Initial Emphasis On The Development Of Treatments For Disorders Related To Alcohol Use
Toronto, Ontario--(Newsfile Corp. - May 25, 2021) - Clearmind Medicine Inc. (CSE: CMND) ("Clearmind" or the "Company"), today announced it has completed all requirements of the Canadian Securities Exchange (the "CSE" or the "Exchange") for a Change of Business ("COB") listing. Formerly Cyntar Ventures Inc, the Company is shifting from a mineral resource exploration operation to the research and development of innovative psychedelic therapeutics.
The Company first announced the COB in September 2020, in conjunction with the acquisition of all rights, title, and interest in several patents and patent applications for treatment of alcohol abuse disorder and various other non-controlled binge behaviors by Ezekiel Golan, now the Company's Chief Scientific Officer and a Director.
Mr. Golan commented on the announcement, "Psychedelics as a class of pharmaceuticals have the potential to provide transformational solutions for people suffering from a number of mental-health disorders, including depression, addiction and alcohol abuse. These conditions can be emotionally and financially devastating for patients, their families and society as a whole. I am excited to be a part of the Clearmind team and look forward to working together to bring novel therapies from the lab to the clinic and eventually to patients."
There is growing evidence that the FDA is slowly easing restrictions on psychedelic pharmaceuticals. Although they have only recently approved the first cannabis-based pharmaceutical, there are currently more than 600 cannabis related clinical trials on file with the National Institutes of Health (NIH). In 2019, the FDA granted the first Breakthrough Therapy designation (an expedited process for drugs where preliminary clinical evidence demonstrated a substantial improvement over available therapies for serious or life-threatening diseases) to two psilocybin-based drugs for the treatment of Major Depressive Disorder, and the NIH lists 64 psilocybin-based studies.
According to the NIH, approximately 6% of the US adult population (over 13 million people) had Alcohol Use Disorder in 2018. The financial burden on the country is in excess of $250 billion annually. Worldwide, it's estimated that 5% of all deaths - approximately 3 million people -- are attributable to alcohol consumption.
Gadi Levin, Clearmind's Chief Executive Officer concluded, "This listing is a significant milestone for the Company and our investors. The new name and structure facilitate management's ability to pursue opportunities in the emerging psychedelic pharmaceutical sector. Our first priority will be furthering our research related to the treatment of Alcohol Use Disorder; longer term we will explore solutions for other underserved conditions."
Update on Outstanding Securities
As previously announced on April 16 and April 22, 2021 the Company completed several private placements. The following table sets out the current issued and outstanding securities of Clearmind (on a fully diluted basis):
Available Funds
As a result of its two most recent financings Clearmind has a working capital of approximately $1,500,000 and a 12-month budget for research and development of $480,000. After removing overhead charges, the Issuer has approximately $722,000 in unallocated funds.
About Clearmind Medicine Inc.
Clearmind is a psychedelic medicine biotech company focused on the discovery and development of novel psychedelic derived therapeutics to solve widespread and under-served health problems including alcohol use disorder. Its primary objective is to research and develop compounds derived from psychedelics and attempt to commercialize them as regulated medicines, foods or supplements.
The Company's intellectual portfolio currently consists of two patent families, one for binge behavior regulators and the other for an alcoholic beverage substitute. Within these two families the Company has two U.S. patents, one European patent, and allowed applications in China and India and pending divisional applications in Europe and the US related to binge behavior regulators; and a European patent and pending applications in the US, China and India related to the alcohol beverage substitute family.
The Listing Statement, which includes the change of the Company name from Cyntar Ventures Inc. to Clearmind Medicine Inc., has been posted on the CSE website www.thecse.com.
Shares of Clearmind are listed for trading on the Canadian Securities Exchange under the symbol "CMND" and will commence trading on May 26, 2021.
About Ezekel Golan
Mr. Golan is a multidisciplinary inventor in the fields of mycology, genetics, pharmacology, and behavioral neuroscience. He is the registered inventor of dozens of granted patents in these fields. Mr. Golan has been working in the pharmaceutical industry since 2002, in both scientific and management positions. In 2014 New Scientist Magazine called him "arguably the world's most productive discoverer of designer drugs".
For further information, please contact:
Info@Clearmindmedicine.com
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 nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
