NeonMind Biosciences Inc: NeonMind Files Four Additional Provisional Patents on Psilocybin Preclinical Data

Vancouver, British Columbia--(Newsfile Corp. - March 2, 2021) - NeonMind Biosciences Inc. (CSE: NEON) (OTC Pink: NMBDF) (FSE: 6UF) ("NeonMind") is pleased to announce that it has filed four new provisional patent applications with the United States Patent and Trademark Office to protect initial data obtained during NeonMind's preclinical trial.

NeonMind Files Four Additional Provisional Patents on Psilocybin Preclinical Data

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The provisional patent applications include data derived from NeonMind's initial preclinical trial that began in November 2020, which examined the potential use of psilocybin as a treatment for weight loss. NeonMind's proprietary preclinical data shows promise that both low and high dose psilocybin may reduce weight gain and that the reduction in weight gain can occur in a short period of time.

This patent has also been included to support NeonMind's first filed U.S. provisional patent which has a priority date of December 4, 2019, and has been converted to a Patent Cooperation Treaty ("PCT") application. By filing one international patent application under the PCT, applicants can simultaneously seek protection for an invention in 152 countries.

"We are encouraged with the preliminary results obtained from our preclinical trial," says NeonMind President & CEO Robert Tessarolo. "Through an expanded portfolio of patent applications, NeonMind is uniquely positioned to pursue exciting drug development opportunities in the enormously underserved weight management market. There have been so many solutions developed in the past that have disappointed; a new approach is desperately needed. We are actively building out our capabilities to execute the critical phases of drug development needed to support new drug applications to the FDA."

NeonMind's patent portfolio has potential rights in 152 countries including the United States. It has filed 10 US provisional patent applications, of which 2 have been converted to PCT applications. The anticipated patent protection expiry of these pending patents is 2041. NeonMind anticipates that its near term activities will support additional applications filed later this year.

Compounds now covered by NeonMind's pending patents include:

• Psilocin, Psilocybin
• 4-SH-dimethyltryptamine
• 1-methylpsilocin
• 4-fluoro-N,N-dimethyltryptamine
• O-acetylpsilocin
• 4-hydroxy-N-methyl-N-isopropyltryptamine
• 4-hydroxy-N-methyl-N-ethyltryptamine
• LSD, LSA, DMT

Treatments that are covered by NeonMind's pending patents include:

• Aiding Weight Loss
• Obesity
• Compulsive Eating Disorder
• Diet Alteration
• Reduction of Food Cravings
• Decreasing Food Intake
• Complications Associated with Obesity

NeonMind owns 100% of all of Its intellectual property except for patents surrounding LSD, LSA and DMT, of which it owns 80%. Translational Life Sciences Inc. a research collaborator, owns the remaining 20%.

About NeonMind Biosciences Inc.

NeonMind has two divisions, a consumer products division with a focus on medicinal mushroom infused products, and a pharmaceutical division engaged in drug development of psychedelic compounds. NeonMind's consumer division currently sells four NeonMind branded coffee products in Canada through NeonMind's direct to consumer e-commerce platform. In its pharmaceutical division, NeonMind's first drug candidate involves psilocybin (a complex organic compound found in psychedelic mushrooms) as a treatment for obesity and related illnesses for which NeonMind is conducting a preclinical trial at the University of British Columbia. NeonMind's intellectual property includes methods of aiding in weight loss, treating compulsive eating disorder, treating obesity and complications of obesity by administering psilocybin or other psychedelic compounds.

NeonMind's team includes experts in obesity, psychiatry, psychology, neuroscience, and intellectual property and executives with experience from leading consumer product and pharmaceutical companies. Jeff B. Smith, one of NeonMind's directors, brings more than 20 years of experience, including executive roles such as Company Group Chairman, at Johnson and Johnson Consumer Companies. Rob Tessarolo, NeonMind's President and CEO, has 25 years of experience in the pharmaceutical industry and has acted as Chief Executive Officer in several drug development companies, including Cipher Pharmaceuticals Inc. and Mind Medicine (Mindmed) Inc. Trevor Millar, NeonMind's Chief Psychedelic Officer, was formerly the Chair of MAPS Canada and has extensive experience in the treatment of substance abuse disorder using psychedelic substances.

For more information on NeonMind, go to www.NeonMindBiosciences.com or buy NeonMind mushroom infused coffee at www.NeonMind.com.

Rob Tessarolo, President & Chief Executive Officer, NeonMind Biosciences Inc.
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Cautionary Statement Regarding Forward-Looking Statements

Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or NeonMind's future performance. The use of any of the words "could", "expect", "believe", "will", "projected","estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on NeonMind's current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, NeonMind's drug development plans, its ability to retain key personnel, and its expectation as to the development of its intellectual property and other steps in its preclinical and clinical drug development constitute forward-looking information. Actual results and developments may differ materially from those contemplated by forward-looking information. Readers are cautioned not to place undue reliance on forward-looking information. The statements made in this press release are made as of the date hereof. NeonMind disclaims any intention or obligation to publicly update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as may be expressly required by applicable securities laws.

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