NeonMind Biosciences Inc. (OTCQB:NMDBF) (CSE: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
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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.
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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.
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Appointed drug development executive Philippe Martin as chairman of the company's research and development advisory board.
Medical Services Division Highlights
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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.
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Announced inaugural specialty mental health clinic location in Mississauga, Ontario; expected to begin treatment services in the second half of 2022.
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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
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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.
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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.
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In connection with the divestiture of the consumer division, Amber Allen resigned as vice president of sales, effective January 17, 2022.
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As a result of NeonMind's growing specialty clinic operations, the company has established its new headquarters in Oakville, Ontario.
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Photo: Courtesy of Marco Allegretti on Unsplash
