Clinical trial underway at Novamind's Draper, UT research site

TORONTO, ON / ACCESSWIRE / February 9, 2022 / Novamind Inc. (CSE:NM)(OTCQB:NVMDF)(FSE:HN2) ("Novamind" or the "Company"), a leading mental health company specialized in psychedelic medicine, is pleased to announce it is enrolling participants in a phase II clinical trial sponsored by Alto Neuroscience ("Alto"), a clinical stage company focused on pioneering the field of precision psychiatry. The eight-week clinical trial currently underway at Novamind's Draper, Utah research site is investigating an antidepressant medication for adults with major depressive disorder (MDD) and post-traumatic stress disorder (PTSD) (the "Alto Clinical Trial").

Novamind is collecting real-world data from participants ages 18 to 64 years old which includes electroencephalography (EEG), behavioural task performance on a range of neurocognitive tasks, sleep and activity indices collected from wearable devices, and genetic data to identify correlated responses to the drug candidate ("ALTO-100"). The Alto Clinical Trial leverages machine learning, Alto's brain biomarker platform and precision psychiatry approach to identify patient phenotypes that demonstrate the greatest response to ALTO-100.

"Novamind is focused on bringing new treatment options to the world through a research strategy that is drug and compound agnostic. Our expertise and infrastructure enable us to conduct industry-leading psychedelic trials, and we also have the capabilities and extensive experience to host clinical trials for a broad range of other drug candidates," said Dr. Paul Thielking, Novamind's Chief Scientific Officer. "The Alto Clinical Trial is an important contribution to psychiatric drug development and the field of precision psychiatry. We're proud to work with Dr. Etkin and Alto on this important initiative to find better medications for two of the most common and debilitating mental health conditions."

Alto's platform is based on over a decade of field-leading clinical neuroscience research by Founder and CEO, Dr. Amit Etkin, at his Stanford University research lab. Dr. Etkin was a tenured full professor at Stanford prior to leaving to found and lead Alto.

Dr. Etkin stated, "Our clinical-stage assets are being studied to determine therapeutic efficacy, benefit and safety, with the goal of helping patients with MDD and PTSD get better faster. Collecting and analyzing data from patients at Novamind's research sites is supportive in building a richer biological dataset that better predicts responses to ALTO-100, thus contributing to these efforts."

The Alto Clinical Trial adds to Novamind's established track record hosting clinical trials and research studies for various mental health conditions, including Merck & Co.'s MK-1942 for treatment-resistant depression; Bionomics' BNC210 for post-traumatic stress disorder; and Karuna Therapeutics' KarXT for schizophrenia. Prior to joining Novamind as Chief Medical Officer, Dr. Reid Robison played a lead role in the pivotal ketamine study for treatment-resistant depression by Janssen, leading to FDA approval of Spravato.

To learn more about the Alto Clinical Trial, please visit this link.

About Novamind
Novamind is a leading mental health company enabling safe access to psychedelic medicine through a network of clinics and clinical research sites. Novamind provides ketamine-assisted psychotherapy and other novel treatments through its network of integrative mental health clinics and operates a full-service contract research organization specialized in clinical trials and evidence-based research for psychedelic medicine. For more information on how Novamind is enhancing mental wellness and guiding people through their entire healing journey, visit novamind.ca

About Alto Neuroscience
Alto Neuroscience is pioneering precision psychiatry by developing targeted medicines to help patients get better faster. Differences in individuals' biology impact how they respond to treatment. Alto's human data-driven platform measures brain biomarkers including EEG activity and behavioral patterns, wearable data, genetics, and other factors, to match each patient with the right Alto therapy. The company's clinical-stage pipeline includes drug candidates being studied in mental health conditions targeting cognition, emotion, and sleep processes. For more information, visit www.altoneuroscience.com

Contact Information
Yaron Conforti, CEO and Director
Telephone: +1 (647) 953 9512

Samantha DeLenardo, VP, Communications
Email: media@novamind.ca

Investor Relations
Email: IR@novamind.ca

Forward-Looking Statements
This news release contains forward-looking statements. All statements other than statements of historical fact included in this release are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations including the risks detailed from time to time in the Company's public disclosure. The reader is cautioned not to place undue reliance on any forward-looking information. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will update or revise publicly any of the included forward-looking statements as expressly required by applicable laws.

SOURCE: Novamind Inc.