Mr. James Lanthier reports

MINDSET PHARMA PROVIDES STRATEGIC INTELLECTUAL PROPERTY LICENSE TO CYBIN

Mindset Pharma Inc. has agreed to an exclusive licensing agreement for Cybin Inc. to acquire intellectual property rights for a subset of Mindset's preclinical compounds. Under the terms of the agreement, Cybin will license intellectual property related to preclinical compounds within Mindset's family 1 portfolio, excluding MSP-1014, Mindset's lead psychedelic drug candidate.

"Over the last two years, Cybin has assembled a leading psychedelic drug development organization and we are pleased that our novel preclinical compounds have been recognized to potentially support their R&D [research and development] pipeline. Both our companies share the same ultimate goal of discovering and developing superior new psychedelic treatments to better meet the needs of patients," said James Lanthier, chief executive officer of Mindset Pharma. "This licensing agreement -- Mindset's second such agreement to advance its innovations to clinical study -- is another example of Mindset successfully executing on its scientific and business strategies. Coupled with our existing collaboration, Mindset now has multiple shots on goal for commercializing its innovations, with additional potential from its recently announced new families."

The agreement includes an initial payment by Cybin to Mindset of $500,000 (U.S.) along with clinical development milestone payments which could total up to $9.5-million (U.S.) upon successful completion of agreed milestones, including the approval and commercialization of the first drug candidate. The agreement also contemplates a sales royalty of approximately 2 per cent for all commercialized licensed products within the scope of the exclusive agreement, which is customary for drug licensing agreements of this nature.

About Mindset Pharma Inc.

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. 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 in addition to its own proprietary compounds. The company has a co-development agreement with the McQuade Center for Strategic Research and Development, a member of the Otsuka Pharmaceuticals family of companies, for its short-duration compounds, Mindset families 2 and 4.

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