Bright Minds Biosciences Receives a Favorable Written Opinion from the International Searching Authority for BMB-202
19 April 2023 - 8:50PM
Bright Minds Biosciences Inc. (CSE:DRUG) (NASDAQ:DRUG)
(“
Bright Minds” or the
“
Company”), a biotechnology company focused on
developing novel drugs for the targeted treatment of
neuropsychiatric disorders, epilepsy, and pain, today announced
that the International Searching Authority reviewed its
international patent application directed to phenethylamine
compounds and issued a Written Opinion indicating that Bright
Minds’ core phenethylamine compounds of interest are novel and
inventive over the searched prior art.
Bright Minds recently filed an international patent application
(assigned a filing number of PCT/CA2023/050003) directed at
compounds that belong to the phenethylamine class of molecules,
which the Company believes are potentially best in class compounds
with an optimized short half-life, highly potent and extreme
selectivity relative to other 5-HT2A agonists in development.
Compounds from the Company’s 5-HT2A and 5-HT2A/5-HT2C programs are
contained in this patent application, including its lead 5-HT2A
agonist, BMB 202, as well as other backup and compounds of high
interest from both programs. While the Written Opinion is
non-binding, the Written Opinion is encouraging news and supports
the view that Bright Minds has developed patentable phenethylamine
compounds.
“We are very pleased with this favorable opinion and believe
that it validates our drug discovery capabilities. This is an
important first step in protecting our compounds of interest in
jurisdictions around the world, as we continue to pursue innovation
in the treatment of multiple brain-related disorders,” stated Ian
McDonald, CEO of Bright Minds.
About BMB 202
BMB-202 is a highly selective 5-HT2A agonist with proprietary
intellectual property. BMB-202 exhibits a more than 30-fold
selectivity over 5-HT2C and more than 500-fold selectivity over
5-HT2B. BMB-202 has shown two-fold superior potency compared to
psilocin in vitro. As opposed to the first-generation psychedelics,
BMB-202 is a full agonist at 5-HT2A receptor and does not have
significant activity at other 5-HT receptors. BMB-202 is a fast
acting, short duration, Cmax driven compound. We call these
fast-on-fast-off compounds with anticipated patient discharge
around two hours. BMB-202 exhibits excellent drug-like properties,
brain penetrance and has demonstrated antidepressant drug profile
in vivo. BMB-202 is the first clinical candidate from an extensive
portfolio of selective 5-HT2A and 5-HT2A/2C agonists inspired from
natural compound scaffolds.
About Bright Minds
Bright Minds is focused on developing novel transformative
treatments for neuropsychiatric disorders, epilepsy, and pain.
Bright Minds has a portfolio of next-generation serotonin agonists
designed to target neurocircuit abnormalities that are responsible
for difficult to treat disorders such as resistant epilepsy,
treatment resistant depression, PTSD, and pain. The Company
leverages its world-class scientific and drug development expertise
to bring forward the next generation of safe and efficacious drugs.
Bright Minds’ drugs have been designed to potentially retain the
powerful therapeutic aspects of psychedelic and other serotonergic
compounds, while minimizing the side effects, thereby creating
superior drugs to first-generation compounds, such as
psilocybin.
Investor Contacts:Lisa WilsonE:
lwilson@insitecony.comT: 917-543-9932
Ian McDonaldCEO and DirectorE:
ian@brightmindsbio.comT: 917-543-9932
This news release includes certain statements
that may be deemed “forward-looking statements.” All statements in
this new release, other than statements of historical facts, that
address events or developments that the Company expects to occur,
are forward-looking statements. Forward-looking statements are
statements that are not historical facts and are generally, but not
always, identified by the words “expects,” “plans,” “anticipates,”
“believes,” “intends,” “estimates,” “projects,” “potential,” and
similar expressions, or that events or conditions “will,” “would,”
“may,” “could,” or “should” occur. Forward-looking information in
this news release includes statements related to the Company’s drug
discovery capabilities, the future status of BMB-202 as a
patentable compound or possibly as a best in class compound, the
use of BMB-202 to treat disorders, and the pursuit of innovation in
the treatment of multiple brain-related disorders. Although the
Company believes the expectations expressed in such forward-looking
statements are based on reasonable assumptions, such statements are
not guarantees of future performance and actual results may differ
materially from those in the forward-looking statements. Factors
that could cause the actual results to differ materially from those
in forward-looking statements include market prices, continued
availability of capital and financing, results of clinical trials
with respect to BMB-202 and other compounds that the Company may
seek to test in the future, regulatory conditions with respect to
in-human drug trials, and general economic, market or business
conditions, and future findings by reviewers of the Company’s
patent applications. Investors are cautioned that any such
statements are not guarantees of future performance and actual
results or developments may differ materially from those projected
in the forward-looking statements. Forward-looking statements are
based on the beliefs, estimates and opinions of the Company’s
management on the date the statements are made. Except as required
by applicable securities laws, the Company undertakes no obligation
to update these forward-looking statements in the event that
management's beliefs, estimates or opinions, or other factors,
should change.
Neither the Canadian Securities Exchange nor its
Regulation Services Provider accepts responsibility for the
adequacy or accuracy of this release.
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