PurMinds NeuroPharma Announces PUR501 as Lead Candidate Novel Non-Hallucinogenic Neuroplastogen

PurMinds NeuroPharma to initiate preclinical development of lead candidate PUR501 in 2024 in preparation for IND submission

Toronto, Ontario and Boston, Massachusetts--(Newsfile Corp. - May 30, 2024) - PurMinds NeuroPharma ("PurMinds™" or the "Company"), a clinical-stage neuroscience company focused on advancing a robust pipeline of small molecules, psychedelic compounds, and other modalities for the treatment of neurological and neurodegenerative disorders, today announced its selection of PUR501 as their lead candidate. PUR501 was selected based on data analyses suggesting the molecule's potential to be a first-in-class approach to addressing neurological and neurodegenerative disorders by promoting neuroplasticity without inducing hallucinations.

PUR501 is a novel, orally bioavailable, serotonin 2A (5-HT_2A) receptor partial agonist that has been selected as the Company's lead candidate following comprehensive screening. PUR501 exhibited positive effects on structural neuroplasticity, minimal head twitch responses in mice as a measure of potential hallucinogenic capacity, and safe cardiac profile based on low hERG inhibition and no serotonin 2B receptor activation. Activation of the 5-HT2A receptor is correlated to the neuroplastogenic activity of this emerging class of novel drugs. Importantly, PUR501 induced structural changes in cultured neurons comparable to psilocin - the active constituent of psilocybin - a known neuroplastogen being clinically evaluated for a range of neurological health conditions.

Together, these findings indicate that PUR501 is a cardiac safe, orally bioavailable, non-hallucinogenic neuroplastogen that offers promise as a novel therapeutic for treating neurological and neurodegenerative disease.

"Selecting PUR501 as the lead development candidate marks a significant milestone for PurMinds. These data emphasize PUR501's potential as a novel neuroplastogen molecule with key pharmacological properties indicating favourable tolerability and efficacy in relevant models," said Janet Qi, CEO and co-founder of PurMinds NeuroPharma. "We are excited to commence IND-enabling activities in late 2024, which will allow us to file an IND and commence clinical trials of PUR501 as we aim to establish a new treatment paradigm for neurocognitive impairment."

ABOUT PURMINDSTM

PurMinds™ is a neurological drug development company pursuing breakthrough solutions to neurological and neurodegenerative disorders. Its clinical pipeline includes innovative therapeutics that combine proven mechanisms of action with the powerful ability of psychedelics and other neuroplastogens to rapidly promote neuroplasticity and neuro-rejuvenation. The company's Ontario NeuroLab and Production Facility was granted a Health Canada approved Dealer's License for Controlled Drugs and Substances authorizing the production, formulation and global supply of pharma-grade Psychedelic compounds including Psilocybin and MDMA for clinical trials and research studies. PurMinds™ champions a de-risked business model that includes a multi-modal approach to drug development, progressing long-term value creation through the accelerated development of novel therapeutics, accompanied by short and mid-term revenue paths. PurMinds™ is headquartered in Toronto, ON Canada with offices in Montreal, QC and Boston, MA USA. For further information about PurMinds™ NeuroPharma, please visit the Company's website at PurMinds.com.

Forward-Looking Statements
This press release contains forward-looking statements. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made and are subject to known and unknown risks, uncertainties and assumptions and accordingly, actual results and future events could differ materially from those expressed or implied in such statements. You are hence cautioned not to place undue reliance on forward-looking statements. All statements other than statements of present or historical fact are forward-looking statements, including statements with respect to PurMinds™' future business plans and partnerships. Forward-looking statements include words or expressions such as "proposed", "anticipated", "will", "subject to", "near future", "in the event", "would", "expect", "prepared to" and other similar words or expressions and include, but are not limited to: the ability of PurMinds™ to secure patent protection; the regulatory environment in which PurMinds™ operates; the ability of PurMinds™ to carry out its business plans and unforeseen challenges in carrying out such plans; trends in the future use of psychedelics; general business, economic, competitive, political and social uncertainties; the state of capital markets; and other unforeseen events, developments, or factors causing any of the aforesaid expectations, assumptions, and other factors ultimately being inaccurate or irrelevant. The forward-looking information contained in this news release is expressly qualified by this cautionary statement. We disclaim any obligation to update or revise these forward-looking statements, except as required by applicable law.

PR Contact
Kristina Spionjak
[email protected]

SOURCE: PurMinds NeuroPharma

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