Vancouver, British Columbia–(Newsfile Corp. – May 21, 2020) – The Yield Growth Corp. (CSE :BOSS) (OTCQB: BOSQF) (FSE: YG3) majority owned subsidiary NeonMind Biosciences Inc. (“NeonMind“) has taken further steps towards commencing its clinical studies to confirm that psilocybin (a compound in psychedelic mushrooms) is an effective treatment for food cravings and weight loss. NeonMind has now identified a source of psilocybin in Canada and has identified a laboratory at a University in Canada in which to conduct the studies.
NeonMind Taking Steps to Prove Psilocybin Effective for Weight Loss
To view an enhanced version of this image, please visit:
NeonMind previously announced that it had engaged Translational Life Sciences Inc. (“TLS“) to conduct the study and that TLS had completed the design of a study to confirm that psilocybin (found in psychedelic mushrooms) is an effective treatment for weight loss and food craving.
TLS has identified a source of synthetically created psilocybin, manufactured by a licensed laboratory, for use in the NeonMind studies. Also, NeonMind has identified a laboratory where the studies can be carried out (the “Lab“). Before the psilocybin can be ordered and before NeonMind can enter into an agreement with the Lab, the Lab must first obtain an exemption from the Canadian Minister of Health pursuant to Subsection 56(1) of the Controlled Drugs and Substances Act, S.C. 1996, c. 19 by the researchers at the Lab to allow them to use psilocybin, a controlled substance, in research studies. NeonMind expects the exemption to be granted within a few months. Researchers at the Lab have previously obtained other exemptions for research involving controlled substances.
“Psilocybin is known to activate serotonin receptors,” says Dr. William Panenka, the Director of TLS, “As a neurotransmitter, serotonin helps to relay messages from one area of the brain to another. Serotonin is responsible for some of the drivers which govern eating. We are very interested in furthering studies to test various dosing regimens for NeonMind to see the effects that psilocybin may have on the serotonin receptors that regulate food cravings.”
TLS has provided an estimate of $250,000 as a budget for the study and an estimated time frame of 6 months to complete the study, with valuable data anticipated to be available within the first few months. TLS estimates that all necessary approvals can be obtained so that the study can commence in the fall of 2020. NeonMind plans to fund the study using previous capital raised and from the proceeds of a planned initial public offering of NeonMind, for which due diligence is currently underway with a Canadian investment dealer.
According to the terms of the TLS engagement, signed on May 6, 2020, NeonMind and TLS agreed to work together to conduct the evaluation of psilocin or psilocybin on cravings, on the metabolism, on food addiction and on glucose and hormone levels. Neon authorized TLS to perform activities required to prepare for and conduct the study and the parties shall work towards entering into a clinical study agreement. NeonMind agreed to pay for all costs related to the study and TLS agreed to arrange for required regulatory exemptions and licenses, and engagement of all necessary parties to conduct the study.
According to the World Health Organization, in 2016, more than 1.9 billion adults, 18 years and older, were overweight. The global projected market for weight loss and weight management is estimated at US$245 billion, according to marketsandmarkets. This is over 12x the size of the global anxiety disorder and depression treatment market which is forecast to reach US$18.9 billion by 2026, according to a report by Reports and Data.
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 such as psilocybin and cannabis 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. The founder of TLS, Dr. Panenka, is a dually boarded Neurologist and Psychiatrist and Canadian Institute of Health Research funded academic faculty member at the University of British Columbia. Dr. Panenka did a post doctoral fellowship at UBC and Harvard University, and maintains an internationally recognized research program in brain injury, mental health and addictions.
About NeonMind Biosciences Inc.
NeonMind is dedicated to the enhancement of human life and wellness through the advancement of bioscience to engage the mind to heal the body. It aims to be a leader in the fast-growing functional and adaptogenic foods market, and is engaged in research and the development of products and services using medicinal and psychedelic mushrooms to heal the body through the mind. NeonMind has filed a U.S. provisional patent application to protect the invention that the administration of psilocin and/or psilocybin results in overall weight loss in individuals by reducing food cravings, counteracting compulsive overeating, improving quality of diet, increasing metabolism, treating diabetes, regulating blood glucose and reducing susceptibility to cardiovascular disease, high blood pressure, diabetes mellitus and other illnesses associated with obesity. 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. It is currently launching several hand sanitizer products in response to COVID-19. Its products are sold through e-commerce worldwide and retail stores in 3 countries with distribution agreements in place for 12 more countries. It has 14 patent applications filed in what the Global Wellness Institute reports is a $4.2 trillion-dollar global wellness market. 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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/56268