Dear Fellow Shareholders:
Mindset saw great progress and achievements at all levels in 2022, as we worked diligently towards our ultimate goals of bringing superior neuropsychiatric medications to patients with unmet needs. While the clinical development of our psychedelic therapeutic programs accelerates, we wanted to take a moment to help our shareholders better understand the future direction of our drug discovery program.
Mindset was one of the first biotech companies in the psychedelic space to apply state of the art medicinal chemistry and behavioural pharmacology techniques to novel scaffolds of psychedelic drugs with the goal of discovering new medicines. Our initial goal was to build on the growing clinical evidence around the “classic” psychedelic drugs by developing novel and patentable medicines with enhanced safety, efficacy, and optimized durations of action.
I’m delighted to say that, to date, we have exceeded even our own expectations toward this initial goal. Mindset entered 2023 with a robust pipeline of novel psychedelic-inspired drug candidates advancing towards first-in-human clinical trials. More importantly, these candidates are supported by an industry leading intellectual property (“IP”) portfolio.
MSP-1014
Mindset is planning to initiate human trials of its novel and patentable prodrug of psilocin, MSP-1014, shortly. MSP-1014 is our proprietary lead Family 1 drug candidate that we view as a best-in-class “second generation” psilocybin analog with improved safety, efficacy and tolerability signals. MSP-1014 is rapidly metabolized to psilocin, the main active metabolite of psilocybin, and is likely to exert similar efficacy and better tolerability to psilocybin in improving symptoms of depression in difficult to treat patient populations.
In November, Mindset announced data from preclinical studies examining MSP-1014 side-by-side to psilocybin across a battery of preclinical studies evaluating safety, behavioral and pharmacokinetics properties. The data shows that MSP-1014 attenuates the reduction of locomotor activity and body temperature seen with psilocybin, suggesting that the tolerability of MSP-1014 may be superior to psilocybin. Moreover, these improvements were evident in conjunction with increased effect in assays evaluating cardinal signs of 5-HT2A target engagement, suggesting that it may be possible to achieve a similar or greater psychedelic effect with MSP-1014 as psilocybin, but with improved tolerability.
Family 2
The Family 2 program compounds are being developed as optimized next-generation psychedelic drug candidates for the treatment of mental health disorders in collaboration with the
Bolstering Mindset’s suite of pre-clinical drug candidates is one of the strongest IP platforms of any psychedelic biotech, with 16 patents filed to date covering 8 different novel chemical entity scaffolds, and 4 allowances and / or issued patents received from the USPTO covering both Family 1 (including MSP-1014) and Family 2 drug candidates.
In light of the success of its psychedelic therapeutic programs, Mindset is shifting its drug discovery efforts in a new complementary direction.
Non-Hallucinogenic Medicines with Broader Central Nervous System Therapeutic Applicability
Thanks to our early focus on novel drug development, Mindset’s scientific team has developed a rich understanding of the structure-activity relationships (“SAR”) of psychedelic drug structures. We are now applying this knowledge towards discovering novel psychedelic-inspired non-hallucinogenic drug candidates. This work has been underway for some time and, to date, Mindset has discovered multiple candidates with a promising preclinical profile.
Therapeutics that deliver pro-cognitive benefits at doses without hallucinogenic effects have the potential to treat substantially wider patient populations extending beyond depressive disorders. By reducing or removing the psychedelic effect, in-clinic supervision may not be necessary, reducing cost and improving convenience. Additionally, non-hallucinogenic drug candidates are potentially more appropriate for treating fragile population groups such as children or geriatric patients.
Mindset recently filed a
We are eager to continue our discovery work surrounding these novel non-hallucinogenic psychedelic inspired compounds given the breadth of potential neurological and psychiatric disorders that they may address. We expect to make further announcements in the near future around additional IP filings in this field of research as our discovery work progresses.
On behalf of the Mindset management team and the Board of Directors, I sincerely thank you for your continued support of the company. I look forward to providing you with further updates as our progress continues.
Sincerely,
CEO of
About
For further information on Mindset, please visit our website at www.mindsetpharma.com.
For more information, please contact:
Investor Contact:
Email: MindSet@kcsa.com
Phone: 212-896-1267
Media Contact:
Email: MindSet@kcsa.com
Phone: 949-606-6585
Company Contact:
Email: jlanthier@mindsetpharma.com
Email: jatkinson@mindsetpharma.com
Phone: 416-479-4094
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
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