Company recently signed a non-binding term sheet with Dr Glitter Pty Ltd for mutual development in ActivCrystal Format

Vancouver, Canada, Dec.  26, 2024  (GLOBE NEWSWIRE) --  Clearmind Medicine Inc. (Nasdaq: CMND), (FSE: CWY0) ("Clearmind" or the "Company"), a clinical-stage biotech company focused on discovery and development of novel psychedelic-derived therapeutics to solve major under-treated health problems, recently announced that it signed a non-binding term sheet  with Dr. Glitter Pty Ltd, a health technology company that has developed ActivCrystal technology, a world-first oral delivery format that encapsulates active ingredients in crystals that are tasteless, odorless, made from natural ingredients, and designed to be sprinkled on meals. The two companies plan to collaborate on the development and commercialization of Clearmind's proprietary MEAI-based alcohol substitute and Dr Glitter Pty Ltd's proprietary ActivCrystal technology. The term sheet outlines preliminary terms that, upon the mutual agreement of the parties, will be memorialized in a definitive agreement that sets forth a framework for advancing Clearmind and Dr Glitter Pty Ltd's groundbreaking innovations.

As recently announced, under the terms of the term sheet, upon the execution of the definitive agreement, the parties will work together to develop MEAI-based alcohol alternative aimed to naturally replicate the known sensations from drinking alcohol without the associated health risks or hangover. In ActivCrystal format, Clearmind's MEAI-based alcohol alternative may be sprinkled into users' choice of beverage or food, and dosage may be varied by users individually. This collaboration has the potential to mark an important milestone in Clearmind's strategy to bring MEAI to global markets, addressing the urgent need for innovative solutions to combat alcohol misuse - a major contributor to countless annual deaths worldwide.

"We are thrilled to partner with Dr Glitter to advance the development of MEAI as a safe alternative to alcohol," said Dr. Adi Zuloff-Shani, CEO of Clearmind Medicine. "In parallel to advancing our clinical program with MEAI, we are actively developing our alcohol alternative product, designed to provide some of the enjoyable sensations and experiences associated with alcohol, without the alcohol itself. By offering a solution that adults can enjoy without the harmful effects of alcohol, we aim to transform the landscape of social drinking. We believe that partnering with innovative companies in this field is the right approach to drive thi change forward."

About Clearmind Medicine Inc.

Clearmind is a clinical-stage psychedelic pharmaceutical biotech company focused on the discovery and development of novel psychedelic-derived therapeutics to solve widespread and underserved health problems, including alcohol use disorder. Its primary objective is to research and develop psychedelic-based compounds and attempt to commercialize them as regulated medicines, foods or supplements.

The Company's intellectual portfolio currently consists of nineteen patent families including 29 granted patents. The Company intends to seek additional patents for its compounds whenever warranted and will remain opportunistic regarding the acquisition of additional intellectual property to build its portfolio.

Shares of Clearmind are listed for trading on Nasdaq under the symbol "CMND" and the Frankfurt Stock Exchange under the symbol "CWY0."

About Dr Glitter Pty Ltd

Dr Glitter Pty Ltd is a health technology company that has developed ActivCrystal technology, a world-first oral delivery format that encapsulates active ingredients in crystals that are tasteless, odourless, made from natural ingredients, and designed to be sprinkled on meals.

The Company has submitted its international patent application for the use cases, manufacturing processes, and compositions of ActivCrystals. The product format has been commercialised under the Dr Glitter brand, and has extensive potential applications in dietary supplements, pet supplements, therapeutic drugs, and in geriatric and paediatric medicine. The company also intends to license its product format to brands and manufacturers globally.