Biomind Labs Announces Completion of First Sublingual Psychedelic Formulation for Its Drug Candidate BMND08 for Depression and Anxiety in Alzheimer’s Disease

TORONTO, December 28, 2022—(BUSINESS WIRE)–Biomind Labs Inc. (“Biomind Labs” or “Society“) (NEO: BMND) (OTC: BMNDF) (FSE: 3XI), a leading biotechnology company focused on developing the next generation of medicines to treat patients suffering from neurological and psychiatric disorders by scientifically harnessing the healing power of psychedelic molecules, is pleased to announce that successfully completed the development of a new sublingual formulation to be used in a phase II trial for its 5-methoxy-N,N-dimethyltryptamine (“5-MeO-DMT“) based on BMND08 candidate for potential treatment of depression and anxiety in Alzheimer’s disease.

“A new milestone has been achieved that strengthens our vertically integrated strategy. Our scientific team has completed the challenging development of our proprietary sublingual formulation containing 5-MeO-DMT and the production of the first batch to be used in a Phase II trial. We are extremely excited about our new candidate for a drug that could allow us to tackle a new line of development to alleviate depression and anxiety in patients with Alzheimer’s-type cognitive impairment Over the past decades, science has shown that life expectancy can be extended, but this knowledge may not be as good as expected, for example, does it make sense to live longer if we are unable to even remember our own name or recognize a close relative? The consequences of current lifestyles, routines, long-term neurological effects from Covid-19, plus lack of brain training, have turned neurodegenerative diseases in common diseases As such, the main driver of our company is f tasting at p a potential solution to these devastating diseases and potentially improving neuroplasticity. Anyone who has a relative with a neurodegenerative disease like Alzheimer’s would give anything to stop the invisible, slow and irreversible suffering that completely destroys the quality of life. The sublingual route of administration meets many pharmaceutical and patient needs, emphasizing appropriate dosing for elderly and uncooperative psychiatric patients with dysphagia (swallowing difficulties). Sublingual administration has several advantages over oral formulations, such as rapid absorption, predictable strength, reduced interactions with other drugs and food, and ease of administration. The sublingual tablets are being shipped to a site where we expect to begin a phase II trial as soon as they arrive,” commented Alejandro Antalich, CEO of Biomind Labs.

“The main goal of developing this formulation was based on providing a scalable formulation that would be inexpensive, suitable for repeated and prolonged use, and painless. In the case of tryptamines, such as 5-MeO-DMT, it becomes neurochemically inactive when administered orally, since it is broken down by monoamine oxidase enzymes present in the gastrointestinal tract, preventing its absorption in the circulatory system and central nervous system. For the oral route of administration, the addition of a monoamine oxidase inhibitor to protect 5-MeO-DMT from first-pass metabolism becomes critical. This factor significantly increases the complexity of the formulation, which maximizes achievement,” added Ph.D. Paola Díaz Dellavalle, Chief Scientific Officer of Biomind Labs.

About Biomind Labs Inc.

Biomind Labs is a biotechnology research and development company whose goal is to transform the knowledge of the biomedical sciences into new pharmaceutical drugs and innovative nanotechnology delivery systems for a range of psychiatric and neurological conditions. Through its acceleration platform, Biomind Labs is developing new pharmaceutical formulations of the main psychedelic molecule, N,N-dimethyltryptamine (“DMT“), 5-MeO-DMT and mescaline for the treatment of a wide range of therapeutic indications. The focus of Biomind Labs is to provide patients with access to affordable and modern treatments.

Caution regarding forward-looking statements

This press release contains statements that constitute “forward-looking information” (“forward-looking information”) within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking information and are based on expectations, estimates and projections as of the date of this news release. Any statement that addresses predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often, but not always, using phrases such as “expects,” or “does not expect,” “expects,” “expects” or “does not anticipate”, “plans”, “budget”, “planned”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and expressions or state that certain actions, events or results “may” or “could”, “would”, “could” or “will” occur or be achieved) are not statements of historical fact and may be forward-looking information. Forward-looking statements in this document include, among other things, statements regarding the Company’s ability to scientifically harness the medicinal power of psychedelic molecules to treat patients suffering from neurological and psychiatric disorders, statements by the Company regarding Phase II trials of the Company’s new drug candidate BMND08; company statements regarding a focus on a potential solution to these devastating diseases and a potential improvement in neuroplasticity; the Company’s ability to provide affordable and modern treatments to patients; and other statements that are not historical facts.

By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause our actual results, performance or achievements or other future events to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors and risks include, among others: (a) the Company may from time to time require additional financing to continue its operations which may not be available when needed or on acceptable terms; (b) compliance with extensive government regulations; (c) domestic and foreign laws and regulations could negatively affect the Company’s operations and results; (d) stock markets have experienced volatility that has often been unrelated to the performance of the Company and these fluctuations may adversely affect the price of the Company’s securities, regardless of operating competitors; (e) adverse changes in public perception of tryptamine-based treatments and psychedelic therapies; (f) impact of COVID-19; and (g) general business, economic, competitive, political and social uncertainties. Accordingly, readers should not place undue reliance on the forward-looking information contained in this press release.

The company does not make any medical claims, treatment or health benefits related to the company’s proposed products. Claims regarding tryptamine-based treatments, psychedelic therapies, or other psychedelic compounds have not been evaluated by the United States Food and Drug Administration, Health Canada, or other similar regulatory bodies. The effectiveness of such products has not been confirmed by approved research. There is no guarantee that the use of psychedelic tryptamines, tryptamine derivatives or other psychedelic compounds can diagnose, treat, cure or prevent any disease or condition. Strong scientific research and clinical trials are needed. The Company has not yet completed commercial clinical trials for the use of its proposed products. Any references to the quality, consistency, efficacy and safety of potential products do not imply that the Company has confirmed it in commercial clinical trials or that the Company will complete such trials. If the Company is unable to obtain the approvals or research necessary to commercialize its business, this may have a material adverse effect on the Company’s performance and operations.

The forward-looking information contained in this release represents the Company’s expectations as of the date of this release and, accordingly, is subject to change after that date. Readers should not place undue importance on forward-looking information and should not rely on such information as of any other date. The Company undertakes no obligation to update these forward-looking statements should management’s beliefs, estimates or opinions or other factors change.

Neo Exchange Inc. has neither approved nor disapproved the content of this press release and is not responsible for the adequacy and accuracy of its content.

See the original version on businesswire.com: https://www.businesswire.com/news/home/20221228005258/en/

Contacts

For more information, contact:
Biomind Labs Inc.
Alejandro Antalich
Chief executive officer
Email: [email protected]
Phone: + 598 97 702500

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