NEW YORK, May 24, 2021 /PRNewswire/ -- MindMed (NASDAQ:
MNMD, NEO: MMED, DE: MMQ), a leading clinical stage psychedelic
medicine company, and Nextage Therapeutics (TASE: NXTG), an Israeli
innovative drug development company, announce the execution of a
Memorandum of Understanding (the "MOU") regarding the launch of an
exclusive collaborative development program to optimize the
delivery of certain psychedelic drug candidates, leveraging
Nextage's proprietary Brain Targeting Liposome System (BTLS)
delivery technology, for which it has an exclusive license.
MindMed and Nextage will initially collaborate to optimize the
delivery of drug products based on noribogaine, and ultimately
other ibogaine derivatives, and will share development costs and
intellectual property arising from the collaboration.
The BTLS technology is an innovative drug delivery system
designed to allow the targeted delivery of active pharmaceutical
ingredients (APIs) through the Blood Brain Barrier. BTLS is
designed to reduce exposure to the active material outside of the
brain, reducing potential risks, intended to substantially lower
API concentrations and increasing efficacy.
Using this state-of-the-art drug delivery technology, MindMed is
seeking to capitalize on the opportunity to mitigate the serious
side effects that can make some orally administered psychedelics
poor drug candidates. There is anecdotal evidence which
suggests the psychedelic substance ibogaine can be effective in the
treatment of opioid addiction, but orally administered ibogaine and
noribogaine present unacceptable safety risks due to their
torsadogenic effects at high systemic concentrations.
Utilizing Nextage's proprietary brain-targeted liposome system,
the collaboration will seek to develop a proprietary formulation
aimed at minimizing the systemic exposure of ibogaine derivatives
while maintaining effective concentrations in the brain, with the
objective of significantly improving the risk-benefit profile of
their delivery.
Nextage CEO, Mr. Abraham Dreazen,
said "Our innovative delivery technology has potential to
revolutionize brain and CNS treatment. Psychedelic inspired
drugs could be a breakthrough in many brain-related disorders and
working together with an industry pioneer such as MindMed may open
the door for life-changing treatments for patients globally.
Nextage is pioneering these emerging technologies in Israel and we look forward to working with
MindMed and forming a long and successful collaboration."
Based on initial Proof of Concept work, MindMed and Nextage will
work towards a final collaborative development agreement and a
determination if such potential formulations of drug candidates
should be further progressed into clinical trials.
Pursuant to the MOU, the parties will jointly pilot the
development of a drug product based on noribogaine (the "Pilot
Program") with the parties sharing the development costs
equally. At the same time that they are advancing the Pilot
Program, MindMed and Nextage will negotiate a definitive written
agreement to facilitate long-term collaboration on the development
and commercialization of any contemplated conjugation of agreed
pharmaceutical ingredients with BTLS. Nextage also granted to
MindMed an exclusive, non-transferable, sublicensable license to
all intellectual property, and the use of all new data, study
results, know-how, arising from the Pilot Program in order to make
submissions to those regulators whose approval is required in order
to market a product.
MindMed and Nextage shall each retain all rights to any
intellectual property and inventions
owned by them prior to the commencement of the Pilot Program,
and to any of their rights unrelated to the Pilot Program.
MindMed and Nextage shall jointly
own all new data, study results, and know-how
developed from the Pilot Program. If the two companies
fail to agree on the
further development or application of any jointly
owned know-how, whether patentable or not, within 12 months of
initiating the Pilot Program, then each shall be entitled, subject
to some conditions, to pursue independently the further development
and commercialization of such know-how.
MindMed Executive President Dr. Miri Halperin Wernli said "Our collaboration with
Nextage builds on the commitment of both companies to discover new
ways by which we can shake adaptive mechanisms which normally
constrain our perception, emotions and self-references. By joining
forces and applying Nextage's innovative BTLS technology which
allows for a targeted delivery of substances through the Blood
Brain Barrier we aim to find better ways to ultimately free the
brain to experience new and unusual patterns of connectivity."
About MindMed
MindMed is a clinical-stage psychedelic
medicine biotech company that discovers, develops and deploys
psychedelic inspired medicines and therapies to address addiction
and mental illness. The company is assembling a compelling drug
development pipeline of innovative treatments based on psychedelic
substances including Psilocybin, LSD, MDMA, DMT and an Ibogaine
derivative, 18-MC. The MindMed executive team brings extensive
biopharmaceutical experience to MindMed's approach to developing
the next generation of psychedelic inspired medicines and
therapies.
