Category: Bright Minds Biosciences

VANCOUVER, BC – April 23, 2021 – Bright Minds Biosciences Inc. (CSE: DRUG) (the “Company”), a biotechnology company focused on developing novel transformative treatments for neuropsychiatric disorders, epilepsy and pain, is pleased to announce that, pursuant to the exercise of its option under the
Option Agreement (as herein defined), it has entered into an exclusive license agreement (the “License Agreement”) with the Board of Trustees of the University of Illinois (the “University”).

 

Pursuant to the License Agreement, the University has granted the Company an exclusive license (the “License”) to the inventions described in PCT/US2011/023535 and all counterpart patents related thereto and described in PCT/US2016/015019 and all counterpart patents related thereto (collectively, the “Inventions”). The Company had previously been evaluating the Inventions pursuant to an option agreement with the University dated March 26, 2020 (the “Option Agreement”).

 

In consideration for the License, the Company has agreed to: (i) pay the University a signing fee of USD$100,000, less USD$15,000 paid by the Company pursuant to the Option Agreement; and (ii) issue 63,000 fully-paid and non-assessable common shares in the capital of the Company (the “Payment
Shares”) to the University (part of which is received by the University on behalf of the University of North Carolina). Additionally, the Company will pay the University a royalty on net sales of products derived from the Inventions and a portion of all revenue received by the Company from sublicencees.

 

The Payment Shares are subject to a voluntary hold period of five years from the date of issuance.

 

The securities being referred to in this news release have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the U.S. or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from the registration
requirements. This news release does 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 jurisdiction in which such offer, solicitation or sale would be unlawful.

 

About Bright Minds Biosciences Inc.

 

Bright Minds is focused on developing novel transformative treatments for neuropsychiatry disorders, epilepsy and pain. Bright Minds has a portfolio of next generation serotonin agonists designed to precisely target abnormalities in neurocircuitry that lead to dysfunctional behaviors. The Company is developing
targeted therapies with the potential to improve the treatment of mental health and neurological disorders through the use of serotonergic compounds leveraging its world class scientific and drug development expertise to bring forward the next generation of safe and efficacious drugs. Bright Minds drugs extenuate
the therapeutic aspects of psychedelic and other serotonergic compounds while minimizing the side effects thereby creating superior drugs to first generation compounds, such as psilocybin.

 

ON BEHALF OF THE BOARD OF DIRECTORS

 

“Ian McDonald”

Ian McDonald
Chief Executive Officer

Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in
the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of
this news release. The Canadian Securities Exchange has neither approved nor disapproved the contents
of this news release.

 

FORWARD LOOKING STATEMENTS

All statements, other than statements of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ, materially from the Company’s expectations are disclosed in the Company’s documents filed from time to time with the Canadian Securities Exchange and the securities regulators in the Provinces of British Columbia, Alberta, Saskatchewan,
Manitoba, Ontario, New Brunswick, Nova Scotia, Prince Edward Island and Newfoundland and Labrador.

THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT AUTHORIZED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

 

VANCOUVER, British Columbia, March 17, 2021 (GLOBE NEWSWIRE) — Bright Minds Biosciences Inc. (CSE:DRUG) (“Bright Minds” or the “Company”) is pleased to announce that it has closed its previously announced underwritten public offering (the “Offering”) of units (the “Units”) of the Company. Eight Capital acted as lead underwriter and sole bookrunner in connection with the Offering on behalf of a syndicate of underwriters including Stifel GMP, Beacon Securities Limited and Haywood Securities Inc. (collectively, the “Underwriters”).

 

Pursuant to the terms of the Offering, the Company issued 3,419,883 Units, including 116,883 Units issued pursuant to the exercise of the Underwriters’ over-allotment option, at a price per Unit of $7.57 for aggregate gross proceeds of $25,888,514.31. Each Unit consists of one common share (each a “Common Share”) and one-half of one common share purchase warrant of the Company (each whole common share purchase warrant, a “Warrant”). Each Warrant is exercisable to acquire one common share of the Company at an exercise price of $9.46 per Warrant until March 17, 2024, subject to adjustment and acceleration in certain events. If the daily volume weighted average trading price of the Common Shares on the Canadian Securities Exchange (the “CSE”) is greater than $13.25 per Common Share for any 10 consecutive trading days, the Company shall have the right to accelerate the expiry date of the Warrants to a date that is at least 30 trading days following the date of the Company issuing a press release disclosing such acceleration.

