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  • Mindset Pharma (MSET) has released a corporate update in addition to its financial results for the 2021 fiscal year
  • Mindset concluded the 2021 fiscal year with approximately $6.6 million in cash
  • Corporate highlights in 2021 include an expanded patent portfolio, advancing its lead drug candidate toward clinical trials, developing first-in-class benchmarking, and identifying a new technology platform
  • The company also enhanced its leadership and advisory teams
  • Mindset Pharma is a drug discovery and development company focused on creating optimized and patentable next-generation psychedelic medicines
  • Shares in Mindset Pharma Inc. (MSET) are currently down 1.39 per cent, trading at $0.71 per share

Mindset Pharma (MSET) has released a corporate update in addition to its financial results for the 2021 fiscal year.

Net loss for the fiscal year was $11.7 million. However, Mindset concluded the 2021 fiscal year with approximately $6.6 million in cash and believes that it is well capitalized for continued growth.

The company was incorporated in October 2019, and in its first year (October 2019 to June 2020) recorded a net loss of $0.5 million.

“During fiscal 2021 and subsequent months, our team made tremendous progress developing and advancing our vast library of next-generation psychedelic compounds as well as creating state-of-the-art, standard-setting processes for evaluating novel psychedelic drug candidates, which will prove valuable for the psychedelics industry at large,” said Mindset CEO James Lanthier.

Corporate highlights in 2021 include an expanded patent portfolio, advancing its lead drug candidate toward clinical trials, developing first-in-class benchmarking, and identifying a new technology platform.

The company also enhanced its leadership and advisory teams with the appointments of Dr. Malik Slassi as Senior Vice President of Innovation, Mr. Ian Dean as Director of Preclinical Development, and Drs. Michael Rogawski, Guy Higgins, Joseph Gabriele, and Ishrat Husain to its Scientific Advisory Board.

To date, Mindset has synthesized and screened over 100 compounds to select the optimal psychedelic drug candidates for progressing towards clinical trials.

“Our overarching goal is to select the most promising clinical candidates from our ongoing discovery work, and advance them into the clinic as quickly as possible, either through partnerships or directly ourselves,” said Mr. Lanthier.

The company has identified four families of compounds that it plans to advance to clinical trials.

Mindset Pharma is a drug discovery and development company focused on creating optimized and patentable next-generation psychedelic medicines to treat neurological and psychiatric disorders with unmet needs.

Shares in Mindset Pharma Inc. (MSET) are currently down 1.39 per cent, trading at $0.71 per share as of 10:32 am ET.

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