MINDCURE announces its financial results for fiscal year 2021

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VANCOUVER, BC, August 31, 2021 / CNW / – Mind Cure Health Inc. (CSE: MCUR) (OTCQB: MCURF) (FRA: 6MH) (“MINDCURE” or the “Company”), a leader in proprietary advanced technology and psychedelic research , today announced its results for the three and twelve months ended May 31, 2021. All amounts are shown in Canadian dollars, unless otherwise indicated.

Mind Cure Logo (CNW Group / Mind Cure Health Inc.)

Company highlights

  • Beginning of development of iSTRYM, the Company’s digital therapy tool, a unique software application that will optimize the healing journey for patients and clinicians – before, during and after therapy sessions;

  • Filed a provisional patent application with the United States Patent and Trademark Office to cover various aspects of iSTRYM;

  • Beginning of the first step in the manufacture of synthetic ibogaine;

  • After the end of the year, completion of the complete chemical synthesis of ibogaine and filing of two provisional patent applications in association with synthetic routes;

  • Made several additions to its management team and board of directors and retained a number of advisors;

  • Strategic equity investment in ATMA Journey Centers Inc .; and,

  • After year-end, strategic equity investment in Awakn Life Sciences Inc.

“The first full year of MINDCURE’s operation has been rich in exceptional achievements and highlighted by the success of several important milestones”, noted Kelsey ramsden, President and CEO of MINDCURE. “The strategy and infrastructure we put in place over the past year position the company well to continue the development and release of our digital therapy platform, iSTRYM, and to continue our research on psychedelics. The achievements of the company could not have happened without the hard work and commitment of the entire MINDCURE team, our board of directors and our advisors. I want to especially thank our investors for seeing and supporting the vision and execution of MINDCURE. “

Financial Highlights

  • The net proceeds of $ 27.2 million through the issuance of ordinary shares and the exercise of warrants and options;

  • Total cash and cash equivalents $ 18.3 million from May 31, 2021; and

  • The net loss was $ 10.2 million for the year ended May 31, 2021, made up of non-cash operating expenses of $ 2.0 million and cash operating expenses of $ 8.1 million.

  • A copy of the audited consolidated financial statements of the Company for the year ended May 31, 2021, and the related MD&A are available under the Company’s profile on SEDAR at www.sedar.com.

About Mind Cure Health Inc.

MINDCURE is a life science company focused on innovation and commercialization of new ways to promote healing and improve mental health. The company is developing digital therapy technology and researching psychedelic compounds to promote access to safe and evidence-based psychedelic-assisted therapies around the world. Learn more about mindcure.com, and follow us on LinkedIn, Facebook, Twitter, and Instagram.

On behalf of the board of directors
Kelsey ramsden, President and CEO
Phone: 1-888-593-8995

Forward-looking information

Forward-looking information is based on a number of key expectations and assumptions made by MINDCURE management, including, but not limited to: the impact of the COVID-19 pandemic on the Canadian economy and MINDCURE activities, as well as the extent and duration of this impact; no changes in laws or regulations that adversely affect MINDCURE’s activities; there will be a demand for MINDCURE products in the future; no unforeseen expenses or costs arise; MINDCURE can continue to identify products that make them ideal candidates for providing mental health treatment solutions; that iSTRYM will be developed, optimized and perform as intended in the psychedelics industry; that the Company will be effective in obtaining the patents requested for the synthesis of ibogaine, or the synthesis of ibogaine, or the development of ibogaine synthesized for research, medical or commercial use; that MINDCURE will advance well-being around the world; that iSTRYM will be brought into commercial deployment in the short term or otherwise or that it will reduce symptoms, improve quality of life, or support transformation and healing, or that the deployment may not occur to scale or within the timeframe envisaged.

Although MINDCURE has attempted to identify significant factors that could cause actual results, performance or achievements to differ materially from those described in the forward-looking information presented, there may be other factors that cause actual results to differ. , performance or achievements differ from those anticipated, estimated or intended. Therefore, readers should not place undue reliance on forward-looking statements, as no forward-looking information can be guaranteed.

Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and MINDCURE assumes no obligation to publicly update or revise any forward-looking information, whatsoever. either as a result of new information, events, or otherwise.

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SOURCE Mind Cure Health Inc.

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