NeonMind Completes Pre-IND Consultation With FDA And Strengthens Medical Services Division

NeonMind Biosciences Inc. NMDBF NEON (FRA:6UF) provided a summary of business highlights on the company's activities and progress across its pharmaceutical and medical services divisions.

Pharmaceutical Division Highlights

• Successfully completed a pre-Investigational New Drug (IND) consultation with the U.S. Food and Drug Administration regarding proposed clinical trials for NeonMind's lead obesity drug candidate, NEO-001. The company expects to file its IND application in the first half of 2022 and initiate a Phase 1/2 clinical study during the course of this year.

• Completed an integrated drug development plan for its lead drug candidate targeting obesity, NEO-001, a high-dose psilocybin treatment coupled with behavioral therapy and lifestyle intervention, aimed to improve the efficacy of chronic weight management in adults.

• Appointed drug development executive Philippe Martin as chairman of the company's research and development advisory board.

Medical Services Division Highlights

• Established strategic alliances with SRx Health Solutions and BioScript Solutions, Canadian specialty healthcare services and medical treatment providers, to establish and operate a network of NeonMind specialty clinics to deliver evidence-backed innovative treatments for a variety of mental health needs.

• Announced inaugural specialty mental health clinic location in Mississauga, Ontario; expected to begin treatment services in the second half of 2022.

• Formed a specialty clinics advisory board with Canadian medical leaders in mental health and to guide planning and operation of NeonMind clinics, protocols and treatment models across Canada.

Corporate Highlights

• The company's common shares, listed on the OTCQB Venture Market, became eligible for electronic clearing and settlement through the Depository Trust Company in the United States.

• Completed divestiture of assets related to its consumer division, including e-commerce operations and underlying functional food assets, as well as shares owned in Translational Life Sciences Inc. for a combined consideration of approximately C$1.1 million-plus royalty.

• In connection with the divestiture of the consumer division, Amber Allen resigned as vice president of sales, effective January 17, 2022.

• As a result of NeonMind's growing specialty clinic operations, the company has established its new headquarters in Oakville, Ontario.

• Photo: Courtesy of Marco Allegretti on Unsplash