Tel Aviv, Israel / Vancouver, Canada, Dec. 15 2022 (GLOBE NEWSWIRE) — Clearmind Medicine Inc. (Nasdaq, CSE: CMND) (FSE: CWY) (“Clearmind” or the “Company”)a biotechnology company developing therapies derived from psychedelics, has released the following letter to shareholders from its CEO, Dr. Adi Zuloff-Shani.
Dear shareholders,
Clearmind’s overriding mission since inception has been to rapidly bring our proprietary compound CMND-100 to clinical trials while developing additional proprietary psychedelic compounds for new next-generation drug candidates, serving patients with unmet needs. through a cutting-edge drug discovery approach. in medicinal chemistry and pharmacology.
We believe our proprietary treatment with CMND-100, 5-Methoxy-2-Aminoindane (“MEAI”) can help provide relief to millions of people around the world.
Over the past year, we have achieved several milestones on our road to obtaining FDA approval for MEAI, delivering a series of world-class innovations and partnerships, which sets us apart and makes Clearmind a leading biotech in the psychedelic space today.
I would like to highlight these achievements:
Approaching clinical stage with our proprietary CMND-100, an MEAI-based treatment for alcohol use disorder (AUD)
I am extremely encouraged by the rapid progress we have made so far in bringing an innovative treatment for AUD one step closer to the patients who need it. Within extremely short timeframes, Clearmind completed the non-clinical studies required by the FDA, as reported at the pre-IND meeting held earlier this year, conducted a constructive pre-IND meeting and is approaching its first clinical trial on the ‘man.
New patent-pending treatment for cocaine addiction
Although our initial focus was to develop MEAI for the treatment of AUD, we have also explored the properties of MEAI as a potential treatment for additional indications, in line with our broader mandate to address addictions, behaviors binges and other mental problems. The first indication we looked at was cocaine addiction. In June 2022, we announced the first positive preclinical results for the treatment of cocaine addiction with MEAI. Since then, we have announced further encouraging preclinical results, reinforcing our belief in MEAI’s potential as an effective and safe dedicated treatment for cocaine addiction. We are also in the early stages of exploring indications such as obesity, depression, etc.
Development of our alcohol substitution program
We recently announced the appointment of a Special Advisor, Nicholas Kadysh, to support the regulatory side of the development of MEAI as an alcohol substitute. The alcohol substitution program strengthens our prospects for an important new market, different from the pharmaceutical market and with potential for short-term revenue generation.
Strategic partnerships
As we understand the value of strategic scientific and commercial collaborations, we have established strong partnerships with leading research and medical centers, including:
Yissum, the technology transfer company of the Hebrew University of Jerusalem and the Gonda Multidisciplinary Brain Research Center located at Bar Ilan University (Israel) through BIRAD (the Bar Research and Development Company -Ilan). We have also engaged with SciSparc Ltd. (Nasdaq: SPRC), a clinical-stage specialty pharmaceutical company focused on developing therapies to treat central nervous system disorders, and together we have shown promising results with the combination of MEAI and SciSparc’s Palmitoylethanolamide . (PEA), the active ingredient of its proprietary CannAmide™.
Strengthen our strong intellectual property portfolio and scientific advisory board
We continue to develop our pipeline of innovative next-generation psychedelic drug candidates, ensuring a strong and continued IP position.
Our patent families related to the use of MEAI for AUD are maturing and we were awarded a patent in India in June. We also filed three new provisional patent applications last year related to cocaine addiction and obesity and for a combination treatment for binge behaviors, bringing Clearmind to a portfolio of seven patent families. Over the past year, we have also expanded our Scientific Advisory Board to include Yale Department of Psychiatry Chairman, Professor John Krystal, and two world-renowned addiction and mental health experts, Professor Christian Schütz of the University of British Columbia, Canada. and Professor Mark Weiser of Sheba Medical Center, Israel.
