Mindset Pharma Inc. (CSE: MSET) (FSE: 9DF) (OTCQB: MSSTF) ("Mindset" or the "Company"), a drug discovery and development company focused on creating optimized and patentable next-generation psychedelic medicines to treat neurological and psychiatric 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 17/387,864, titled “3-Pyrrolidine-Indole Derivatives as Serotonergic Psychedelic Agents for the Treatment of CNS Disorders.” Included within this application are drug candidates that the Company classifies as belonging to Family 2, which are novel analogues of psilocybin that exhibit a range of pharmacokinetic and pharmacodynamic improvements in pre-clinical studies.

Family 2 is included within Mindset’s collaboration with the McQuade Center for Strategic Research and Development, LLC (MSRD), a member of the global Otsuka family of pharmaceutical companies. The drug candidates under this platform show strong effect size in vitro and in vivo compared to psilocybin, are potentially shorter acting, orally bioavailable and CNS penetrant.

“Family 2 has a potentially superior in-clinic macrodose profile to psilocybin. This notice of allowance reaffirms the strength of Mindset’s IP position and facilitates our ongoing development of Family 2, a highly differentiated asset in our mission to help patients with unmet needs via the discovery of optimized psychedelic medications,” said James Lanthier, CEO of Mindset Pharma. “Our Family 2 compounds have shown positive results thus far and we are looking forward to continuing our work with Otsuka to get closer to bringing Family 2 to clinical trials.”

In January 2022, Mindset entered into a development collaboration with the McQuade Center for Strategic Research and Development, LLC (MSRD), a member company of Otsuka, to further the development of Mindset’s Families 2 and 4 of novel psychedelic compounds.

To watch a video of Mindset’s CEO and CSO discussing the announcement in greater detail, please visit: https://youtu.be/MD-xYiApUVM

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
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Phone: 212-896-1267
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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.