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Clearmind Medicine Inc. and SciSparc Ltd., Collaboration Yields New Provisional Patent Application for Psychedelic Combination Treatment for Binge Behaviors

May 10, 2022

Pre-clinical trials based on proprietary combination demonstrate significant suppressive effect on alcohol consumption TORONTO, May 10, 2022 (GLOBE NEWSWIRE) --  Clearmind Medicine Inc. (CSE: CMND, OTC Pink: CMNDF, FSE: CWY0) (“Clearmind” or the "Company"), a biotech company focused on discovery and development of novel psychedelic-derived therapeutics to solve major undertreated health problems, today announced the filing of a provisional patent application, related to a psychedelic combination therapy treating binge behaviors that results from its recently launched collaboration with SciSparc Ltd. (NASDAQ: SPRC). SciSparc is a specialty clinical-stage pharmaceutical company focusing on the development of therapies to treat disorders of the central nervous system. The patent application refers to the combination of Clearmind's MEAI, a novel proprietary psychedelic treatment for addictions and binge behaviors with SciSparc's CannAmide™. The patent application followed a successful pre-clinical study that showed a significant dose-dependent effect for MEAI treatment in reducing alcohol consumption of treated animals, with additional significant effect for the CannAmide™ treatment at the lower, sub-effective MEAI dose. "Clearmind continues to expand its IP portfolio and pave its way as the holder of the most significant patent portfolio in the industry,” said Dr. Adi Zuloff- Shani, Clearmind's Chief Executive Officer. “Clearmind’s patent portfolio, built around technologies we developed, is unique in the psychedelic field. This patent application results from the successful pre-clinical results we announced in March, making a wider collaboration with SciSparc a natural progression." Initial results of the pre-clinical, on mice, study showed that alcohol consumption was significantly reduced following treatment with MEAI at a dose of 40 mg/kg and at higher doses (p<0.01) compared to consumption before treatment. Alcohol consumption was significantly reduced following dual treatment with 25 mg/kg CannAmide™ in addition to MEAI at a dose of 20 mg/kg, again compared to consumption before treatment. The mice were provided with 20% alcohol solution for 24 hours three times a week for seven weeks, and were treated every day with MEAI or the combination of MEAI and CannAmide™ during the last two weeks of alcohol treatment. The alcohol consumption was measured by weighing the alcohol bottles before and after; and water consumption was measured similarly in parallel. About Clearmind Medicine Inc. Clearmind is a new biotech company focused on the discovery and development of novel psychedelic-derived therapeutics to solve widespread and underserved health problems, including alcohol use disorder. The Israeli- Canadian company holds several patents, among other, for the non-hallucinogenic compound MEAI. The company intends to seek additional patents for its compounds whenever warranted and will remain opportunistic regarding the acquisition of additional intellectual property to build its portfolio. Shares of Clearmind are listed for trading on the Canadian Securities Exchange under the symbol "CMND", the Frankfurt Stock Exchange under the symbol “CWYO” and on the OTC pink under the symbol "CMNDF". About SciSparc (NASDAQ:SPRC): SciSparc Ltd. is a specialty clinical-stage pharmaceutical company led by an experienced team of senior executives and scientists. Our focus is on creating and enhancing a portfolio of technologies and assets based on cannabinoid pharmaceuticals. With this focus, the company is currently engaged in the following drug development programs based on THC and/or non-psychoactive cannabidiol (CBD): SCI-110 for the treatment of Tourette syndrome, for the treatment of obstructive sleep apnea and Alzheimer's disease and agitation; SCI-160 for the treatment of pain; and SCI-210 for the treatment of autism spectrum disorder and status epilepticus. For further information, please contact: Investor Relations FORWARD-LOOKING STATEMENTS: This news release may contain forward-looking statements and information based on current expectations. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. Such statements include submission of the relevant documentation within the required timeframe to the satisfaction of the relevant regulators and raising sufficient financing to complete the Company's business strategy. There is no certainty that any of these events will occur. Although such statements are based on management's reasonable assumptions, there can be no assurance that such assumptions will prove to be correct. We assume no responsibility to update or revise them to reflect new events or circumstances. Investing into early-stage companies inherently carries a high degree of risk, and investment into securities of the Company shall be considered highly speculative. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the securities in any province in which such offer, solicitation or sale would be unlawful. The securities issued, or to be issued, under the Private Placement have not been, and will not be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. Neither the Canadian Securities Exchange (the “CSE”) nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.

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