 

The net proceeds of the Offering will be used by the Company for research and development activities, as well as working capital and general corporate purposes.

 

In connection with the Offering, the Underwriters were paid fees for their services in the amount of $916,317.13 plus expenses and received compensation warrants entitling them to purchase an aggregate of 132,666 Common Shares at a price of $7.57 per Common Share for a period of thirty-six months following closing. 39,000 of such compensation warrants will be subject to a hold period of four months and one day.

 

The securities issued pursuant to the Offering have not, nor will they be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons in the absence of U.S. registration or an applicable exemption from the U.S. registration requirements. 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 the United States or in any other jurisdiction in which such offer, solicitation or sale would be unlawful.

 

About Bright Minds

 

Bright Minds is focused on developing novel transformative treatments for neuropsychiatry disorders, epilepsy and pain. Bright Minds has a portfolio of next generation serotonin agonists designed to precisely target abnormalities in neurocircuitry that lead to dysfunctional behaviors. The Company is developing targeted therapies with the potential to improve the treatment of mental health and neurological disorders through the use of serotonergic compounds leveraging its world class scientific and drug development expertise to bring forward the next generation of safe and efficacious drugs. Bright Minds drugs extenuate the therapeutic aspects of psychedelic and other serotonergic compounds while minimizing the side effects thereby creating superior drugs to first generation compounds, such as psilocybin.

 

This news release contains “forward-looking information” which may include, but is not limited to, statements with respect to expectations about the intended use of the net proceeds of the Offering. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. A variety of factors, including known and unknown risks, many of which are beyond our control, could cause actual results to differ materially from the forward-looking information in this press release. Additional risk factors can also be found in the Company’s public filings under the Company’s SEDAR profile at www.sedar.com. Forward-looking statements contained herein are made as of the date of this press release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking statements if circumstances, management’s estimates or opinions should change, except as required by securities legislation. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.

 

For further information:

Lisa M. Wilson
E: lwilson@insitecony.com
T: 212-452-2793

 

Originally published on globenewswire.com

— BMB compound significantly reduced fentanyl intake in an animal model of opioid abuse —

 

— Potential to reduce continued opioid use in humans, a key treatment goal for opioid use disorder —

 

— A brief virtual presentation discussing the findings is scheduled for Monday, March 15^th at 11am ET —

 

VANCOUVER, British Columbia, March 15, 2021 (GLOBE NEWSWIRE) — Bright Minds Biosciences (“Bright Minds,” “BMB” or the “Company”) (CSE:DRUG), a biotechnology company focused on developing novel transformative treatments for neuropsychiatry disorders, epilepsy and pain, today announced that studies conducted with its BMB proprietary 5-HT_2C agonists show robust efficacy in rodent models of opioid self-administration as a treatment for opioid use disorder (“OUD”). The Company tested its lead compound in rodent models at the Center for Addiction Research, University of Texas Medical Branch.

 

The increase in drug overdose mortality that began in 2019 accelerated markedly during the COVID-19 pandemic in the United States, leading to the largest number of drug overdoses for a 12-month period ever recorded. With this crisis worsening, the Company’s early positive results are highly encouraging, showing reduced opioid and drug-seeking without any side effects. According to the World Health Organization, fewer than 10% of eligible patients receive treatment for OUD that also decreases the risk of overdose.

 

“We are pleased to advance this important investigational work with the potential to expand therapeutic options for OUD that improve treatment response and adherence – all with the goal to ultimately save lives,” stated Ian McDonald, CEO of Bright Minds Biosciences.

 

“The Bright Minds approach builds on an innovative new medication candidate as a promising means to reduce craving and promote abstinence in patients with opioid use disorder,” stated Dr. Kathryn A. Cunningham, Center for Addiction Research, University of Texas Medical Branch.

