Mindset Pharma Announces its Next Generation Novel 5-MeO-DMT Psychedelic Analogs Demonstrate a Significantly Improved Safety Profile in Preclinical Results

Toronto, Ontario– August 31, 2021 – 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, today announced that compounds from its Family 4, comprised of DMT/5-MeO-DMT inspired analogs, have demonstrated a significant decrease in serotonergic toxicity, which can cause a range of mild to life-threatening symptoms, in head-to-head preclinical comparisons. Furthermore, the results reaffirm the Company’s previous findings that its Family 4 drug candidates demonstrated superior efficacy compared to 5-MeO-DMT.

“DMT and 5-MeO-DMT both show promise as medicinal psychedelics due to their short duration of action and high potency. However, our studies suggest that serotonergic toxicity could represent a considerable health risk as patients are more broadly treated with psychedelics, potentially leading to high blood pressure, tremors, delirium and a range of other symptoms,” said James Lanthier, CEO of Mindset. “Our exciting preclinical results suggest that our next generation drug candidates have the potential to offer a safer and more convenient solution for clinic-based therapy.”

“In-vivo models confirmed potential safety concerns associated with serotonergic toxicity of 5-MeO-DMT,indicated by a higher number of instances of 5-HT syndrome compared to some of Mindset’s NCE compounds,” stated Joseph Araujo, Chief Scientific Officer of Mindset. “These results indicate the potential for 5-MeO-DMT to induce serotonin syndrome, which is a consequence of excess serotonin (5-HT) agonism and can lead to serious health complications. However, some of Mindset’s drug candidates showed no signs of inducing 5-HT syndrome, suggesting a significantly improved safety profile compared to 5-MeO-DMT. Mindset’s Family 4 compounds can potentially be developed with marked improvements in safety, efficacy, and duration of action compared to 5-MeO-DMT, making them more suitable for a wider range of indications.”

Mindset’s Family 4compounds are DMT and 5-MeO-DMT inspired drug candidates that offer a broad range of pharmacological diversity suitable for in-clinic settings. The Company has run a battery of specialized in-vitro and in-vivo tests on its patent-pending novel compounds to select the optimal psychedelic drug candidates for progressing towards human clinical trials.

For more information, please contact:

Investor Contact:

Allison Soss/Tim Regan

KCSA Strategic Communications

Email: MindSet@kcsa.com

Phone: 212-896-1267/347-487-6788


Company Contact:

James Lanthier, CEO

Email: jlanthier@mindsetpharma.com

Jason Atkinson, VP,Corporate Development

Email: jatkinson@mindsetpharma.com

Phone: 416-479-4094

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 as well as its own proprietary compounds.

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

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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