TORONTO, March 06, 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, and PharmAla Biotech Holdings Inc. (“PharmAla”)(CSE: MDMA), a biotechnology company focused on the research, development, and manufacturing of MDXX class molecules, including MDMA, today announced that PharmAla has completed the first sale of a quantity of Mindset’s cGMP (i.e. pharmaceutical grade) psilocybin under their exclusive sales agreement.

The psilocybin is being purchased by Reset Mind Sciences Limited (“Reset”), a Western Australian based company focused on psychedelic medicines, and a subsidiary of ASX listed Little Green Pharma (“LGP”). Reset recently received human research ethics committee approval for a clinical trial investigating psilocybin assisted psychotherapy protocols for patients with treatment resistant major depressive disorder.

“We’re pleased to see the first sale of our pharmaceutical grade psilocybin completed through our partnership with PharmAla,” said James Lanthier, CEO of Mindset. “Since the recent approval of psilocybin and MDMA as prescription medicines in Australia, we have seen great interest from Australian companies in our psilocybin supply. Given the regulatory developments in Australia, we expect this to be the beginning of a fruitful partnership between Mindset and PharmAla thanks to the combined strengths of our novel synthesis processes and sales infrastructure.”

“This is further validation of our sales and development model,” said Nick Kadysh, CEO of PharmAla. “As markets like Australia begin to open to clinical treatments, the pace of research will go up – not down. PharmAla continues to provide best-in-class regulatory support to our clinical trial customers, and we look forward to helping Reset Mind Sciences as they progress through their exciting R&D program.”

About PharmAla
PharmAla Biotech Holdings Inc. (CSE: MDMA) is a biotechnology company focused on the research, development, and manufacturing of MDXX class molecules, including MDMA. PharmAla was founded with a dual focus: alleviating the global backlog of generic, clinical-grade MDMA to enable clinical trials, and to develop novel drugs in the same class. PharmAla is the first publicly-traded company to manufacture clinical-grade MDMA. PharmAla’s research and development unit has completed proof-of-concept research into ALA-002, PharmAla’s lead drug candidate. PharmAla is a “regulatory first” organization, formed under the principle that true success in the psychedelics industry will only be achieved through excellent relationships with regulators.

For more information, visit www.PharmAla.ca.

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 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 psilocybins 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: This email address is being protected from spambots. You need JavaScript enabled to view it.
Phone: 212-896-1267

Media Contact:
McKenna Miller
KCSA Strategic Communications
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Phone: 949-606-6585

Company Contact:
James Lanthier, CEO
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Jason Atkinson, VP, Corporate Development
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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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