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Mindset Pharma provides strategic intellectual property license to Cybin for preclinical psychedelic drug research

Published: 08:44 27 Sep 2022 EDT

Blue, yellow and white pills
This is Mindset's second such agreement to advance its innovations to clinical study

Mindset Pharma Inc (CSE:MSET, OTCQB:MSSTF) has announced an exclusive licensing agreement for Cybin Inc to acquire intellectual property rights for a subset of Mindset's preclinical compounds.

Under the terms of the agreement, biopharmaceutical company Cybin will license intellectual property related to preclinical compounds within Mindset's Family 1 portfolio, excluding MSP-1014, Mindset's lead psychedelic drug candidate.

Mindset Pharma CEO James Lanthier said that over the past two years, Cybin has assembled a leading psychedelic drug development organization.

READ: Mindset Pharma to advance lead psychedelic drug candidate MSP-1014 into Phase 1 first-in-human trial

“We are pleased that our novel preclinical compounds have been recognized to potentially support their R&D pipeline. Both our companies share the same ultimate goal of discovering and developing superior new psychedelic treatments to better meet the needs of patients," Lanthier said in a statement.

Lanthier said this is Mindset's second such agreement to advance its innovations to clinical study, noting it’s another example of Mindset successfully executing its scientific and business strategies.

“Coupled with our existing collaboration, Mindset now has multiple ‘shots on goal’ for commercializing its innovations, with additional potential from its recently announced new families," he said.

Toronto-based Cybin will make an initial payment of US$500,000 to Mindset, along with clinical development milestone payments which could total up to US$9.5 million upon successful completion of milestones, including the approval and commercialization of the first drug candidate, according to Mindset.

The agreement also contemplates a sales royalty of approximately 2% for all commercialized licensed products within the scope of the exclusive agreement, which is customary for drug licensing agreements of this nature, Mindset said.

Toronto-based Mindset Pharma is a drug discovery and development company focused on creating optimized and patentable next-generation psychedelic medicines to treat neurological and psychiatric disorders with unmet needs.

Contact the author at susie@proactiveinvestors.com

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