Mr. Justin Hanka reports

MINDBIO PREPARES FOR PHASE 3 CLINICAL TRIALS

Mindbio Therapeutics Corp., in preparation for phase 3 clinical trials, has upgraded its mobile application technology and back-end software for use in clinical trials data collection and analysis.

The company is completing the development of a sophisticated clinical application software to collect, store and analyze patient biometric and activity data from wearables such as Fitbits and Garmin watches, and core clinical trial data, including pharmacokinetic and pharmacodynamic data, EEG, ECG, DNA, and other data from bloodwork and psychometric testing. The data collection initiatives over the past five years and into the future, and the advancement of the company's software and machine learning capabilities, are a core part of Mindbio's intellectual property moat around its lead candidate MB22001, a microdose form of lysergic acid diethylamide uniquely formulated for safe, take-home use by patients. The data inform effective patient dosing and treatment, and reinforce Mindbio's position as the lead commercial opportunity for take-home psychedelics.

The new software has been acquired from a clinical software vendor to enable the company to move away from an academic clinical trial environment into full-scale phase 3 readiness and a commercialization pathway for Mindbio's lead candidate drug, MB22001. The software vendor will be paid $450,000 by issuing 50 million common shares in the company at the 20-day VWAP (volume weighted average price) of 0.9 cent per share. Further, the software vendor will be issued 35 million share purchase warrants, with an exercise price equal to the previous day share price close (and a minimum exercise price of five cents) with the exercise price calculated on the date of completion of integration of the software. It is expected the integration will take a few months. The deal struck with the clinical software vendor provides a significant potential capital raising opportunity upon exercise of the warrants for the company on successful integration of the software and aligns the vendor with the success of Mindbio.

For the past five years, Mindbio has operated its trials by engaging over 20 scientists in a multidisciplinary collaboration effort with the departments of engineering, psychiatry, pharmacology and medicine at a Tier 1 university in Australasia. The company will soon move its phase 3 trials to a large-scale global commercial provider of clinical trials.

"The updating of our data collection and analysis capabilities in preparation for phase 3 clinical trials is another small step towards our commercialization objective for our lead candidate drug, MB22001," said Justin Hanka, chief executive officer of Mindbio Therapeutics. "We believe that MB22001 is the most advanced take home use case of a psychedelic medicine in clinical development and we look forward to progressing this important new treatment for depression."

The company is currently in the very final completion stages of phase 2B clinical trials with the last doses being administered to patients. A top-line data readout of these landmark phase 2B clinical trials is expected this quarter.

Mindbio invites stakeholders, partners and the global community to join in supporting its vision for a brighter future in mental health.

About Mindbio Therapeutics Corp.

Mindbio is a clinical-stage biopharmaceutical company headquartered in Vancouver, B.C., focused on developing novel psychedelic-based medicines for mental health disorders. With a commitment to scientific rigour and patient accessibility, Mindbio is pioneering the use of regulated, take-home use of psychedelic medicines in clinical trials to provide safe, effective and scalable treatments for conditions such as depression, anxiety and other psychological challenges. The company's mission is to improve global mental health outcomes through innovative, evidence-based treatment that is accessible and affordable.

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