Successful WEInitial Public Offering and Nasdaq uplisting
Our recently completed US IPO is an important milestone for Clearmind and strengthens our ability to create value for all stakeholders. Although the number of U.S. IPOs is down 80% this year compared to the same period in 2021, Clearmind was able to close its $7.5 million public offering and IPO on the Nasdaq capital market. Clearmind has successfully demonstrated that a solid business plan, a robust product pipeline, and the lean and efficient operational approach we implemented from the start, would help us move our public offering forward. With Clearmind now listed on the Nasdaq Capital Market, Canadian Securities Exchange and Frankfurt Stock Exchange, our strong and experienced medical leadership team will work to monetize the 7 patent families filed or granted by the company and various programs drug research. We intend to use company funds with a laser lens to create real value for our shareholders by targeting new treatments for alcohol use disorders, depression, diet, cocaine addiction and other excessive behaviors.
Looking forward
On a personal note, I’m excited about what we’ve been able to accomplish so far and what the future holds. I joined Clearmind when the company was founded, after a thorough examination of science and the psychedelic fields. Having previously held leadership positions in several biotechnology companies and advising others for over 15 years, I am very convinced of Clearmind’s potential to develop life-changing treatments for millions of people around the world.
Looking ahead to 2023, we plan to launch our innovative MEAI CMND-100-based drug candidate into human clinical trials with the FDA. Additionally, we will continue to advance our growing IP portfolio and our pipeline of new drug candidates for mental health disorders with unmet medical needs.
With a strong team and alliances in place to accelerate time to market and reduce risk in our drug development programs, we will continue to push research and development.
On behalf of Clearmind’s management team and Board of Directors, I thank you for your continued support and look forward to providing you with further updates as our progress continues.
Sincerely,
Adi Zuloff Shani, PhD
CEO of Clearmind Medicine Inc.
About Clearmind Medicine Inc.
Clearmind is a psychedelic pharmaceutical biotechnology company focused on the discovery and development of novel psychedelic-derived therapies to address widespread and underserved health conditions, including alcohol use disorders. Its main focus is to research and develop psychedelic-based compounds and attempt to market them as regulated drugs, foods, or supplements.
The Company’s intellectual portfolio currently consists of seven patent families. The Company intends to seek additional patents for its compounds whenever warranted and will remain opportunistic in acquiring additional intellectual property to build its portfolio.
Clearmind’s shares are listed on the Nasdaq under the symbol “CMND”, on the Canadian Securities Exchange under the symbol “CMND” and on the Frankfurt Stock Exchange under the symbol “CWY”.
For more information, please contact:
Investor Relations,
Email: invest@clearmindmedicine.com
Phone: (604) 260-1566
General Information,
Info@Clearmindmedicine.com
www.Clearmindmedicine.com
FORWARD-LOOKING STATEMENTS:
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act and other securities laws. Words such as “expects”, “anticipates”, “intends”, “plans”, “believes”, “seeks”, “estimates” and similar expressions or variations of these words are intended identify forward-looking statements. For example, the Company uses forward-looking statements when discussing future clinical trials and its drug development program. Forward-looking statements are not historical facts and are based on management’s current expectations, beliefs and projections, many of which, by their nature, are inherently uncertain. These expectations, beliefs and projections are expressed in good faith. However, there can be no assurance that management’s expectations, beliefs and projections will be realized, and actual results may differ materially from what is expressed or indicated by the forward-looking statements. Forward-looking statements are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the forward-looking statements. For a more detailed description of the risks and uncertainties affecting the Company, reference is made to the Company’s reports filed from time to time with the Securities and Exchange Commission (“SEC”), including, but not limited to, the risks detailed in the company’s Final Prospectus (Registration No. 333-265900) filed with the SEC on November 16, 2022. Forward-looking statements speak only as of the date on which they are made. The Company undertakes no obligation to update forward-looking statements to reflect actual results, subsequent events or circumstances, changes in assumptions or changes in other factors affecting the forward-looking information, except to the extent required by applicable securities laws. If the Company updates one or more forward-looking statements, no inference should be drawn that the Company will make additional updates with respect thereto or with respect to other forward-looking statements. References and links to websites have been provided as a convenience, and information contained on such websites is not incorporated by reference in this press release. Clearmind is not responsible for the content of third party websites.
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