Identification of a potent, monomolecular non-hallucinogenic analog of psilocybin 100 times stronger than psilocybin.

Vancouver, British Columbia--(Newsfile Corp. - March 14, 2023) - MYND Life Sciences Inc. (CSE: MYND) (OTCQB: MYNDF) ("MYND" or the "Company"), a biopharmaceutical research and development company creating innovative precision medicines and diagnostic solutions for patients with relentless neurological diseases, announced that it has successfully accomplished a significant milestone to help advance the Company's future scientific development.

Positive preclinical data indicates that MYND has identified a non-hallucinogenic psilocybin analog that has bioactivity one hundred times more active than psilocybin itself. This would enable the analog to be given at 1% of the dosage thereby dramatically reducing side effects and potentially increasing the treatment efficacy in inflammatory diseases such as Major Depressive Disorder, Multiple Sclerosis, Alzheimer's Disease and others.

"MYND continues to build and advance its research and development pipeline towards creating treatments for Major Depressive Disorder (MDD) and related diseases. The identification of a non-hallucinogenic analog is very exciting as this has been the singular focus for the entire clinical sectors and pharmaceutical industry related to purposing psilocybin-related compounds as mainstream, clinically approved drugs," stated MYND CEO Dr. Lyle Oberg. "We have now taken a major step forward in developing and delivering MYND-604 in a safe and effective way and with the achievement of this milestone we now plan to advance MYND-604 into clinical trials and ultimately obtain FDA approval," said Dr. Oberg.

In accordance with the alternative information guidelines set out in National Policy 12-203 - Management Cease Trade Orders ("NP 12-203") MYND is giving the following update:

On March 1, 2023, the Company announced that it applied for a management cease trade order ("MCTO") with the applicable securities regulatory authorities in Canada on the basis that the Company would be unable to file its Annual Audited Financial Statement, the Required Filing, for the year ended October 31, 2022 by the applicable filing deadlines. The MCTO was issued on March 1, 2023 and restricts all trading in securities of the Company, whether direct or indirect, by the Chief Executive Officer and Chief Financial Officer of the Company. The MCTO does not affect the ability of other shareholders of the Company to trade their securities.

The Company's management continues to work diligently to complete the Required Filing and anticipates that the Required Filing will be filed by March 31, 2023.

The Company confirms that since the date of the Original Announcement: (i) other than as described above, there has been no material change to the information set out in the Original Announcement that has not been generally disclosed; (ii) there has been no failure by the Company in fulfilling its stated intentions with respect to satisfying the provisions of the alternative information guidelines set out in NP 12-203; (iii) there has not been any other specified default by the Company under NP 12-203; and (iv) there is no other material information concerning the affairs of the Company that has not been generally disclosed.

ABOUT MYND LIFE SCIENCES INC.

MYND Life Sciences Inc. is a medical biotech drug research and development company focused on neuro-pharmaceutical and novel drug development and diagnostics. MYND is developing new biological entities (NBEs) and new chemical entities (NCEs) and differentiates itself from other (bio)pharmaceutical companies by unique molecular concepts for overcoming disease. The Company advances pharmaceutical developments through rigorous science and clinical trials while diligently patenting and safeguarding its intellectual property.

For more information and to subscribe to MYND's mailing list, please visit https://myndsciences.com/contact/.

CONTACT INFORMATION

Dr. Lyle Oberg, MD, CEO
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
Web: www.myndsciences.com

Forward-Looking Statements

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Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. The Canadian Securities Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.

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