 

Study Design and Preclinical Findings

 

The study was directed by leading researcher, Dr. Kathryn A. Cunningham, Director, Center for Addiction Research, University of Texas Medical Branch. The opioid use study used a validated model using male rats trained to stably self-administer fentanyl. This opioid self-administration model is considered the “gold standard” to investigate the neurobiology of drug addiction in rodents. The ability of a drug to suppress fentanyl intake predicts its potential to reduce continued opioid use in humans, a key OUD treatment goal.

 

The proprietary BMB compound dose-dependently suppressed fentanyl infusions in rats at potentially clinically relevant doses with the highest doses having a more than 50% reduction in fentanyl intake. In addition, the compound did not overtly alter spontaneous behaviors of animals in this study.

 

A brief virtual presentation to discuss the findings is scheduled for Monday, March 15 at 11am ET.

 

Link for registration
https://app.livestorm.co/bright-minds-biosciences/opioid-use-disorder-study-presentation?type=light

 

About Opioid Use Disorder

Opioid use disorder is the chronic use of opioids that causes clinically significant distress or impairment. According to the American Psychiatric Association, opioid use disorder includes signs and symptoms that reflect compulsive, prolonged self-administration of opioid substances that are used for no legitimate medical purpose, or if another medical condition is present, that requires opioid treatment, that are used in doses greatly in excess of the amount needed for that medical condition. Individuals with opioid use disorder tend to develop such regular patterns of compulsive drug use that daily activities are planned around obtaining and administering opioids.

 

Serotonin Agonists: Opioid Use Disorder

 

Serotonin (5-Hydroxytryptamine, 5-HT) is a monoamine neurotransmitter widely expressed in the central nervous system and drugs modulating 5-HT have made a major impact in mental health disorders. Central 5-HT systems have long been associated with the control of ingestive behavior and the modulation of behavioral effects of psychostimulants, opioids, alcohol and nicotine. Over the past decade, the various 5-HT receptor subtypes have been cloned and characterized. Results of clinical trials and animal studies indicate that 5-HT_2C receptor agonists may have therapeutic potential in the treatment of addiction by decreasing the intake of opioids as well as impulsive behavior that can escalate compulsive drug use.¹²

 

About Bright Minds

 

Bright Minds is focused on developing novel transformative treatments for neuropsychiatry disorders, epilepsy and pain. Bright Minds has a portfolio of next-generation serotonin agonists designed to precisely target abnormalities in neurocircuitry that lead to dysfunctional behaviors. The Company is developing targeted therapies with the potential to improve the treatment of mental health and neurological disorders through the use of serotonergic compounds, leveraging its world-class scientific and drug development expertise to bring forward the next generation of safe and efficacious drugs. Bright Minds’ drugs accentuate the therapeutic aspects of psychedelic and other serotonergic compounds, while minimizing the side effects, thereby creating superior drugs to first-generation compounds, such as psilocybin.

 

Forward Looking Statements

 

This news release contains forward-looking statements, including statements regarding the scientific findings of the Company’s drug development program, and other statements that are not historical facts. Forward-looking statements are often identified by terms such as “will”, “may”, “should”, “anticipate”, “expects” and similar expressions. All statements other than statements of historical fact included in this release are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.

 

The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company, and which are described in the Company’s public filings available under its profile at www.sedar.com. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company does not intend to update any of the included forward-looking statements except as required by Canadian securities laws.

 

Investor Contact:

Judy DiClemente
jdiclemente@insitecony.com

¹ Neelakantan H, Holliday ED, Fox RG, Stutz SJ, Comer SD, Haney M, Anastasio NC, Moeller FG, Cunningham KA. Lorcaserin Suppresses Oxycodone Self-Administration and Relapse Vulnerability in Rats. ACS Chem Neurosci. 2017 May 17;8(5):1065-1073. doi: 10.1021/acschemneuro.6b00413. Epub 2017 Feb 13. PMID: 28107783; PMCID: PMC5454249.

² Higgins GA, Fletcher PJ. Therapeutic Potential of 5-HT_2C Receptor Agonists for Addictive Disorders. ACS Chem Neurosci. 2015 Jul 15;6(7):1071-88. doi: 10.1021/acschemneuro.5b00025. Epub 2015 Apr 14. PMID: 25870913.

