Mindset Pharma Inc. (CSE: MSET | FSE: 9DF | OTCQB: MSSTF), a drug discovery company developing novel, optimized, next-generation psychedelic and non-psychedelic medications to treat neuropsychiatric and neurological disorders with unmet medical needs, today announced that after extensive preclinical screening studies, a lead psychedelic drug clinical candidate, MSP-2020, and a second back-up drug candidate, MSP-2003, have been selected from its Family 2 program in collaboration with The McQuade Center for Strategic Research and Development, LLC, a member of the global Otsuka family of pharmaceutical companies, to advance to IND enabling studies.

MSP-2020 and MSP-2003 are both novel and patentable compounds. They are covered under Mindset’s United States Patent and Trademark Office (USPTO) patent number 17/387,864, titled “3-Pyrrolidine-Indole Derivatives as Serotonergic Psychedelic Agents for the Treatment of CNS Disorders.” Mindset has received a notice of allowance from the USPTO for this application.

In side-by-side comparisons to psilocybin and psilocin, the two drug candidates elicit in vitro and behavioral responses consistent with a stronger and shorter acting psychedelic effect than psilocybin and a significantly reduced half-life. The drug candidates are CNS penetrant and exhibit high oral bioavailability in different species. They are being developed as optimized next-generation psychedelic drug candidates for the treatment of mental health disorders with IND enabling studies to be initiated by a leading global CRO in late 2022.

“Through a world class scientific collaboration among the Mindset, MSRD and Otsuka Pharmaceuticals teams, Mindset has successfully moved its Family 2 program forward. After extensively screening multiple drug candidates in preclinical studies, we were able to identify not one, but two novel drug candidates to potentially advance to clinical human trials. We are delighted to have reached this major milestone in our program’s development. These candidates, when compared to psilocin and psilocybin, showed the potential to be stronger and faster acting. The preclinical results continue to support our belief that next-generation psychedelic drug compounds have the potential to be superior treatment options for mental health. Our teams continue to advance our collaboration to bring this innovative therapeutic into first-in-human clinical development and ultimately to patients in medical need as rapidly as possible.”

James Lanthier, CEO of Mindset Pharma

To watch a video of Mindset’s CEO and CSO discussing the announcement in greater detail, please visit: https://youtu.be/fEDe8nwkupI

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.