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NeonMind Announces Decision to Seek A Buyer For Drug Development Program

    November 8, 2022 3:45PM EDT

    Oakville, Ontario – November 8, 2022: NeonMind Biosciences Inc. (CSE: NEON) (FRA:6UF0) (“NeonMind” or the “Company”) announced the strategic decision to seek to divest its lead drug development program NEO-001 and undertake a search for a new business acquisition. 

    Its lead program NEO-001 aims to deliver a new treatment modality, psilocybin-assisted therapy for chronic weight management and obesity and includes a body of supporting preclinical data, patent applications covering a spectrum of weight management conditions, comprehensive Integrated Development Plan and Investigators Brochure for NEO-psilo-001, the proposed Phase 1/2 Dose Escalation and Dose Expansion Study of NEO-001-Assisted Therapy and Lifestyle Modifications for Obesity Management. 

    “In response to sector market conditions, we are looking for a suitable partner to acquire and advance our lead program; having completed a successful pre-IND FDA consultation we believe a clear path exists to move the development of NEO-001 forward into clinical development” said Robert Tessarolo, Chairman of the Board of NeonMind. 

    About NeonMind Biosciences Inc. 

    NeonMind has been engaged in drug development of psychedelic compounds with two lead psilocybin-based drug candidates targeting obesity. 

    Rob Tessarolo, Chairman of the Board, NeonMind Biosciences Inc. 

    Tel: 705-710-6366 

    The Canadian Securities Exchange has not reviewed, approved nor disapproved the contents of this news release. 

    Cautionary Statement Regarding Forward-Looking Statements 

    Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or NeonMind’s future performance. The use of any of the words “could”, “expect”, “believe”, “will”, “projected”,”estimated” and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on NeonMind’s current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, NeonMind’s drug development plans, its ability to retain key personnel, and its expectation as to the development of its intellectual property and other steps in its preclinical and clinical drug development constitute forward-looking information. Actual results and developments may differ materially from those contemplated by forward-looking information. Readers are cautioned not to place undue reliance on forward-looking information. The statements made in this press release are made as of the date hereof. NeonMind disclaims any intention or obligation to publicly update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as may be expressly required by applicable securities laws.