Mindset Pharma and InterVivo Solutions to Jointly Develop Advanced Cooperative Psychedelics Evaluation Platform ("Cope"); Cope Expected to Be World's First in Vivo Psychedelic Benchmark Data Set

Toronto, Ontario--(Newsfile Corp. - March 23, 2021) - Mindset Pharma Inc. (CSE: MSET) (FSE: 9DF) (OTCQB: MSSTF) ("Mindset" or the "Company"), a biotechnology company focused on developing next generation psychedelic medicines and related technologies, is pleased to announce that it has entered a co-development agreement with InterVivo Solutions Inc. ("InterVivo" or "IVS"), to co-develop a new translational testing platform that Mindset and InterVivo expect will introduce an industry standard against which the performance and efficacy of breakthrough psychedelic medicines are compared and assessed.

Management of each of Mindset and InterVivo believe that the psychedelic pharma industry will benefit greatly from a standardized reference data set to identify and develop medicines with enhanced therapeutic benefit and improved safety and pharmacological profiles. Mindset and InterVivo intend to establish the first comprehensive psychedelics benchmark reference data set by evaluating a broad range of psychedelic drugs through a proprietary program of in vivo tests conducted at InterVivo's facility. It is anticipated that the Co-operative Psychedelics Evaluation Platform ("COPE") will be an invaluable tool to guide the development of next-generation psychedelic compounds and improve patentability and value in new molecule drug assets. Mindset and InterVivo intend to make COPE available to InterVivo's clients who are pursuing psychedelics drug development projects; with first data compilations to be available on or before June 12, 2021.

The project will be co-led by IVS's Chief Scientific Officer, Dr. Guy Higgins, and VP R&D, Dr. Inés de Lannoy, and will focus on establishing both pharmacological and pharmacokinetics data sets using sophisticated behavioural assays as well as state-of-the art in vivo sampling and analytical techniques. Mindset will co-sponsor the project and will incorporate the testing technology and data sets into their own lead optimization programs.

Dr. Guy Higgins, Ph.D., Chief Scientific Officer of InterVivo and a Scientific Advisory Board member of Mindset, commented, "To design better and safer drugs, we must carefully establish the limitations of the current psychedelics. The combination of our behavioural pharmacology, pharmacokinetic and early (non-GLP) safety expertise puts us in an excellent position to characterise these for the purpose of identifying improved molecules, both for standard-dosing and micro-dosing purpose. Our vision is to bring significant value to our sponsors who are active in this field, with the ultimate goal of delivering next generation medicines to benefit both patients and practitioners."

James Lanthier, CEO of Mindset commented, "We are excited to partner with InterVivo in this innovative initiative. We believe that the COPE platform will be a unique asset and will create significant value for the emerging psychedelics drug development market. We expect that the data from COPE will help both Mindset and the broader psychedelics field to identify specific pharmacological improvements, strengthen intellectual property rights, and achieve key development milestones in a more efficient and cost-effective manner."

CONTACT:

James Lanthier
CEO
jlanthier@mindsetpharma.com

Jason Atkinson
VP, Corporate Development
jatkinson@mindsetpharma.com

647-938-5266

About Mindset Pharma Inc.

Mindset 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. www.mindsetpharma.com

About InterVivo Solutions

InterVivo Solutions (IVS) is Canada's top neuroscience contract research organization, offering translational research services with a focus on next-generation neuroscience drug discovery. IVS offers in vivo proof of concept efficacy, drug metabolism, pharmacokinetics and early safety research studies for a global client base.

www.intervivo.com

Forward-Looking Information

This news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward looking information is frequently characterized by words 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. For a description of the risks and uncertainties facing the Company and its business and affairs, readers should refer to the Company's Management's Discussion and Analysis. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change, unless required by law. The reader is cautioned not to place undue reliance on forward-looking information.

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