Dr. Lyle Oberg reports

MYND LIFE SCIENCES ANNOUNCES UPDATE ON PAYMENT OBLIGATIONS UNDER UNSECURED CONVERTIBLE DEBENTURES

Mynd Life Sciences Inc. has not made its payment obligations under its unsecured convertible debentures issued on Sept. 8, 2021, with a total principal amount of $3-million.

Pursuant to the terms of the convertible debentures, the company was required to pay the principal amounts and accrued interest thereon by no later than Set. 8, 2023. As of the date of this news release, the company has neither: (i) paid the principal amounts or the accrued interest thereon; nor (ii) agreed upon a repayment plan for such amounts with the holders of the unsecured convertible debentures. Leading up to the maturity date, the company has had continuing discussions with certain holders of the unsecured convertible debentures regarding potential terms for amending the unsecured convertible debentures, including an extension of the maturity date. Those discussions are continuing and the company is continuing to evaluate alternatives available to it. The company announced today that it has formed a special committee. The mandate of the special committee will be to evaluate the company's alternatives specifically as it relates to its outstanding unsecured convertible debentures and to make recommendations to the board of directors. This committee undertakes to communicate with bondholders within 30 days from now.

About Mynd Life Sciences Inc.

Mynd is a medical biotech drug research and development company focused on neuropharmaceutical and novel drug development, diagnostics and vaccines. Mynd is developing new biological entities (NBEs) and new chemical entities (NCEs), and differentiates itself from other (bio)pharmaceutical companies by unique molecular concepts for the applications of psilocybin analogs for overcoming disease. The company advances pharmaceutical developments through rigorous science and clinical trials while diligently patenting and safeguarding its intellectual property.

We seek Safe Harbor.