Novamind Inc. to conduct a phase II clinical trial investigating psilocybin for major depressive disorder (MDD) sponsored by the Usona Institute (the "Psilocybin Trial"). On March 9, 2022, the Company completed first patient randomization at its Draper, Utah research site. With an estimated 280 million people worldwide suffering from depression,1 psilocybin has been steadily gaining recognition as a potential therapy to help address a growing global mental health crisis.

Recent regulatory shifts supporting psilocybin research also acknowledge the unmet need and the potential for improved, novel therapeutic options. Last year, Novamind was awarded two Schedule 1 Licenses from the U.S. Drug Enforcement Agency to store and administer psilocybin for research, qualifying the Company to host future psilocybin clinical trials at its sites.