No dedicated treatment currently available for cocaine addiction
VANCOUVER, June 02, 2022 -- Clearmind Medicine Inc.(CSE: CMND, OTC Pink: CMNDF, FSE: CWY0) (“Clearmind” or the "company"), a biotech company focused on discovery and development of novel psychedelic-derived therapeutics to solve major undertreated health problems, today announced it has filed a provisional patent application related to cocaine addiction.The move results from the company’s recently launched collaboration with SciSparc Ltd. (NASDAQ: SPRC), a specialty clinical-stage pharmaceutical company focusing on the development of therapies to treat disorders of the central nervous system ("SciSparc").
The patent application refers to the proprietary combination of Clearmind's MEAI, a novel proprietary psychedelic treatment for addiction, with SciSparc's CannAmide™. The two companies plan to pursue a pre-clinical trial to examine the effect of the combination treatment as an anti-reward agent for treating cocaine addiction.
Cocaine addiction in the United States peaked in the 1990s, and the current estimates by the National Institute on Drug Abuse claim at least 1.3million Americans are addicted to cocaine. Annually, these users go to the hospital more than 350,000 times and account for 54% of drug-related incarcerations in federal jails and prisons, according to recent statistics from the U. S. Department of Justice. In addition, cocaine is either suspected or confirmed as the cause for nearly 16,000 overdose deaths in the UnitedStates each year. It’s at least a contributing factor in many more deaths, usually from violence, associated medical conditions or other health impacts of the user’s lifestyle.
"Clearmind's main focus is substance abuse and binge behaviors, ”said Dr. Adi Zuloff- Shani, Clearmind's Chief Executive Officer. Dr. AdiZuloff- Shani continued, “Since the successful initial results demonstrated potential treatment for cocaine abuse, we intend to expand the collaboration with SciSparc and explore the effect of our combination treatment for cocaine. Although cocaine addiction is an established epidemic worldwide, it has no dedicated treatment in the market, which makes our candidate treatment highly attractive.”
About Clearmind Medicine Inc.
Clearmind is a new biotech company focused on the discovery and development of safe and novel psychedelic-derived therapeutics to treat alcohol use disorder and other pressing health challenges.
The Israeli-Canadian company holds several patents for the non-hallucinogenic compound MEAI (5-methoxy-2-aminoindane, a novel psychoactive substance). 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.
Clearmind has established a research collaboration with the Hebrew University of Jerusalem and Bar Ilan University. The partnerships aim to expand its R&D capabilities and discover new candidate treatments for other mental health issues. Shares of Clearmind are listed for trading on the Canadian Securities Exchange under the symbol "CMND", the Frankfurt StockExchange under the symbol “CWY0” and on the OTC pink under the symbol "CMNDF".
About SciSparc (NASDAQ: SPRC):
SciSparc Ltd. is a specialty clinical-stage pharmaceutical company led by an experienced team of senior executives and scientists. Our focus is on creating and enhancing a portfolio of technologies and assets based on cannabinoid pharmaceuticals. With this focus, the company is currently engaged in the following drug development programs based on THC and/or non-psychoactive cannabidiol (CBD): SCI-110 for the treatment of Tourette syndrome, for the treatment of obstructive sleep apnea and Alzheimer's disease and agitation;SCI-160 for the treatment of pain; and SCI-210 for the treatment of autism spectrum disorder and status epilepticus.
For further information, please contact:
Investor Relations
Telephone: (604) 260-1566
General Inquiries
FORWARD-LOOKING STATEMENTS:
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 RegulationServices Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
