TORONTO, Dec. 28, 2021 (GLOBE NEWSWIRE) — Mindset Pharma Inc. (CSE: MSET) (FSE: 9DF) (OTCQB: MSSTF) (“Mindset” or the “Company”), a drug discovery and development company focused on creating optimized and patentable next-generation psychedelic medicines to treat neurological and psychiatric disorders with unmet medical needs, today announced that it has filed an international patent application covering its Family 3 novel psychedelic compounds. Mindset’s Family 3 consists of certain compounds that have demonstrated half-lives extending well beyond those exhibited by comparable classical psychedelic drugs with no significant reduction in binding affinity at the serotonin 5-HT2A receptor. “Our family 3 compounds are substantially differentiated from the other families that we are pursuing in that we believe they may demonstrate pro-cognitive benefits at doses without hallucinogenic liability. This paired with their longer half-lives makes them interesting drug candidates for treating more fragile population groups such as children or geriatric patients where the psychedelic effect is likely undesirable,” stated Joseph Araujo, CSO of Mindset. “Also, we believe that such compounds may be optimal for indications in which a long term, micro-dosing, paradigm is advantageous, such as ADHD or Alzheimer’s disease.” This application claims the priority date of Mindset’s previously filed provisional application with the United States Patent and Trademark Office (USPTO) on December 7, 2020. The Company also announces that it has granted 500,000 options to purchase common shares to a consultant of the Company, exercisable at a price of $0.69 per common share for a period of five (5) years from the date of grant, in accordance with the terms of the Company’s stock option plan. The common shares issuable upon exercise of the options are subject to a statutory hold period of four months and one day from the date of grant. About Mindset PharmaMindset Pharma Inc. 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. Mindset was established in order to develop next generation pharmaceutical assets that leverage the breakthrough therapeutic potential of psychedelic drugs. Mindset is developing several novel families of next generation psychedelic compounds, as well as an innovative process to chemically synthesize psilocybin as well as its own proprietary compounds. For further information on Mindset, please visit our website at www.mindsetpharma.com. For more information, please contact: Investor Contact:Allison Soss/Tim ReganKCSA Strategic CommunicationsEmail: MindSet@kcsa.com Phone: 212-896-1267/ 347-487-6788 Media Contact:McKenna MillerKCSA Strategic CommunicationsEmail: MindSet@kcsa.com Phone: 949-606-6585 Company Contact:James Lanthier, CEOEmail: jlanthier@mindsetpharma.com Jason Atkinson, VP, Corporate DevelopmentEmail: jatkinson@mindsetpharma.com Phone: 416-479-4094 Forward-Looking Information This news release contains certain “forward-looking information” within the meaning of applicable securities law. Forward looking information is frequently characterized bywords such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “may”, “will”, “would”, “potential”, “proposed” and other similar words, or statements that certain events or conditions “may” or “will” occur. These statements are only predictions. Forward-looking information is based on the opinions and estimates of management at the date the information is provided and is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. Additional information regarding risks and uncertainties relating to the Company’s business are contained under the heading “Risk Factors” in the Company’s annual information form for the financial year ended June 30, 2020 dated March 5, 2021. The forward-looking information included in this news release is made as of the date of this news release and the Company does not undertake an obligation to publicly update such forward-looking information to reflect new information, subsequent events or otherwise, except as required by applicable law. NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATIONS SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.