TORONTO, Sept. 07, 2022 (GLOBE NEWSWIRE) -- 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 the filing of 16 different national applications for the protection of one of four of the Company's key Families of novel, next-generation psychedelics with differentiated characteristics.

Included within these applications are several drug candidates that the Company classifies as belonging to "Family 1", which are described as second-generation psilocybin analogs, with potential improvements in effect size, safety, safety, and manufacturing compared to psilocin and psilocybin. Mindset's Family 1 scaffold includes the first elected Mindset clinical candidate, MSP-1014, which is the Company's most advanced drug candidate, a psilocybin-like chemical entity that has the potential to be a best-in class psychedelic treatment, and more effective alternative. MSP-1014 has demonstrated improved efficacy, with reduced potential side effects, and safety profile compared to the first-generation drug candidate, psilocybin, in preclinical studies. Mindset filed national applications in 16 different countries altogether, including the principal South East Asian markets.

"With Mindset's goal of disrupting existing treatment paradigms to improve patient outcomes, filing multiple international applications for Family 1 will offer protection for our drug candidates especially as we look to move MSP-1014 into human clinical trials as early as 2023", said James Lanthier, CEO of Mindset Pharma. "Mindset is applying state of the art innovative medicinal chemistry to expand our rich pipeline of optimized psychedelic medications with improved overall efficacy and reduced toxicity profiles and we will continue to protect our compound pipeline and ensure that we provide the most effective options for patients with neurological and psychiatric disorders."

In order to further broaden its intellectual proprety (IP) portfolio, Mindset has also recently filed another provisional application with the USPTO applying a new elegant chemical structural strategy to Family 1, which has never been explored before, to enhance its overall intellectual property (IP) moat around Family 1 candidates.

The Company is pleased to announce that it has granted options to purchase an aggregate of 200,000 common shares of the Company (the "Common Shares") exercisable at a price of $0.55 per share and expiring on September 6, 2023, to an investor relations consultant of the Company.

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 & 4.

For further information on Mindset, please visit our website at .

For more information, please contact:

Investor Contact:
Allison Soss
KCSA Strategic Communications
Email: MindSet@kcsa.com
Phone: 212-896-1267

Media Contact:
McKenna Miller
KCSA Strategic Communications
Email: MindSet@kcsa.com
Phone: 949-606-6585

Company Contact:
James Lanthier, CEO
Email: jlanthier@mindsetpharma.com

Jason Atkinson, VP, Corporate Development
Email: jatkinson@mindsetpharma.com
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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The National Phase Application is an application filed for obtaining a grant of patents in different countries simultaneously based on a single International/PCT application that is filed within 12 months from the priority date