MYND Life Sciences Inc. a life sciences company focused on novel psychedelic drug development and pharmaceuticals, is pleased to announce the closing of a non-brokered private placement offering by the Company (the “Offering) of an aggregate of 8,000,000 common shares (the “Common Shares“) at a price of CDN$0.30 per Common Share for aggregate gross proceeds of CDN$2.4 million.
“Society is experiencing a significant shift towards alternate treatments for mental illness and this investment lays the foundation for our continued research and ultimate development of novel neuro-pharmaceutical compounds derived from psilocybin and other psychedelic agents,” stated Dr. Lyle Oberg, MYND’s Chief Executive Officer. “We are incredibly excited to complete our initial financing round which provides us with a clear path forward towards achieving our scientific and developmental goals in advance of public listing in Q1 of 2021,” continued Dr. Oberg.
The Company intends to use the proceeds of the Offering to advance MYND’s research, working capital, general operating expenses and public listing costs.
“This initial financing provides my team with significant runway to expand on our already significant IP Portfolio with the ultimate goal of developing novel drugs and delivery methods utilizing psilocybin and other related compounds to treat major depressive disorder,” stated Dr. Wilfred Jefferies, MYND’s Chief Science Officer. “To be granted one of the first Health Canada licenses for psilocybin research provides a unique opportunity for drug discovery, and I look forward to advancing our research throughout the various stages of R&D towards Health Canada and FDA regulatory submissions in the future,” continued Dr. Jefferies.
The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from the registration requirements. This news release will not constitute an offer to sell or the solicitation of an offer to buy nor will there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful.
ABOUT MYND LIFE SCIENCES
MYND Life Science Inc. is a leading life sciences company focussed on improving mental health. The Company has confirmed access to Health Canada psilocybin research and development through licenses to its Chief Science Officer, Dr. Wilfred Jefferies. Patents have been filed based on historic research and development that commenced in 2016 regarding the modulation of a specific gene using neuro agents such as psychedelics and other compounds. Research and development is currently being performed.
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 news 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.
SOURCE Mynd Life Sciences Inc.