15:55:45 EDT Tue 14 May 2024
Enter Symbol
or Name
USA
CA



Optimind Pharma Corp
Symbol OMND
Shares Issued 98,091,991
Close 2023-12-15 C$ 0.015
Market Cap C$ 1,471,380
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Optimind JV Manitari receives dealer licence

2023-12-19 11:33 ET - News Release

Mr. David Goodman reports

OPTIMIND PHARMA PROVIDES CORPORATE UPDATE

Optimind Pharma Corp. joint venture Manitari Pharma Corp. received its controlled drug and substances dealer licence on Dec. 8, 2023. This licence allows Manitari to process psilocybin and psilocin, the active compounds derived from psychedelic mushrooms. Under the dealer licence, Manitari can possess up to 400 grams of psilocybin and psilocin at any time and can transfer the extracted material to other companies that hold a valid dealer licence.

Manitari is a joint venture in which Optimind has a 40-per-cent ownership interest.

Management transition and vision

David Goodman, a member of the company's board of directors, has assumed the mantle of chief executive officer with a forward-looking vision for Optimind's continued growth and innovation. Former chief executive officer and director, Tom Sipos, has gracefully stepped down due to personal reasons. The company expresses gratitude to Mr. Sipos for his valuable contributions and extends best wishes for his future endeavours.

Strategic decision and expansion plans

The company has decided not to proceed with the acquisition of Wolf Acquisitions 1.0 Corp., previously announced on Oct. 12, 2023, aligning its focus with key growth opportunities and optimizing resources for its core initiatives.

"We congratulate Manitari Pharma on achieving this transformative milestone. This dealer's licence is a testament to our joint commitment to advancing psychedelic therapies, fostering hope for improved mental health treatments," commented David Goodman, chief executive officer at Optimind.

"This regulatory approval marks a pivotal moment for Manitari Pharma's mission. Health Canada's validation of our site plans solidifies our path toward revolutionizing mental health care, starting with empowering the first nations community and extending our impact globally," shared Anna Freeman, chief executive officer at Manitari Pharma.

Commitment to mental health advocacy

The joint venture with Manitari Pharma is dedicated to raising awareness about the efficacy of psychedelic-assisted psychotherapy. Advocacy efforts target federal approvals for treating depression and anxiety, which disproportionately affect indigenous communities. The urgent need to address depression, PTSD (posttraumatic stress disorder), anxiety, phobias and addictions within first nation communities remains a top priority, considering suicide rates due to mental illness among these communities are three times higher than the North American average.

Innovation and collaborations

In addition to Optimind's existing therapies like ketamine-assisted treatment, the company actively collaborates with leading researchers and developers specializing in psilocybin-associated treatments. These collaborations aim to expand treatment offerings and continuously advance psychedelic therapies based on evidence-based research.

Community engagement and social responsibility

Optimind is committed to fostering mental health initiatives within first nation communities, emphasizing community outreach, education and support programs. The company firmly believes in contributing to social well-being alongside its business objectives.

Future prospects

The recent achievements and strategic realignment position Optimind on a trajectory of sustained growth and leadership within the evolving landscape of psychedelic therapies. The company remains dedicated to pioneering innovative solutions that positively impact mental health on a global scale.

About Optimind Pharma Corp.

Optimind is an emerging provider of psychedelic therapies. The company helps people suffering from PTSD, anxiety, depression, and other mental illnesses and disabilities by providing ketamine-assisted treatment and other psychedelic-enhanced psychotherapy modalities so that they can heal and live life fully. Optimind is also partnered with developers of psilocybin-associated treatments to further expand its treatment and program offerings.

We seek Safe Harbor.

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