NeonMind Files Patent Application for Therapeutic Use of DMT
June 18th, 2020
Vancouver, British Columbia–(Newsfile Corp. – June 18, 2020) – The Yield Growth Corp. (CSE: BOSS) (OTCQB: BOSQF) (FSE: YG3) announces that its majority owned subsidiary NeonMind has filed an additional provisional patent application related to using psychedelics as medicine. The most recent patent application, filed on June 17, 2020 covers the administration of DMT to treat compulsive eating disorder and other illnesses.
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NeonMind Files Patent Application for Therapeutic use of DMT
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DMT, or N,N-Dimethyltryptamine, is a derivative and structural analog of tryptamine, known for its hallucinogenic properties. It currently has no approved medical use, though DMT-containing plants are commonly used in indigenous Amazonian shamanic practice, and are sometimes found in the drink ayahuasca. DMT is found naturally in several plants including Mimosa tenuiflora, Diplopterys cabrerana, and Psychotria viridis. It is structurally similar to psilocin and its precursor psilocybin, a chemical found in “magic mushrooms”.
“DMT is a very interesting molecule that acts on the same type of serotonin receptors which are known to regulate appetite,” says Dr. William Panenka, Chair of the NeonMind Scientific Advisory Board. “As part of our overall patent strategy, we are establishing defensible intellectual property around multiple compounds that act on these receptors and intend to follow this with rigorous clinical trial work to establish efficacy.”
The global projected market for weight loss and weight management treatment is estimated at USD $245 billion, according to MarketsandMarkets. The global projected market for diabetes treatment is estimated at USD $87 billion, according to Modor Intelligence.
Translational Life Sciences Inc. (“TLS”) has a 20% interest as a co-collaborator on the development of NeonMind’s DMT-related intellectual property.
About Translational Life Sciences Inc.
TLS is a contract research organization and a life sciences company focused on developing proprietary formulations that contain restricted substances for clinical applications to serve unmet medical needs in the market. The TLS team is composed of physicians and scientists who are recognized thought leaders in the fields of Neurology, Pharmacology, Diabetes, Addiction and Biochemistry and have significant experience in the clinical application of cannabinoid compounds.
About NeonMind Biosciences Inc.
NeonMind is engaged in research and development for the use of psychedelic substances to treat compulsive eating, food cravings, provide weight loss benefits and as potential treatment or regulation of diabetes, and regulation of blood glucose, and to reduce susceptibility to cardiovascular disease, high blood pressure, diabetes mellitus, hypertension, multiple sclerosis, erectile dysfunction, urinary incontinence, chronic renal failure, sleep apnea, asthma, and certain forms of cancer. NeonMind has retained contract research organization Translational Life Sciences Inc. to design and plan an initial preclinical study using psilocybin which is anticipated to begin in the fall of 2020. The preclinical study is anticipated to provide data to design phase 2 human clinical trials to test Psilocybin as a weight loss treatment. The phase 2 clinical trials are anticipated to begin in 2021, subject to receiving all required regulatory approvals. NeonMind is also developing a line of (non-psychedelic) mushroom infused products. NeonMind owns 18% of Translational Life Sciences Inc. Yield Growth owns approximately 68% of the issued and outstanding stock of NeonMind.
About The Yield Growth Corp.
The Yield Growth Corp. (CSE: BOSS) (OTCQB: BOSQF) is a phytoceutical and consumer packaged goods company that develops and acquires intellectual property and other assets related to plant-based products and therapeutics, and develops, manufactures, markets, sells and distributes plant-based products that improve lives. It has over 200 proprietary wellness formulas at various stages of commercialization, including over 20 products that are now for sale through e-commerce or brick and mortar retail stores. It is currently launching several hand sanitizer products in response to COVID-19. Its majority owned subsidiary NeonMind Biosciences Inc. is launching a line of medicinal mushroom products and is developing intellectual property in the emerging area of psychedelic medicine. The Yield Growth management team has deep experience with global brands including Johnson & Johnson, Procter & Gamble, Skechers and Aritzia.
Investor Relations Contacts:
Penny White, President & CEO
Kevan Matheson, Investor Relations
The Canadian Securities Exchange has not reviewed, approved or disapproved the contents of this news release.
Cautionary Statement Regarding Forward-Looking Statements
This press release includes forward-looking information and statements (collectively, “forward looking statements”) under applicable Canadian securities legislation. Forward-looking statements are necessarily based upon a number of estimates, forecasts, beliefs and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such risks, uncertainties and factors include, but are not limited to: risks related to the development, testing, licensing, brand development, availability of packaging, intellectual property protection, reduced global commerce and reduced access to raw materials and other supplies do to the spread of the Coronavirus, the potential for not acquiring any rights as a result of the patent application and any products making use of the intellectual property may be ineffective or the company may be unsuccessful in commercializing them; and other approvals will be required before commercial exploitation of the intellectual property can happen. Demand for the company’s products, general business, economic, competitive, political and social uncertainties, delay or failure to receive board or regulatory approvals where applicable, and the state of the capital markets. Yield Growth cautions readers not to place undue reliance on forward-looking statements provided by Yield Growth, as such forward-looking statements are not a guarantee of future results or performance and actual results may differ materially. The forward-looking statements contained in this press release are made as of the date of this press release, and Yield Growth expressly disclaims any obligation to update or alter statements containing any forward-looking information, or the factors or assumptions underlying them, whether as a result of new information, future events or otherwise, except as required by law.
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