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MINDCURE Announces Financial Results for the First Quarter of Fiscal 2022

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VANCOUVER, BC, Oct. 26, 2021 /CNW/ - Mind Cure Health Inc. (CSE: MCUR) (OTCQX: MCURF) (FRA: 6MH) ("MINDCURE" or the "Company"), a leader in advanced proprietary technology and research for psychedelics, today announced its financial results for the three months ended August 31, 2021. All amounts are stated in Canadian dollars unless otherwise indicated.

Mind Cure Logo (CNW Group/Mind Cure Health Inc.)
Mind Cure Logo (CNW Group/Mind Cure Health Inc.)

Q1 Fiscal 2022 Business Highlights

  • Released the minimum viable product version of iSTRYM, the Company's digital therapeutics (DTx) platform, into partner clinics across North America;

  • Completed full chemical synthesis of ibogaine, launched the second stage of manufacturing, and filed two provisional patent applications;

  • Developed proprietary ketamine-enhanced psychotherapy protocols for treatment of pain and depression;

  • Completed a strategic equity investment in Awakn Life Sciences Inc.;

  • Signed exclusive digital clinical data licensing agreement with ATMA Journey Centers; and

  • Subsequent to quarter end, introduced the "Desire Project", a clinical research program focused on the treatment of female hypoactive sexual desire disorder with MDMA-assisted psychotherapy.

"Q1 was a significant quarter for MINDCURE, as we achieved several key milestones including the launch of the minimum viable product of iSTRYM, our digital therapeutics platform," stated Kelsey Ramsden, President & CEO of MINDCURE. "We closed the quarter with a strong cash position and have a solid pipeline of catalysts over the next few months. I look forward to sharing more updates as we continue to prepare iSTRYM for commercial deployment, progress in the manufacturing of ibogaine, and advance our Desire Project."

Q1 Fiscal 2022 Financial Highlights

  • Cash and cash equivalents totalled $15.6 million as at August 31, 2021;

  • Net loss for the three months ended August 31, 2021 was $2.8 million, comprised of non-cash operating expenses of $0.3 million, an inventory write down of $0.2 million; an unrealized investment loss of $0.1 million, and cash operating expenses of $2.2 million.

A copy of the Company's financial statements for the three months ended August 31, 2021, and the related management's discussion and analysis are available under the Company's profile on SEDAR at www.sedar.com.

In other news, the Company announces it has granted a total of 70,000 stock options to certain employees pursuant to the terms the Company's long term incentive plan ("Plan"). The stock options are exercisable at prices between $0.295 per share and $0.325 per share and are subject to the terms of the Plan. The Company further announces it has issued 108,224 common shares to a consultant at agreed-upon prices between $0.31 per share and $0.60 per share.

About Mind Cure Health Inc.
MINDCURE is a life sciences company focused on innovating and commercializing new ways to promote healing and improve mental health. The company is developing digital therapeutics technology and researching psychedelic compounds to support access to safe, evidence-based psychedelic-assisted therapies globally. Learn more at mindcure.com and follow us on LinkedIn, Facebook, Twitter, and Instagram.

On Behalf of the Board of Directors

Kelsey Ramsden, President & CEO
Phone: 1-888-593-8995

Forward-Looking Information
Forward-looking information is based on a number of key expectations and assumptions made by management of MINDCURE, including, without limitation: the COVID-19 pandemic impact on the Canadian economy and MINDCURE's business, and the extent and duration of such impact; no change to laws or regulations that negatively affect MINDCURE's business; there will be a demand for MINDCURE's products in the future; no unanticipated expenses or costs arise; MINDCURE will be able to continue to identify products that make them ideal candidates for providing solutions for treating mental health; that iSTRYM will be developed, optimized and operate as contemplated within the psychedelics industry; that the Company will be effective in obtaining the patents applied for synthesizing ibogaine, or synthesizing ibogaine, or developing synthesized ibogaine for research, medical or commercial use; that MINDCURE will advance wellness worldwide; that iSTRYM will be brought to commercial deployment in the near term or otherwise or that it will reduce symptoms, improve quality of life, or support transformation and healing, or that the deployment may not occur at the scale or within the time frame contemplated.

Although MINDCURE has attempted to identify important factors that could cause actual results, performance or achievements to differ materially from those described in forward-looking information presented, there may be other factors that cause results, performance or achievements to differ from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on any forward-looking statements as no forward-looking information can be guaranteed.

Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and MINDCURE does not undertake any obligation to publicly update or revise any forward-looking information, whether as a result of new information, future events, or otherwise.

SOURCE Mind Cure Health Inc.

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