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Better Plant Sciences Inc. (CSE: PLNT) (OTCQB: VEGGF) (FSE: YG3) ("Better Plant") or (the "Company") is pleased to announce that its majority owned subsidiary NeonMind Biosciences Inc. ("NeonMind") has now commenced a psilocybin preclinical trial examining psilocybin as a potential treatment to promote and cause weight loss and to reduce food cravings (the "Trial") after obtaining Health Canada approval. The Trial is being conducted by the University of British Columbia pursuant to a fee for service agreement.
NeonMind Commences Preclinical Trial to Examine Psilocybin for Weight Loss
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"We are thrilled to be moving forward with our preclinical trial," said Penny White, CEO of Better Plant. "We plan to use the data from this trial to support our pending patents and to help inform the protocol development for a Phase 2 human trial."
NeonMind has filed 4 US provisional patent applications covering the use of psilocybin and other psychedelic substances to promote and cause weight loss, reduce food cravings, treat compulsive eating disorder, improve quality of diet, treat or regulate obesity-associated diabetes, treat obesity-associated abnormal regulation of blood glucose and aid in the prevention of heart disease, high blood pressure and other obesity-associated illnesses. Its first psilocybin and weight loss related patent was filed in December 2019.
"Psilocybin is known to activate serotonin receptors," says Dr. William Panenka, scientific advisor to NeonMind. "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 and timing regimens for NeonMind to see the effects that psilocybin may have on the regulation of food cravings, weight loss, and glucose-insulin metabolism."
Obesity has been formally recognized by the World Health Organization (WHO) as a global epidemic, with at least 2.8 million people dying each year as a result of being overweight or obese. The WHO reported that in 2016, more than 1.9 billion adults, 18 years and older, were overweight.
About NeonMind Biosciences Inc.
The NeonMind team marries ancient Ayurvedic wisdom with modern science, delivering high quality formulations that put health and wellness at the forefront for each of its unique coffee blends. In addition to its medicinal mushroom products, NeonMind is developing patent pending intellectual property for therapeutic uses of psilocybin, the psychedelic substance in magic mushrooms. Health Canada has approved NeonMind's preclinical trial for research into using psilocybin as a treatment to promote and cause weight loss and NeonMind is currently developing protocols for Phase II human trials to be submitted for approval in early 2021.
NeonMind's product candidates with psychedelic compounds will not be commercialized prior to applicable regulatory approval, which will only be granted if clinical evidence of safety and efficacy for the intended uses is successfully developed. Psilocybin is currently a Schedule III drug under the Controlled Drugs and Substances Act (CDSA) and it is a criminal offence to possess substances under the CDSA without a prescription. Health Canada has not approved psilocybin as a drug.
About Better Plant Sciences Inc.
Better Plant offers plant-based products for optimum health and wellness. It is a vertically integrated company with a team whose complementary experience enables acquisition, development, manufacturing, and direct-to-consumer distribution of our products. Its all-natural products vary in use from pain treatment to disease prevention to skin care, all without chemicals or harmful ingredients. It has an extensive catalogue of over 400 proprietary product formulas. Better Plant currently has over 60 plant-based products for sale through eCommerce or in retail stores under the brands Jusu, Urban Juve, and Wright & Well. Better Plant also owns approximately 52% of NeonMind Biosciences Inc.
For more information about Better Plant, visit betterplantsciences.com or follow @betterplantsciences on Instagram.
Investor Relations Contact
Penny White, President & CEO
Ali Dumanski, Investor Relations
invest@betterplantsciences.com
1-833-514-2677
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 due to the spread of COVID-19, 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. Better cautions readers not to place undue reliance on forward-looking statements provided by Better, 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 Better 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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