MINDCURE Successfully Completes First Stage of Manufacturing Synthetic Ibogaine for Use in Psychedelic Clinical Research

By manufacturing ibogaine, MINDCURE's research team will have access to a predictable and standardized supply of synthetic ibogaine while ensuring consistent dosing and reliable results.

VANCOUVER, BC, June 3, 2021 /CNW/ - Mind Cure Health Inc. (CSE: MCUR) (OTCQB: MCURF) (FRA: 6MH) ("MINDCURE" or the "Company"), a leader in advanced proprietary technology and research for psychedelics, is pleased to announce that it has completed the first stage of manufacturing pharmaceutical grade ibogaine to be used in clinical research. Throughout this proof-of-concept stage, MINDCURE completed the chemistry and route scouting and successfully manufactured synthetic ibogaine.

In the coming weeks, MINDCURE will focus on the scale-up process by launching stage two of the manufacturing process for pharmaceutical grade ibogaine. During this stage, the Company will be running financial models while assessing the quality of the synthetic ibogaine when produced at scale in order to determine the timing of and economic viability for commercial-scale manufacturing.   

As we ensure a disciplined approach to our leadership in psychedelics and commitment to value creation, MINDCURE recognizes the value of the iboga plant as a rare and diminishing resource. By manufacturing synthetic ibogaine, MINDCURE's research team will have access to a sustainable and high-quality drug supply, ensuring consistent dosing and reliable results. Furthermore, the Company is creating the opportunity for synthetic ibogaine to be used by researchers conducting clinical trials and, eventually, by clinicians providing psychedelic therapy.

"We have successfully completed the critical first step in our goal of manufacturing synthetic ibogaine at a commercial scale for research purposes," said Kelsey Ramsden, President and CEO of MINDCURE. "Ibogaine offers incredible therapeutic potential to treat addiction and shows promise in addressing other brain injuries, and we are very excited about the potential to manufacture and provide a high-quality synthetic product for promising research avenues, without impacting the natural supply of this amazing psychedelic that needs to be protected."

Ibogaine has unique and broad actions in the brain, affecting multiple receptors and neurotransmitter systems. In addition to inducing powerful subjective effects, research indicates ibogaine may help repair and rewire addiction-related neural pathways. Emerging evidence of its neuroprotective effects, as well as its ability to boost brain neurotrophic factors and neuroplasticity processes, supports future research into the use of ibogaine and derivatives thereof for other indications, including in the treatment of neuropathic pain and neurodegenerative conditions, such as Parkinson's and Alzheimer's disease. While ibogaine showcases a wide mechanism of action, potential toxicity, and low bioavailability, which may preclude its usefulness in treating neurodegenerative disorders, MINDCURE will dutifully design any research efforts in recognition of these facts.

In addition to this news, the Company also announces it has granted a total of 10,000 stock options to certain employees or consultants pursuant to the terms the Company's incentive stock option plan ("Plan"). The stock options are exercisable at a price of $0.38 per share and subject to the terms of the Plan.

About Mind Cure Health Inc.

MINDCURE is a life sciences company focused on innovating and commercializing new ways to promote healing and improve mental health. The company is developing digital therapeutics technology and researching psychedelic compounds to support access to safe, evidence-based psychedelic-assisted therapies globally. Learn more at mindcure.com, and follow us on Facebook, Twitter, and Instagram.  

On Behalf of the Board of Directors
Kelsey Ramsden, President & CEO
Phone: [phone]

Forward-Looking Information

Certain information presented in this news release may constitute "forward-looking information" within the meaning of applicable securities laws regarding MINDCURE and its business.  Forward-looking information inherently entails known and unknown risks and uncertainties about the future and actual results, performance or achievements contemplated by forward-looking statements made may be materially different from the results anticipated or implied by such forward-looking information. Forward-looking information generally can be identified by the use of terms and phrases such as "anticipate", "believe", "could", "estimate", "expect", "feel", "intend", "may", "plan", "predict", "project", "subject to", "will", "would", and similar terms and phrases. Some of the specific forward-looking information in this news release includes, but is not limited to, statements with respect to: the company's ability to successfully develop, manufacture and commercialize pharmaceutical grade ibogaine to be used in clinical research.

Forward-looking information is based on a number of key expectations and assumptions made by management of MINDCURE, including, without limitation: the COVID-19 pandemic impact on the Canadian economy and Mind Cure's business, and the extent and duration of such impact; no change to laws or regulations that negatively affect Mind Cure's business; there will be a demand for Mind Cure's products in the future; no unanticipated expenses or costs arise; Mind Cure will be able to continue to identify products that make them ideal candidates for providing solutions for treating mental health; that the functional mushroom industry will continue to grow; that the company will be successful in developing, manufacturing and commercializing ibogaine; and that Mind Cure will be able to operate its business as planned.

Although Mind Cure has attempted to identify important factors that could cause actual results, performance or achievements to differ materially from those described in forward-looking information presented, there may be other factors that cause results, performance or achievements to differ from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on any forward-looking statements as no forward-looking information can be guaranteed.

Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and Mind Cure does not undertake any obligation to publicly update or revise any forward-looking information, whether as a result of new information, future events, or otherwise.

The CSE has neither approved nor disapproved the contents of this press release and the CSE does not accept responsibility for the adequacy or accuracy of this release.

SOURCE Mind Cure Health Inc.

Connect: Investor Relations: [email protected]; 1-888-593-8995; Jonathan L. Robinson CFA, Partner, Oak Hill Financial Inc., [email protected], 416-669-1001