synthesis
and distribution of the psychedelic compounds mentioned above.
Psygen is the leader in psychedelic supply chain solutions and is
committed to supporting the research renaissance in the
clinical treatment of a wide variety of mental health
issues.
About NeonMind Biosciences Inc.
NeonMind is
engaged in research and development of products that use medicinal
and psychedelic mushrooms to optimize human health and performance.
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 eCommerce
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.
rob@neonmind.com
Tel: 416-750-3101
Investor
Relations:
Edge
Communications
invest@neonmind.com
Tel:
1-866-318-6874
Renmark
Financial Communications Inc.
Melanie
Barbeau
mbarbeau@renmarkfinancial.com
Tel: 416-644-2020 or
212-812-7680
Media
Inquiries:
Exvera
Communications Inc.
brittany@exvera.com
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.