TORONTO, Ontario, Oct. 26, 2021 (GLOBE NEWSWIRE) -- via InvestorWire – Clearmind Medicine Inc. (CSE: CMND, FSE: CWY0), (“Clearmind” or the "Company"), a psychedelic medicine biotech company focused on the discovery and development of novel psychedelic-derived therapeutics to solve widespread and undertreated health problems, announces it has entered into a Development and Supply agreement with Aragen Life Sciences Pvt. Ltd (“Aragen”) for the production of its innovative molecule, 5-Methoxy-2-aminoindane (MEAI).
Aragen is a global leader in providing discovery, development and manufacturing solutions for life sciences firms under Good Manufacturing Practices. In accordance with the agreement, Aragen will do a process optimization and synthesis, manufacturing and supply of MEAI to Clearmind.
Adi Zuloff-Shani, Ph.D., CEO of Clearmind, commented, “Aragen is a world-class, life-sciences company with state-of-the-art manufacturing capabilities and we chose to partner with them to leverage that expertise. Developing a pharmaceutical product is quite arduous; working with a manufacturer in Aragen’s caliber allows us to focus all our resources on furthering the research.”
MEAI is a unique synthetic, psychedelic molecule that simulates the euphoric alcohol experience while simultaneously reducing the desire to consume alcohol. Preclinical studies were extremely favorable, demonstrating a high safety profile and promising efficacy. The Company is now in the process of preparing for a pre-investigational new drug (“IND”) meeting with U.S. Food and Drug Administration staff, which will be followed by an IND application and a clinical trial in the second half of 2022.
About Clearmind Medicine Inc.
Clearmind is a psychedelic pharmaceutical biotech company focused on the discovery and development of novel psychedelic-derived therapeutics to solve widespread and underserved health problems, including alcohol use disorder. Its primary objective is to research and develop psychedelic-based compounds and attempt to commercialize them as regulated medicines, foods, or supplements.
The Company’s intellectual portfolio currently consists of two patent families. The first, "Binge Behavior Regulators," has been granted in the U.S., Europe, China and India, with pending divisional applications in Europe and the U.S. The second, “Alcohol Beverage Substitute,” has been approved for a European patent, with pending applications in the U.S., China and India. The Company intends to seek additional patents for its compounds whenever warranted and will remain opportunistic regarding the acquisition of additional intellectual property to build its portfolio.
Shares of Clearmind are listed for trading on the Canadian Securities Exchange under the symbol "CMND" and the Frankfurt Stock Exchange under the symbol “CWY0.”
For further information, please contact:
Telephone: (778) 400-5347
This news release may contain forward-looking statements and information based on current expectations. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. Such statements include submission of the relevant documentation within the required timeframe to the satisfaction of the relevant regulators and raising sufficient financing to complete the Company's business strategy. There is no certainty that any of these events will occur. Although such statements are based on management's reasonable assumptions, there can be no assurance that such assumptions will prove to be correct. We assume no responsibility to update or revise them to reflect new events or circumstances.
Investing into early-stage companies inherently carries a high degree of risk, and investment into securities of the Company shall be considered highly speculative.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, the securities in any province in which such offer, solicitation or sale would be unlawful. The securities issued, or to be issued, under the Private Placement have not been, and will not be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
Neither the Canadian Securities Exchange (the “CSE”) nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accept responsibility for the adequacy or accuracy of this release.
Wire Service Contact
Los Angeles, California