 

Originally published on globenewswire.com

VANCOUVER, British Columbia, March 10, 2021 (GLOBE NEWSWIRE) — Bright Minds Biosciences (“Bright Minds,” “BMB” or the “Company”) (CSE:DRUG), a biotechnology company focused on developing novel transformative treatments for neuropsychiatry disorders, epilepsy and pain, today announced that Ian McDonald, Chief Executive Officer, will be presenting at the Stifel GMP Healthcare Conference – Healthcare Psychedelics: Addressing the Global Mental Health Crisis, as follows:

Date:         Thursday, March 11, 2021

Time:         2:10PM Eastern Time

Webcast:  https://wsw.com/webcast/stifel41/drug.cn/2503436

 

The presentation will be webcast live at the aforementioned time and available for one week thereafter using the link provided above.

 

About Bright Minds
Bright Minds is focused on developing novel transformative treatments for neuropsychiatry disorders, epilepsy and pain. Bright Minds has a portfolio of next generation serotonin agonists designed to precisely target abnormalities in neurocircuitry that lead to dysfunctional behaviors. The Company is developing targeted therapies with the potential to improve the treatment of mental health and neurological disorders through the use of serotonergic compounds leveraging its world class scientific and drug development expertise to bring forward the next generation of safe and efficacious drugs. Bright Minds drugs extenuate the therapeutic aspects of psychedelic and other serotonergic compounds while minimizing the side effects thereby creating superior drugs to first generation compounds, such as psilocybin.

 

Investor Contact:
Judy DiClemente
jdiclemente@insitecony.com

 

Originally published on globenewswire.com

— Model is predictive for human efficacy for binge eating —

 

— BMB compound reduced binge eating in rats with a clear dose range for efficacy —

 

— A virtual presentation discussing the findings is tentatively scheduled for Wednesday, March 10^th at 11:00AM EST —

 

VANCOUVER, British Columbia, March 03, 2021 (GLOBE NEWSWIRE) — Bright Minds Biosciences (“Bright Minds,” “BMB” or the “Company”) (CSE:DRUG), is focused on developing novel transformative treatments for neuropsychiatry disorders, epilepsy and pain, today announced that studies conducted with its BMB proprietary 5-HT_2C agonists show efficacy in rodent models of binge eating.

 

“These early positive results are very encouraging and represent an important step forward, as we work to unlock the potential of our proprietary compounds. Binge eating disorder (“BED”) in young adults has increased significantly during the pandemic. Existing therapeutics have well-known limitations, and according to National Eating Disorder Association data, 57% of people with BED never receive pharmacological treatment. We look forward to continuing our investigation and addressing this widespread unmet medical need,” stated Ian McDonald, Chief Executive Officer of Bright Minds.

 

“There is great need to improve treatment of binge eating disorder, and Bright Minds has an innovative new medication candidate to suppress food intake, especially high-caloric palatable foods,” stated Dr. Kathryn A. Cunningham, Center for Addiction Research, University of Texas Medical Branch.

 

Study Design and Preclinical Findings

 

The study was directed by leading researcher, Dr. Kathryn A. Cunningham, Director, Center for Addiction Research, University of Texas Medical Branch. The binge eating rodent study used a validated rat model where rodents were habituated to a high fat feeding paradigm. In particular, this rodent model displays the objective characteristics of a binge eating episode, in humans, with consumption of a large amount of high fat palatable food in a short period of time, but also the characteristics of loss of control during the episode. This model is predictive for human efficacy for compounds designed to control binge eating.

 

The proprietary BMB compound is a novel well characterized 5-HT_2C agonist with no 5-HT_2A or 5-HT_2B agonist activity. Using lorcaserin as the reference compound, the BMB compound was tested at a range of potentially clinically relevant doses, and found to be comparable. Lorcaserin is a well characterized 5-HT_2C agonist originally approved for the treatment of obesity, previously demonstrated to suppress binge eating behavior in this rodent model, and no longer on the market.

