Biomind Labs and Queen’s University of Belfast Receive Controlled Substances License to Commence the Production of a Novel Transdermal Drug Delivery System

Biomind Labs Inc. (“Biomind Labs” or the “Company”) (NEO: BMND) (OTC: BMNDF) (FSE: 3XI), a leading biotech company focused on developing the next generation of pharmaceuticals to treat patients suffering from neurological and psychiatric disorders by scientifically harnessing the medicinal power of psychedelic molecules, is pleased to announce the receipt of a Controlled Substances License and the commencement of an eight-month project to produce and evaluate novel rapidly-dissolving and sustained-release hydrogel-forming microneedle arrays designed for the transdermal delivery of Biomind’s key psychedelic compounds: N, N-dimethyltryptamine (“DMT”), 5-methoxyN,N-dimethyltryptamine (“5-MeO-DMT”) and mescaline.

“As we continue expanding our operations in the United Kingdom, partnering with Queen’s University of Belfast, a global leader in rapidly-dissolving and sustained-release hydrogel-forming microneedles, can provide us with a first mover advantage in offering a novel drug delivery system where the release can be controlled. Such a disruptive drug delivery approach can go beyond a full psychedelic experience, allowing us to broaden our total addressable market. We could potentially be talking about the next generation treatment for inflammation, pain and neurodegenerative disorders, by way of a comfortable drug delivery solution with a strong emphasis on improving therapeutic outcomes for patients. Our exclusive agreement with Queen’s University of Belfast can strengthen our intellectual property portfolio based on three of our key psychedelic compounds: DMT, 5-MeO-DMT and mescaline,” commented Alejandro Antalich, CEO of Biomind Labs.

The use of polymeric microneedle array patches (“MAPs”) is an attractive way of delivering drugs through the skin. Upon MAP application, microneedles painlessly penetrate the outer layer of the skin, creating temporary microchannels in this highly effective barrier to diffusion, through which enhanced transdermal drug delivery can be achieved. Given the presence of a dense network of blood vessels in the deeper layers of the skin, drugs can be absorbed into the plasmatic circulation and distributed to the entire body, producing a systemic effect. Additional advantages of this technology, such as the avoidance of first-pass metabolism and drug delivery in a rate-controlled or long-acting manner, can serve to reduce the incidence of side-effects and dosing frequency, which in turn may lead to increased treatment adherence.

About Biomind Labs Inc.
Biomind Labs is a biotech research and development company aimed at transforming biomedical sciences knowledge into novel pharmaceutical drugs and innovative nanotech delivery systems for a variety of psychiatric and neurological conditions. Through its acceleration platform, Biomind Labs is developing novel pharmaceutical formulations of the main psychedelic molecules, DMT, 5-MeO-DMT and mescaline for treating a wide range of therapeutic indications. Biomind Labs’ focus is to provide patients access to affordable and modern-day treatments.

Cautionary Note Regarding Forward-Looking Statements
This press release contains statements that constitute “forward-looking information” (“forward-looking information”) within the meaning of the 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 at the date of this news release. Any statement that discusses predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information. Forward-looking statements in this document include, among others, statements relating to the Company’s ability to scientifically harness the medicinal power of psychedelic molecules to treat patients suffering from neurological and psychiatric disorders, any timeframes and possible results of the Company’s eight-month project to produce and evaluate novel rapidly-dissolving and sustained-release hydrogel-forming microneedle arrays designed for the transdermal delivery of Biomind’s key psychedelic compounds, the Company’s expansion in the United Kingdom, the Company’s ability to offer a novel drug delivery system where the release can be controlled and any possible results or expectations in relation to such delivery system, the Company’s claim that its exclusive agreement with Queen’s University of Belfast can strengthen its intellectual property portfolio, the Company’s ability to provide patients access to affordable and modern-day treatments, and other statements that are not historical facts.

By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may 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 require additional financing from time to time in order to continue its operations which may not be available when needed or on acceptable terms and conditions acceptable; (b) compliance with extensive government regulation; (c) domestic and foreign laws and regulations could adversely affect the Company’s business and results of operations; (d) the stock markets have experienced volatility that often has been unrelated to the performance of companies and these fluctuations may adversely affect the price of the Company’s securities, regardless of its operating peers; (e) adverse changes in the public perception of tryptamine-based treatments and psychedelic-based therapies; (f) the 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 makes no medical, treatment or health benefit claims about the Company’s proposed products. The U.S. Food and Drug Administration, Health Canada or other similar regulatory authorities have not evaluated claims regarding tryptamine-based treatments, psychedelic-based therapies or other psychedelic compounds. The efficacy of such products has not been confirmed by approved research. There is no assurance that the use of psychedelic tryptamines, tryptamine derivatives or other psychedelic compounds can diagnose, treat, cure or prevent any disease or condition. Vigorous 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 quality, consistency, efficacy and safety of potential products do not imply that the Company verified such in commercial clinical trials or that the Company will complete such trials. If the Company cannot obtain the approvals or research necessary to commercialize its business, it may have a material adverse effect on the Company’s performance and operations.

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

The Neo Exchange Inc. has neither approved nor disapproved the contents of this news release and is not responsible for the adequacy and accuracy of the contents herein.

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For more information, please contact:
Biomind Labs Inc.
Alejandro Antalich
Chief Executive Officer
Email: [email protected]
Tel: + 598 97 702500