Potential merger to create new industry leader.
Vancouver, British Columbia--(Newsfile Corp. - October 25, 2023) - MYND Life Sciences (CSE: MYND) (OTCQB: MYNDF) ("MYND" or the "Company"), a pioneering biopharmaceutical research and development company dedicated to revolutionizing treatments for patients battling relentless neurological and inflammatory diseases, announces that it has taken a definitive step forward by entering into a non-binding letter of intent ("LOI") with Cava Healthcare Inc (CAVA) to merge these two industry leaders to form a powerful new commercial entity. MYND already shares a robust business relationship with CAVA, particularly concerning their patents in two pivotal areas. This strategic merger is poised to redefine the landscape of medical innovation and is a testament to the unwavering commitment of both companies to drive transformative advancements in healthcare.
The proposed merger will be preceded by independent third-party valuations of both companies. Arrangements within each company will be negotiated by subcommittees of unconflicted Directors from both CAVA and MYND and it will require affirmative votes by the Boards of Directors of both companies.
Cava brings a portfolio of over 40 patents, licenses and patent applications that can be separated into nine families: (1) Potential new methods to treat Alzheimer's disease and related diseases, (2) Potential new methods to diagnose Alzheimer's disease and related diseases, (3) Potential new methods to treat cancer with recombinant cytokines, (4) Potential new methods to treat cancer with cell-based therapies, (5) Potential new methods to treat cancer with small molecules, (6) Potential new methods to predict cancer outcome (prognosticators), (7) Potential new methods to screen for anti-cancer agents, (8) Potential new methods to screen for immune enhancing agents, and (9) The creation and use of synthetic curcuminoids to treat cancer.
The integration of CAVA Healthcare's extensive portfolio of patents with MYND's scientific expertise represents a monumental opportunity for groundbreaking advancements in medical technology. MYND's seasoned scientific team, with their deep knowledge and innovative approach, is anticipated to be the driving force behind the evolution of these technologies. Their expertise will not only facilitate the development but also elevate these advancements to new heights, potentially revolutionizing the landscape of Alzheimer's treatment, cancer therapies, and diagnostic methodologies for both. The potential merger between CAVA's intellectual wealth and MYND's scientific prowess holds the promise of transformative breakthroughs, marking a monumental stride in the fight against devastating diseases and enhancing the overall quality of healthcare on a global scale.
MYND CEO, Dr. Lyle Oberg, MD, stated that, "MYND's business strategy revolves around translating groundbreaking research methods, emphasizing scientific excellence, into safe and efficient neuro-pharmaceutical treatments and diagnostic tools for disease of the Central Nervous System (CNS) and inflammatory diseases. The acquisition of cancer patents marks a significant expansion for our scientific team, opening new avenues for commercial exploration and development. We are thrilled to establish a robust partnership with Cava Healthcare. We firmly believe that the synergy between our intellectual assets and theirs will fuel substantial and lasting growth for both MYND and CAVA shareholders."
CAVA independent Director, Dr. Terry Pearson stated, "Having assessed MYND's intellectual property and monitored MYND's current momentum in developing and translating new medicinal products, that has created enduring value for shareholders, we firmly believe that the merged entity distinguishes it in the biopharmaceutical sector. Under Dr. Oberg's leadership, it is exceptionally well-positioned for remarkable, near-termed success."
It is anticipated the transaction will be completed in Q1 2024.
ABOUT MYND LIFE SCIENCES INC.
MYND Life Sciences Inc. is a medical biotech drug research and development company focused on neuro-pharmaceutical and novel drug development, diagnostics and vaccines. MYND is developing new biological entities (NBEs) and new chemical entities (NCEs) and differentiates itself from other (bio)pharmaceutical companies by unique molecular concepts for the applications of psilocybin analogs for overcoming disease. The Company advances pharmaceutical developments through rigorous science and clinical trials while diligently patenting and safeguarding its intellectual property.
For more information and to subscribe to MYND's mailing list, please visit https://myndsciences.com/contact-us/.
CONTACT INFORMATION
Dr. Lyle Oberg, MD, CEO
Email: ir@myndsciences.com
Phone:+1 (780) 965-0122
Web: www.myndsciences.com
Forward-Looking Statements
This news release contains forward-looking statements and information within the meaning of applicable securities legislation. Often, but not always, forward-looking statements and information can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "estimates", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements or information involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of MYND to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements or information contained in this release.
Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. The Canadian Securities Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.
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