Clearmind Issues Shareholder Letter
Dear Shareholders,
As Clearmind’s new CEO, I would like to take this opportunity to welcome you as ashareholder, introduce myself and give you an update on the Company aswell as some insight regarding our plans going forward.
I trust by now you are aware that this past May we finalized a Change ofBusiness Listing on the Canadian Stock Exchange (CSE). In conjunction with thelisting, the Company changed its name from Cyntar Ventures Inc. to ClearmindMedicine Inc. to better reflect our shift to the research and development ofinnovative psychedelic therapeutics. As of May 26th, shares of Clearmind havebeen trading on the CSE under the symbol “CMND.”
As we announced last week, I was recently appointed as the Company’sCEO. I first joined Clearmind as a member of the Scientific Advisory Board. AsI became more involved in the Company and reviewed the pre-clinical testingresults, I recognized real commercial potential. So, when I was offered theposition of CEO, I jumped at the opportunity to initiate the regulatoryapproval process for our 5-Methoxy-2-aminoindane (MEAI), a novel syntheticsmall molecule psychedelic, with Alcohol Use Disorder (AUD) as the initialindication. Further to that, it is my intention to use my experience to build aviable proprietary psychedelic-centric product pipeline for Clearmind.
Why Psychedelics?
A researcher at heart, I was intrigued by the mounting evidencesupporting the “Psychedelic Renaissance,” particularly for the treatment ofmental health disorders, where existing therapies can be ineffective and areoften associated with adverse side effects.
The FDA seems receptive to the possibilities; they have easedrestrictions on research into psychedelic-based pharmaceuticals and theyrecently granted the first Breakthrough Therapy designation to twopsilocybin-based drugs for the treatment of Major Depressive Disorder.
Another promising indicator: several states have proposed or arecurrently preparing legislation permitting psilocybin use for medical purposes.
Our Mission
Clearmind’s mission is to leverage the properties of our compounds todevelop novel therapeutics that address prevalent mental health conditionswhich are under-treated or lacking effective treatments today, such asaddictions.
Our leading compound, MEAI, is designed to address AUD, binge drinkingand other binge behavior prevention, as well as addiction, conditions thataffect over 13 million people in the U.S. alone.
MEAI is a novel psychoactive aminoindane derivative that simulates theeuphoric alcohol-like experience while reducing the desire to consume alcohol.
Pre-clinicalstudy results were extremely favorable, demonstrating a high safety profile andpromising efficacy. We are now beginning the process of requesting anInvestigational New Drug (IND) review with the FDA. The first step is a pre-INDmeeting, after which an IND submission will be filed in preparation for phase Iclinical study in humans.
IP Portfolio
Intellectual Property is the primary asset of any pharmaceuticalcompany, and as such it is critical that we protect the proprietary nature ofour intellectual property, whether it is our compounds, formulations,indications, etc., as well as the investment of time and capital we have allmade in the Company. This is especially important now, as researchers and pharmaceuticalcompanies begin to recognize that the benefits and potential applications for psychedelictreatments represent a substantial market opportunity.
The Clearmind IP Portfolio currently comprises two patent families; bingebehavior regulators which have been granted approval in the U.S., Europe,China, and India, as well as pending divisional applications in Europe and theUS. Our alcohol beverage substitute has been approved for a European patent,with pending applications in the US, China, and India.
We are seeking additional patents to expand not only our IP portfoliobut also our therapeutic solutions for underserved conditions.
Financial Summary
I am happy to report that Clearmind is financially sounder since theChange of Business listing. In addition to eliminating obligations related tothe previous business, we recently secured $6.2 million in private placement.The capital raised strengthens our balance sheet and provides us funding forour current R&D plan, and since the offering was a unit deal, the warrants,if exercised, present the possibility for additional future capital.
Looking Ahead
I believe psychedelic-based medicine has the potential to revolutionizethe way we treat mental health issues. Clearmind is committed to creatingeffective therapies that will better the lives of millions. Our management teamhas the expertise and passion necessary to achieve that objective, and we haveattracted a world-class Scientific Advisory Board to help us become a leader inthe field.
I would like to thank you for your continued support along this journeyand look forward to sharing more good news with you soon.
Sincerely,
Adi Zuloff-Shani, PhD.
Chief Executive Office
If you would like more information on our recent progress, we invite youto read the listing documents posted on the Exchange website www.thecse.com.
Learn more at:
www.Clearmindmedicine.com
Investor Relations,
Email: invest@clearmindmedicine.com
Telephone: (778) 400-5347
General Inquiries,
Info@Clearmindmedicine.com
FORWARD-LOOKINGSTATEMENTS:
This news release may containforward-looking statements and information based on current expectations. Thesestatements should not be read as guarantees of future performance or results.Such statements involve known and unknown risks, uncertainties and other factorsthat may cause actual results, performance or achievements to be materiallydifferent from those implied by such statements. Such statements includesubmission of the relevant documentation within the required timeframe to thesatisfaction of the relevant regulators and raising sufficient financing tocomplete the Company’s business strategy. There is no certainty that any ofthese events will occur. Although such statements are based on management’sreasonable assumptions, there can be no assurance that such assumptions willprove to be correct. We assume no responsibility to update or revise them toreflect new events or circumstances.
Investing into early-stagecompanies inherently carries a high degree of risk and investment intosecurities of the Company shall be considered highly speculative.
This press release shall notconstitute an offer to sell or the solicitation of an offer to buy nor shallthere 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 underthe United States Securities Act of 1933, as amended, and may not be offered orsold in the United States absent registration or an applicable exemption fromregistration requirements.
Neither the CanadianSecurities Exchange nor its Regulation Services Provider (as that term isdefined in the policies of the CSE) accepts responsibility for the adequacy oraccuracy of this release.
Not for distribution to U.S. newswire services or dissemination in theUnited States.