 

The BMB compound reduced binge intake to a similar extent as lorcaserin reduction. There was a clear dose response with the highest doses tested showing an approximate reduction in binge eating by 50%. This reduction in binge eating was accompanied by significant decreased body weight during the 24-hour evaluation period.

 

A virtual presentation to discuss the findings is tentatively scheduled for Wednesday, March 10^th at 11:00AM EST.

 

Link for registration

https://app.livestorm.co/bright-minds-biosciences/binge-eating-disorder-study-presentation?type=detailed

 

About Binge Eating Disorder

 

Binge eating disorder is a severe, life-threatening and treatable eating disorder characterized by recurrent episodes of eating large quantities of food (often very quickly and to the point of discomfort); a feeling of a loss of control during the binge; experiencing shame, distress or guilt afterwards; and not regularly using unhealthy compensatory measures (e.g., purging) to counter the binge eating. It is the most common eating disorder in the United States with a lifetime prevalence of 2.8% in females and 1% in males.”

https://www.nationaleatingdisorders.org/learn/by-eating-disorder/bed

 

Serotonin Agonists and Binge Eating Disorder and Opioid Use Disorder

 

Central serotonin systems have long been associated with the control of ingestive behavior, and the modulation of behavioral effects of psychostimulants, opioids, alcohol, and nicotine. 5-HT2C receptor agonists likely act directly on these hypothalamic circuits to alter metabolic aspects of feeding, as well as act on the pre-frontal cortex and ventro-tegmental area to control feeding behavior. 5-HT_2C agonists also have a broad role in the reduction of drug seeking behaviors via altering neurocircuits and so have the potential to treat substance use disorders (Higgins and Fletcher).

 

About Bright Minds

Bright Minds is focused on developing novel transformative treatments for neuropsychiatry disorders, epilepsy and pain. Bright Minds has a portfolio of next generation serotonin agonists designed to precisely target abnormalities in neurocircuitry that lead to dysfunctional behaviors. The Company is developing targeted therapies with the potential to improve the treatment of mental health and neurological disorders through the use of serotonergic compounds leveraging its world class scientific and drug development expertise to bring forward the next generation of safe and efficacious drugs. Bright Minds drugs extenuate the therapeutic aspects of psychedelic and other serotonergic compounds while minimizing the side effects thereby creating superior drugs to first generation compounds, such as psilocybin.

 

Forward Looking Statements

 

This news release contains forward-looking statements, including statements regarding the scientific findings of Company’s drug development program, and other statements that are not historical facts. Forward-looking statements are often identified by terms such as “will”, “may”, “should”, “anticipate”, “expects” and similar expressions. All statements other than statements of historical fact included in this release are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.

 

The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company, and which are described in the Company’s public filings available under its profile at www.sedar.com. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company does not intend to update any of the included forward-looking statements except as required by Canadian securities laws.

 

Investor Contact:
Judy DiClemente
jdiclemente@insitecony.com

 

Originally published on globenewswire.com

THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT AUTHORIZED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

 

VANCOUVER, British Columbia, Feb. 23, 2021 (GLOBE NEWSWIRE) — Bright Minds Biosciences Inc. (CSE:DRUG) (“Bright Minds” or the “Company”) announces the pricing of its previously announced underwritten marketed offering (the “Offering”) of an aggregate of 3,303,000 units of the Company (the “Units”) at a price of $7.57 per Unit for gross proceeds to the Company of approximately $25,000,000.

 

Each Unit is comprised of one common share of the Company (a “Common Share”) and one-half of one Common Share purchase warrant (each whole warrant, a “Warrant”). Each Warrant will entitle the holder thereof to purchase one Common Share at an exercise price of $9.46 for a period of 36 months from the closing date, subject to adjustment and acceleration in certain events. If, at any time following the closing of the Offering, the daily volume weighted average trading price of the Common Shares on the Canadian Securities Exchange (the “CSE”) equals or exceeds $13.25 per Common Share for any 10 consecutive trading days, the Company shall have the right to accelerate the expiry date of the Warrants to a date that is at least 30 trading days following the date of the Company issuing a press release disclosing such acceleration.

