Toronto, Ontario--(Newsfile Corp. - April 29, 2021) - Mindset Pharma Inc. (CSE: MSET) (FSE: 9DF) (OTCQB: MSSTF) ("Mindset" or the "Company") is pleased to announce that certain of Mindset's Family 4 compounds, a group of patent-pending novel chemical entities that are inspired by DMT & 5-MeO-DMT, are exhibiting positive in vitro screening characteristics.

James Lanthier, CEO of Mindset, commented, "N,N-dimethyltryptamine (DMT) & 5-Methoxy-N,N-dimethyltryptamine (5-MeO-DMT) are potent, short-acting psychedelic drugs that produce strong hallucinogenic effects. DMT & 5-MeO-DMT are attracting growing attention as potential therapeutics for neuropsychiatric indications. The depth of psychedelic experience that these drugs induce coupled with their relatively short duration of action make them desirable candidates for in-clinic treatment models. DMT & 5-MeO-DMT analogs, optimized for reduced toxicity and improved pharmacokinetic and pharmacodynamic characteristics, could have considerable potential as next generation psychedelic medicines.

We are pleased to report that a number of proprietary Mindset's Family 4 compounds, in particular those which aim to improve on the efficacy and safety profiles of 5-MeO-DMT, are exhibiting comparable functional and binding in vitro effects, and in some cases superior, agonist properties across key human serotonin receptor subtypes expressed in the central nervous system ("CNS"). These include not only the 5-HT2A receptor subtype, which is well understood to be highly correlated with a psychedelic experience, but also the 5-HT1A and 5-HT2C receptors as well. Published data has suggested that activation of the 5-HT1A as well as 5-HT2C receptors may also play a significant role in contributing to the subjective and behavioral effects implicated in depression, anxiety, mood regulation, substance misuse and eating disorders, among other CNS disorders, elicited by psychedelics.

Mindset has also completed in vitro absorption, distribution, metabolism and excretion profiling on a subset of the compounds from Family 4 and as expected, several compounds demonstrated relatively short durations of action compared to other classic psychedelics.

These results are highly promising, and Mindset will continue to evaluate and advance its Family 4 compounds, both in vitro and in vivo, alongside several promising compounds from its other novel compound families. Mindset's proprietary next-generation psychedelic drug pipeline continues to expand and we will provide updates of such expansion at the appropriate time."

FOR MORE INFORMATION, PLEASE CONTACT:

James Lanthier
CEO
jlanthier@mindsetpharma.com

Jason Atkinson
VP, Corporate Development
jatkinson@mindsetpharma.com
416-479-4094

Timothy Regan
VP, Capital Markets
MindSet@KCSA.com
347-487-6788

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

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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