Mindset Pharma Inc. (CSE: MSET) (FSE: 9DF) (OTCQB: MSSTF) (“Mindset” or the “Company”), a drug discovery and development company focused on creating novel, optimized, next-generation psychedelic and non-psychedelic medications to treat neuropsychiatric and neurological disorders with unmet medical needs, today announced that through its discovery work, it has identified three additional families of highly novel, non-tryptamine, next-generation psychedelic compounds.

Mindset’s ambition since its formation has been to lead the medical psychedelic space in drug discovery by pushing the boundaries of known psychedelic drugs to create the broadest portfolio of varied and differentiated drug candidates. While much of the industry focus has been on classic psychedelic drugs, Mindset has purposefully expanded its discovery efforts beyond the tryptamine drug class (i.e. psilocybin and DMT) into new, innovative chemical structures in order to develop superior neuropsychiatric medications.

Using a fragment-based drug discovery (FBDD) method combined with a highly focused medicinal chemistry strategy, Mindset’s scientists designed and developed three new, chemically distinct, small molecule non-tryptamine scaffolds, Families 6, 7 and 8. Mindset has filed provisional patent applications on these families, with favorable FTO searches. Approximately forty novel drug-like lead compounds were synthesized and evaluated in in-vitro hydroxy tryptamine (5-HT) subtype receptors and in in-vitro absorption, distribution, metabolism, and excretion (ADME) studies. To date, pre-clinical screening has shown significantly enhanced receptor functional potency and selectivity. In addition, some of the new compounds have the potential for greater central nervous system (CNS) penetration, oral activity and efficacy.

“Mindset's leading drug discovery engine continues to yield innovations with the potential to help patients across the world with neuropsychiatric and neurological disorders. The discovery of new Families 6, 7 and 8 demonstrates our commitment to expanding our Research & Development and strengthening our Intellectual Property (IP) portfolio beyond the classical tryptamines in the psychedelic field,” said James Lanthier, CEO of Mindset Pharma. “The discovery of these new families further expands our rich pipeline and provides a unique serotonergic receptor profile supporting our goal to design new and elegant drug candidates with increased receptor selectivity and potency profiles. Pre-clinical screening of the new families has shown promising results thus far and we are eagerly looking forward to advancing Mindset’s continued innovations into these new, chemically distinct drug families.”

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 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 and 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
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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.