 

Eight Capital is acting as the lead underwriter and sole bookrunner in connection with the Offering on behalf of a syndicate of underwriters including Stifel GMP, Beacon Securities Limited and Haywood Securities Inc. (together, the “Underwriters”).

The Company has granted the Underwriters an over-allotment option, exercisable for 30 days following the closing of the Offering, to acquire up to an additional ‎495,450 Units on the same terms and conditions‎, for additional gross proceeds of up to approximately $3,750,556.

 

An amended and restated preliminary short form prospectus (the “A&R Preliminary Prospectus”) will be filed today with the securities regulatory authorities in each of the provinces of Canada, except Quebec, in connection with the Offering. A copy of the A&R Preliminary Prospectus, following filing thereof, will be available on SEDAR at www.sedar.com.

 

The Offering is expected to close on March 9, 2021 and is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and stock exchange approvals, including the approval of the CSE and the applicable securities regulatory authorities.

 

The net proceeds of the Offering will be used by the Company for its research and development activities, as well as working capital and general corporate purposes.

 

The securities being offered have not, nor will they be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons in the absence of U.S. registration or an applicable exemption from the U.S. registration requirements. 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 the United States or in any other jurisdiction in which such offer, solicitation or sale would be unlawful.

 

About Bright Minds

 

Bright Minds is a pre-clinical biosciences company with a portfolio of compounds designed to precisely target abnormalities in neurocircuitry that lead to dysfunctional behaviors. Bright Minds is focused on developing targeted therapies with the potential to improve the treatment of mental health and neurological disorders through the use of serotonergic compounds leveraging its world class scientific and drug development expertise to bring forward the next generation of safe and efficacious neuropsychiatry drugs into the clinic. Bright Minds drugs extenuate the therapeutic aspects of psychedelic and other serotonergic compounds while minimizing the side effects thereby creating superior drugs to first generation compounds, such as psilocybin. Bright Minds was selected to participate in two National Institutes of Health (“NIH”) Programs. These NIH collaborations are evaluating Bright Minds serotonin agonists for therapeutic potential in pain and in epilepsy.

 

This news release contains “forward-looking information” which may include, but is not limited to, statements with respect to expectations about the anticipated filing date of the A&R Preliminary Prospectus, the anticipated closing date, the use of the net proceeds of the Offering and the ability of the Company to secure required regulatory acceptances, including the approval of the CSE. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. A variety of factors, including known and unknown risks, many of which are beyond our control, could cause actual results to differ materially from the forward-looking information in this press release. Such factors include, without limitation, the risk of failure to satisfy customary closing conditions of the Offering. Additional risk factors can also be found in the Company’s public filings under the Company’s SEDAR profile at www.sedar.com. Forward-looking statements contained herein are made as of the date of this press release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking statements if circumstances, management’s estimates or opinions should change, except as required by securities legislation. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.

For further information:
Lisa M. Wilson
lwilson@insitecony.com

 

Originally published on globenewswire.com

THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT AUTHORIZED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

 

VANCOUVER, British Columbia, Feb. 22, 2021 (GLOBE NEWSWIRE) — Bright Minds Biosciences Inc. (CSE:DRUG) (“Bright Minds” or the “Company”) announces that it has commenced an underwritten marketed public offering (the “Offering”) of units of the Company (the “Units”). Each Unit is comprised of one common share in the capital of the Company (a “Common Share”) and one-half of one common share purchase warrant (each whole warrant, a “Warrant”). Each Warrant will entitle the holder thereof to purchase one Common Share.

 

Eight Capital is acting as lead underwriter and sole bookrunner on behalf of a syndicate of underwriters (the “Underwriters”). The number of Units to be sold, the offering price and the terms of the Units will be determined in the course of marketing and there can be no assurance as to completion of the Offering, or as to the actual size or terms of the Offering.

 

The Company has granted the Underwriters an option, exercisable in whole or in part, at the sole discretion of the Underwriters, at any time for a period of 30 days from and including the closing of the Offering, to purchase from the Company up to an additional 15% of the Units sold under the Offering, on the same terms and conditions of the Offering to cover over-allotments, if any, and for market stabilization purposes.

