PurMinds Acquires Novel Chemical Entity HDAC6 Inhibitor for Neurological Disorders

Toronto, Ontario--(Newsfile Corp. - September 28, 2023) - PurMinds NeuroPharma ("PurMinds" or the "Company"), a neuroscience company with a robust clinical pipeline combining small molecules, psychedelic compounds and other modalities, pursuing breakthrough therapeutic solutions for neurological disorders hallmarked by neurodegeneration, today announced completion of acquisition of a small molecule novel chemical entity (NCE) known as SW-200, a non-hydroxamic acid that shows superior histone deacetylase 6 (HDAC6) selectivity.

Drugs that inhibit the molecular target HDAC6 are a novel class of therapeutics that are able to functionally enhance the axonal transport of nutrients, growth factors and neurotransmitters in neurons. Encouraged by scientific studies that have shown efficacy in rodent models of neurodegenerative disorders, PurMinds NeuroPharma anticipates the successful development of an HDAC6 inhibitor for Charcot-Marie Tooth Disease (CMT) - a progressive neurodegenerative disorder, which causes disabling deficits in nerve function affecting 1 in 2500 people with no current cure. In addition, due to the shared pathological mechanism of axonal dysfunction, our HDAC6i may be used to treat a host of other neurological disorders including Amyotrophic Lateral Sclerosis, Alzheimer's Disease, Parkinson's Disease, Multiple Sclerosis and Chemotherapy-Induced Cognitive Impairment.

The NCE was invented by Dr. Alan Kozikowski, a Global leader in medicinal chemistry designing NCEs for oncology and neuroscience, and is known for his research on 5-HT receptors, HDAC inhibitors and GSK-3 inhibitors. Dr. Kozikowski is currently sitting on PurMinds Scientific Advisory Board.

"HDAC6 inhibition represents an innovative therapeutic target to address a range of neurological conditions currently without a cure. HDAC6 inhibitors are capable of outperforming many existing therapies by restoring and preventing the root cause of neuron deterioration in progressive neurodegenerative diseases, as opposed to merely treating symptoms," said PurMinds' Chief Innovation Officer, Dr. Amy Reichelt.

ABOUT PURMINDS

PurMinds is a neuro-medicine development company pursuing breakthrough solutions to neurological disorders marred by neurodegeneration. PurMinds' clinical pipeline includes innovative therapeutics that combine proven mechanism of actions with exciting new discoveries in Psychedelics and neuroplastogens and their ability to promote neuroplasticity and neuro-rejuvenation, with potentials for FDA "Breakthrough Designation", and fast track to Phase IIa. In addition, the company also operates a NeuroLabs in Ontario that was granted a Health Canada approved Controlled Substances license and can produce, formulate and supply pharma-grade Psychedelic compounds, including Psilocybin, MDMA, for global clinical trials and treatments.

PurMinds champions a de-risked business model including a multiple-target approach to drug development, as well as progressing short- and medium- term revenue path combined with long term value creation through development of novel therapeutics. For further information about PurMinds NeuroPharma, please visit the Company's website at purminds.com.

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Forward-Looking Statements

This press release contains forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and assumptions and accordingly, actual results and future events could differ materially from those expressed or implied in such statements. You are hence cautioned not to place undue reliance on forward-looking statements. All statements other than statements of present or historical fact are forward-looking statements, including statements with respect to PurMinds' future business plans and partnerships. Forward-looking statements include words or expressions such as "proposed", "anticipated", "will", "subject to", "near future", "in the event", "would", "expect", "prepared to" and other similar words or expressions.

Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements. Some of the risks and other factors could cause results to differ materially from those expressed in the forward-looking statements which include, but are not limited to: the ability of PurMinds' to secure patent protection; the regulatory environment in which PurMinds operates; the ability of PurMinds to carry out its business plans and unforeseen challenges in carrying out such plans; trends in the future use of psychedelics; general business, economic, competitive, political and social uncertainties; the state of capital markets; risks relating to general economic, market and business conditions; and other unforeseen events, developments, or factors causing any of the aforesaid expectations, assumptions, and other factors ultimately being inaccurate or irrelevant. The forward-looking information contained in this news release is expressly qualified by this cautionary statement. We disclaim any obligation to update or revise these forward-looking statements, except as required by applicable law.

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