MindMed trades on the NASDAQ under the symbol MNMD and on the
Canadian NEO exchange under the symbol MMED. MindMed is also traded
in Germany under the symbol
MMQ.
About Nextage
Nextage Therapeutics is a pharmaceutical
development company specializing in the development of innovative
cannabis and psychedelic related substances for pharmaceutical
purposes. Nextage is a subsidiary of Nextar Chempharma Solutions,
Israel's leading full service contract development and
manufacturing company for pharmaceuticals and chemical medical
devices. Nextage's proprietary BTLS technology allows for a
targeted delivery of substances through the
Blood-Brain-Barrier. Nextage is led by CEO Mr. Abraham Dreazen and Chairman Mr. Israel Makov, the former CEO of Teva
Pharmaceuticals. In the psychedelic field Nextage operates via its
dedicated subsidiary IMIO Life.
Nextage trades on the Israeli stock exchange under the symbol
NXTG
Forward-Looking Statements
Certain statements in this
news release related to the Company constitute "forward-looking
information" within the meaning of applicable securities laws and
are prospective in nature. Forward-looking information is not based
on historical facts, but rather on current expectations and
projections about future events and are therefore subject to risks
and uncertainties which could cause actual results to differ
materially from the future results expressed or implied by the
forward-looking statements. These statements generally can be
identified by the use of forward-looking words such as "will",
"may", "should", "could", "intend", "estimate", "plan",
"anticipate", "expect", "believe", "potential" or "continue", or
the negative thereof or similar variations. Forward-looking
information in this news release include statements regarding the
ability of BTLS to optimize the delivery of ibogaine derivatives
and other psychedelic drug candidates; BTLS's ability to reduce
potential risks, substantially lower API concentrations and
increase efficacy; its ability to mitigate the side effects of
orally administered psychedelics; whether ibogaine can be effective
in the treatment of opioid addiction; BTLS's ability to minimize
the systemic exposure of ibogaine derivatives; its ability to
maintain effective concentrations in the brain; whether the
collaboration will significantly improve the risk-benefit profile
of the delivery of ibogaine derivatives to the brain; whether BTLS
will revolutionize brain and CNS treatment; whether psychedelic
inspired drugs could be a breakthrough in many brain-related
disorders; whether the collaboration will result in life-changing
treatments for patients; whether a final collaborative development
agreement will be executed; whether any potential formulations of
drug candidates should be further progressed into clinical trials;
whether the parties will successfully negotiate a definitive
written agreement to facilitate long-term
collaboration on the development and commercialization of any
contemplated conjugation of agreed pharmaceutical ingredients with
BTLS; whether the companies can discover new ways to shake adaptive
mechanisms which normally constrain perceptions, emotions and
self-references of people; whether they will find better ways to
ultimately free the brain to experience new and unusual patterns of
connectivity; and the Company's intended future business plans and
operations, including the development of psychedelic inspired
medicines. Although the Company believes that the
expectations reflected in such forward-looking information are
reasonable, such information involves risks and uncertainties, and
undue reliance should not be placed on such information, as unknown
or unpredictable factors could have material adverse effects on
future results, performance or achievements of the Company. There
are numerous risks and uncertainties that could cause actual
results and the Company's plans and objectives to differ materially
from those expressed in the forward-looking information, including
history of negative cash flows; limited operating history;
incurrence of future losses; availability of additional capital;
lack of product revenue; compliance with laws and regulations;
difficulty associated with research and development; risks
associated with clinical trials or studies; heightened regulatory
scrutiny; early stage product development; clinical trial risks;
regulatory approval processes; novelty of the psychedelic inspired
medicines industry; as well as those risk factors discussed or
referred to herein and the risks described under the headings "Risk
Factors" in the Company's filings with the securities regulatory
authorities in all provinces and territories of Canada which are available under the
Company's profile on SEDAR at www.sedar.com and with the U.S.
Securities and Exchange Commission on EDGAR at www.sec.gov.
Should one or more of these risks or uncertainties materialize, or
should assumptions underlying the forward-looking information prove
incorrect, actual results and future events could differ materially
from those anticipated in such information. Although the Company
has attempted to identify important risks, uncertainties and
factors that could cause actual results to differ materially, there
may be others that cause results not to be as anticipated,
estimated or intended. These and all subsequent written and oral
forward-looking information are based on estimates and opinions of
management on the dates they are made and are expressly qualified
in their entirety by this notice. Except as required by law, the
Company does not intend and does not assume any obligation to
update this forward-looking information.
Media Contact: mindmed@150bond.com
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SOURCE Mind Medicine (MindMed) Inc.