 

The Offering is being conducted pursuant to the Company’s short form prospectus filed with the securities regulatory authorities in each of the provinces of Canada, except Quebec. The Offering is expected to close on March 9, 2021 and is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and stock exchange approvals, including the approval of the Canadian Securities Exchange (“CSE”) and the applicable securities regulatory authorities.

 

The net proceeds of the Offering will be used by the Company for its research and development activities, as well as working capital and general corporate purposes.

 

The preliminary short form prospectus is available on SEDAR at www.sedar.com.

 

The securities being offered have not, nor will they be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons in the absence of U.S. registration or an applicable exemption from the U.S. registration requirements. 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 the United States or in any other jurisdiction in which such offer, solicitation or sale would be unlawful.

 

About Bright Minds

 

Bright Minds is a pre-clinical biosciences company with a portfolio of compounds designed to precisely target abnormalities in neurocircuitry that lead to dysfunctional behaviors. Bright Minds is focused on developing targeted therapies with the potential to improve the treatment of mental health and neurological disorders through the use of serotonergic compounds leveraging its world class scientific and drug development expertise to bring forward the next generation of safe and efficacious neuropsychiatry drugs into the clinic. Bright Minds drugs extenuate the therapeutic aspects of psychedelic and other serotonergic compounds while minimizing the side effects thereby creating superior drugs to first generation compounds, such as psilocybin. Bright Minds was selected to participate in two National Institutes of Health (“NIH”) Programs. These NIH collaborations are evaluating Bright Minds serotonin agonists for therapeutic potential in pain and in epilepsy.

 

This news release contains “forward-looking information” which may include, but is not limited to, statements with respect to expectations about the likelihood of completing the Offering, the anticipated size of the Offering, the anticipated offering price of the Units, the anticipated closing date, the use of the net proceeds of the Offering and the ability of the Company to secure required regulatory acceptances, including the approval of the CSE. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. A variety of factors, including known and unknown risks, many of which are beyond our control, could cause actual results to differ materially from the forward-looking information in this press release. Such factors include, without limitation, the risk of failure to satisfy customary closing conditions of the Offering. Additional risk factors can also be found in the Company’s public filings under the Company’s SEDAR profile at www.sedar.com. Forward-looking statements contained herein are made as of the date of this press release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking statements if circumstances, management’s estimates or opinions should change, except as required by securities legislation. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.

For further information:
Lisa M. Wilson
lwilson@insitecony.com

 

Originally published on globenewswire.com

VANCOUVER, British Columbia, Feb. 10, 2021 (GLOBE NEWSWIRE) — Bright Minds Biosciences (“Bright Minds” or the “Company”), a biosciences company focused on creating the next generation of psychedelic and related therapies for the treatment of mental health and central nervous system disorders, today announced three additions to its scientific advisory team: John M. McCall, PhD, Senior Advisor; Mark A. Geyer, PhD, Advisor; and Uros Laban, Senior Chemist.

 

“We are delighted to welcome John, Mark and Uros to the Bright Minds team. Their collective research, drug development and patent expertise will undoubtedly help us to advance our programs through the clinical phase and ultimately to market. Bright Minds is committed to designing and delivering psychedelic therapeutics with improved safety and predictability that can address the many unmet medical needs in the mental health and pain management areas. As we expand our cadre of renowned scientific advisors, we look forward to their insights and contributions, and to taking full advantage of the opportunities ahead,” stated Ian McDonald, CEO.

 

