Canada NewsWire
VANCOUVER, BC, Jan. 12, 2022
VANCOUVER, BC, Jan. 12, 2022 /CNW/ - Nova Mentis Life Science Corp. (CSE: NOVA) (FSE: HN3Q) (OTCQB: NMLSF) ("NOVA" or the "Company"), a biotechnology company and global leader in first-in-class psilocybin-based therapeutics and complementary diagnostics for neuroinflammatory disorders reviews its 2021 drug development accomplishments and its planned 2022 steps towards drug approval and commercialization.
"As we enter 2022, I want to thank NOVA's shareholders for their continued support and investment in our company. We, despite being a small drug biotech company, have achieved tremendous progress last year in our psilocybin research and drug development program, as well as established new partnerships that will help accelerate our efforts and guide us on the pathway to drug approval and commercialization," says Will Rascan, NOVA's CEO & President. "NOVA has laid the necessary groundwork to quickly move in 2022 to submit applications to the regulatory agencies in the U.S., Canada, and Europe for phase 2A clinical studies of psilocybin in fragile X syndrome (FXS), a rare disease with unmet medical needs. I personally look forward to reporting to our shareholders this year that our clinical studies have achieved positive clinical results and that NOVA is on its way to potential drug approval and commercial sales."
The Nova 2021 Story - Accomplishments:
a. manufacturing process for psilocybin and tryptamine derivatives; July 2021.
b. Worldwide diagnostic mRNA neuroinflammatory PCT application; November 2021.
The Nova 2022 Story – Future Catalysts:
Debt Settlement and RSU Grant
The Company has entered into a debt settlement agreement pursuant to which the Company has agreed to issue 1,056,583 common shares (each, a "Share"), at a deemed price of $0.06 per Share, to settle indebtedness of $63,395 (the "Transaction"). All Shares issued pursuant to the Transaction are subject to a statutory four-month and one-day hold period.
In addition, the Company has granted 2,350,000 restricted share units (the "RSUs") to directors, officers and consultants of the Company. The RSUs are valid for a two-year term and are governed by the Company's RSU Plan, approved by the Company's shareholders on December 22, 2020.
About Nova Mentis Life Science Corp.
Nova Mentis Life Science Corp. is a Canadian-based biotechnology company and global leader in developing diagnostics and psilocybin-based therapeutics for neuroinflammatory disorders. Nova is the first biotech company to achieve psilocybin orphan drug designation in both the United States and European Union.
The goal is to diagnose and treat debilitating chronic conditions that have unmet medical needs, such as autism spectrum disorder (ASD) and Fragile X Syndrome (FXS).
For further information on the Company, please visit www.novamentis.ca or email [email protected].
On Behalf of the Board
Will Rascan, President & CEO
Nova Mentis Life Science Corp.
Phone: 778-819-0244
Toll Free: 1-833-542-5323
Twitter: @novamentislsc
Instagram: @novamentislsc
Facebook: @novamentislsc
Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains statements that constitute "forward-looking statements." Such forward looking statements involve known and unknown risks, uncertainties and other factors that may cause Nova Mentis Life Science's actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "potential" and similar expressions, or that events or conditions "will," "would," "may," "could" or "should" occur.
SOURCE Nova Mentis Life Science Corp.
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