Biomind Labs Inc. announced that its second Phase II clinical trial on N, N-dimethyltryptamine (DMT) for treatment-resistant depression has been approved by the Brazilian Institutional Review Board (the IRB). In this second Phase II clinical trial, the Company will test a new approach of psychedelic therapies, a psychiatry intervention-based model, allowing a rapid and feasible merge of fast-acting psychedelic medicines into clinical practices already in existence. Consequently, provided that this second Phase II clinical trial is successful, such practices may receive a new tool, allowing practitioners to prescribe their patients specialized psychedelic medicines that may boost ongoing treatments.

This second Phase II clinical trial is scheduled to begin in the upcoming weeks. The trial will be conducted by the Company's Scientific and Clinical Advisor Neuroscientist Dr. Dráulio Araújo and will include 40 individuals. Given the safety profile, the absence of overdose, tolerance and previous results from the first randomized, placebo-controlled trial to test a psychedelic substance in treatment-resistant depression led by Dr. Araújo, Biomind Labs continues to reinforce the Molecule Clinical Development Dossier of its novel pharmaceuticals, enabling a potentially successful molecule-to-market lifecycle while minimizing the risks of failure.