John M. McCall, PhD, is Co-Founder, Chairman of the Board and Vice President of Chemistry at ReveraGen BioPharma, a company with a focus on developing therapeutics for Duchenne muscular dystrophy. His expertise includes medicinal biochemistry, steroidal chemistry, risk minimization and strategic planning. Dr. McCall began his career as a medicinal chemist with Upjohn and subsequently held positions with Pharmacia and Pfizer. He was Director of CNS Research with Upjohn, Vice President and Global Head of Chemistry for both Pharmacia and Pharmacia Upjohn and Vice President Research with Pfizer. He has extensive consulting experience via his privately owned PharMac firm, advising National Institutes of Health (“NIH”), academic, and pharmaceutical partners in the translational drug discovery and development areas. Dr. McCall currently chairs a NINDS development team in the spinal muscular atrophy area, serves on boards and scientific advisory boards, consults, participates as a NIH study section member, works with three venture capital funds, and is a partner with the Upjohn Group. Dr. McCall’s Board and Scientific Advisory Board positions include UCB, CeeTox, Synergenics, Psychogenics, Avaant, Deciphera, Lycera, Michigan High Throughput Screening Center, Verseon, CINRG, Reaction Biology, Scripps, AdmetRx, and PharmOptima. Dr. McCall holds 54 U.S. patents and has over 60 refereed publications. Dr. McCall received a PhD in Organic Chemistry from the University of Wisconsin and did his postdoctoral work at Harvard University.

 

Mark A. Geyer, PhD, is Distinguished Professor of Psychiatry and Neurosciences Emeritus at the University of California San Diego (“UCSD”), where he directs the Neuropsychopharmacology Unit of the VISN 22 Veterans Administration Mental Illness Research, Clinical, and Education Center. In 1993, he co-founded the Heffter Research Institute, which pioneered and supported much of the scientific research that has prompted the exploration of psychedelics as potential therapeutics in humans. Dr. Geyer’s research has long focused on developing parallel behavioral paradigms in animals and humans for use in psychiatric drug discovery. He recently co-founded the Psychedelics and Health Research Initiative at UCSD, which is exploring the efficacy of psychedelics in the treatment of pain disorders. Dr. Geyer is respected internationally for his research on the psychophysiology, neurobiology, and pharmacotherapy of schizophrenia and bipolar disorder. He has published more than 470 peer-reviewed papers and over 50 reviews, including many addressing the mechanisms subserving the effects of antipsychotics, psychostimulants, psychedelics, and entactogens. Dr. Geyer received a PhD in Psychology from the University of California San Diego.

 

Uros Laban, PhD, is an experienced medicinal chemist with a breadth of pharmaceutical industry experience across drug development, synthetic chemistry, scale-up, and life sciences. Most recently he was Scientific Consultant-Project Manager at Senai Cimatec, with responsibility for the design and synthesis of novel anti-tuberculosis agents and anticancer remedies from plants. He holds the position of Chief Chemist at Associação Cannab, a company that produces cannabis for patients with debilitating diseases. He is also the Founder of Ewelabs, an international pharmaceutical consultancy, with a focus on strategies for pharmaceutical industry development. Uros honed his skills working in the renowned lab of Professor David Nichols, a pioneer of psychedelic drug discovery. Considered an expert on the future of psychedelics, Dr. Laban has published numerous books and articles and is a frequent speaker at conferences. He received a PhD in medicinal chemistry and did postdoctoral work at Federal University of Rio de Janeiro.

 

About Bright Minds

 

Bright Minds is a pre-clinical biosciences company with a portfolio of compounds designed to precisely target abnormalities in neurocircuitry that lead to dysfunctional behaviors. Bright Minds is focused on developing targeted therapies with the potential to improve the treatment of mental health and neurological disorders through the use of serotonergic compounds, leveraging its world class scientific and drug development expertise to bring forward the next generation of safe and efficacious neuropsychiatry drugs into the clinic. Bright Minds drugs extenuate the therapeutic aspects of psychedelic and other serotonergic compounds while minimizing the side effects, thereby creating superior drugs to first generation compounds, such as psilocybin.

 

Forward-Looking Statements

 

This news release contains forward-looking statements, including statements regarding the date of listing of the Shares and the advancement of the Company’s drug development program, and other statements that are not historical facts. Forward-looking statements are often identified by terms such as “will”, “may”, “should”, “anticipate”, “expects” and similar expressions. All statements other than statements of historical fact included in this release are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.

 

The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company, and which are described in the Company’s public filings available under its profile at www.sedar.com. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company does not intend to update any of the included forward-looking statements except as required by Canadian securities laws.

 

Investor Contact:
Judy DiClemente
jdiclemente@insitecony.com

 

Originally published on globenewswire.com