Vancouver, British Columbia, Canada -- May 21, 2020 -- InvestorsHub
NewsWire -- 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
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.
For
more information about Yield Growth, visit www.yieldgrowth.com or follow @yieldgrowth on Instagram.
Investor Relations
Contacts:
Penny White, President &
CEO
Kevan Matheson, Investor
Relations
invest@yieldgrowth.com
1-833-514-BOSS 1-833-514-2677
1-833-515-BOSS 1-833-515-2677
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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