Biomind Labs Completes the Development of the First 5-MeO-DMT Organic Synthesis Scheme for Pharmaceutical Applications

Biomind Labs Inc. ("Biomind Labs" or the "Company") (NEO: BMND) (OTC: BMNDF) (FSE: 3XI), a leading biotech company focused on developing the next generation of pharmaceuticals to treat patients suffering from neurological disorders by targeting the drivers of disease, is pleased to announce the successful completion of the first 5-Metoxi-N,N-dimethyltryptamine ("5-MeO-DMT") organic synthesis scheme. This significant achievement marks a major breakthrough in the development of a suitable procedure for obtaining 5-MeO-DMT freebase as an Active Pharmaceutical Ingredient ("API") with exceptionally high purity and pharmaceutical-grade quality.

5-MeO-DMT is a naturally occurring compound found in various plant and animal species, and it has garnered significant attention within the scientific and medical communities for its potential therapeutic properties. Biomind's groundbreaking achievement opens the door to new possibilities in drug development and medical research.

Key accomplishments of the first 5-MeO-DMT organic synthesis scheme include:

• Organic Synthesis Success: A pioneering organic synthesis scheme that enables the efficient production of 5-MeO-DMT freebase. This novel process ensures high purity and maintains the compound's integrity, making it suitable for pharmaceutical applications.

• Pharmaceutical-Grade Quality: The 5-MeO-DMT freebase produced using this new method and under Good Manufacturing Practices (GMP) meets stringent pharmaceutical standards, guaranteeing its suitability for use in the development of advanced medicines and therapies.

• Potential Therapeutic Applications: The availability of high-purity 5-MeO-DMT as an API paves the way for innovative research and development in various therapeutic areas. Although Biomind primarily targets the treatment of mental health disorders, such as depression and anxiety, other areas of medicine could benefit from the availability of high-purity 5-MeO-DMT.

• Commitment to Safety and Compliance: Biomind places an emphasis on safety and compliance with regulatory standards. The Company has undertaken rigorous testing and quality control measures to ensure the highest levels of product safety and consistency.

"Reaching this significant achievement enables us to guarantee the accessibility and cost-effectiveness of our innovative tryptamine-based formulations when they are ready for market release. At present, navigating the landscape of tryptamine-based products presents numerous challenges, including locating suppliers capable of meeting the stringent commercial and quality criteria necessary for pharmaceutical-grade products. Additionally, the associated complexities in the authorization process, substantial expenses, and intricate logistics further compound these challenges. By possessing the capacity to manufacture our own APIs while adhering to pharmaceutical-grade quality standards, we significantly mitigate the risk of supply shortages, positioning ourselves as an ideal partner within the traditional pharmaceutical sector", commented Alejandro Antalich, CEO of Biomind Labs.

About Biomind Labs Inc.

Biomind Labs is a biotech research and development company aimed at transforming biomedical sciences knowledge into novel pharmaceutical drugs and innovative nanotech delivery systems for a variety of psychiatric and neurological conditions. Through its acceleration platform, Biomind Labs is developing novel pharmaceutical formulations of the main psychedelic molecules, N, N-dimethyltryptamine ("DMT"), 5-MeO-DMT and mescaline for treating a wide range of therapeutic indications. Biomind Labs' focus is to provide patients access to affordable and modern-day treatments.

Cautionary Note Regarding Forward-Looking Statements

This press release contains statements that constitute "forward-looking information" ("forward-looking information") within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking information and are based on expectations, estimates and projections as at the date of this news release. Any statement that discusses predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information. Forward-looking statements in this document include, among others, statements relating to the Company's ability to scientifically harness the medicinal power of psychedelic molecules to treat patients suffering from neurological and psychiatric disorders, future research and development in various therapeutic areas, the anticipated results and potential of the Company's future trials, the ability to obtain regulatory approvals, the marketability of the Company's products, ability to source raw materials in the formulation of products, ability to raise capital, and the Company's plan to engineer proprietary drug development platforms, innovative drug delivery systems, novel formulation approaches and treatment regimens for mental health conditions.

By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors and risks include, among others: (a) the Company may require additional financing from time to time in order to continue its operations which may not be available when needed or on acceptable terms and conditions acceptable; (b) compliance with extensive government regulation; (c) domestic and foreign laws and regulations could adversely affect the Company's business and results of operations; (d) fluctuations in securities markets; (e) adverse changes in the public perception of tryptamine-based treatments and psychedelic-based therapies; (f) fluctuations in general macroeconomic conditions; (g) expectations regarding the size of the psychedelics market; (h) the ability of the Company to successfully achieve its business objectives; (i) plans for growth; (j) political, social and environmental uncertainties; (k) employee relations; (l) the presence of laws and regulations that may impose restrictions in the markets where the Company operates; and (m) the risk factors set out in the Company's annual information form for the year ended December 31, 2022 dated March 31, 2023, which is available under the Company's Issuer profile on SEDAR+ at www.sedarplus.ca. Accordingly, readers should not place undue reliance on the forward-looking information contained in this press release.

The Company makes no medical, treatment or health benefit claims about the Company's proposed products. The United States Food and Drug Administration, Health Canada or other similar regulatory authorities have not evaluated claims regarding tryptamine-based treatments, psychedelic-based therapies or other psychedelic compounds. The efficacy of such products has not been confirmed by approved research. There is no assurance that the use of psychedelic tryptamines, tryptamine derivatives or other psychedelic compounds can diagnose, treat, cure or prevent any disease or condition. Vigorous scientific research and clinical trials are needed. The Company has not yet completed commercial clinical trials for the use of its proposed products. Any references to quality, consistency, efficacy and safety of potential products do not imply that the Company verified such in commercial clinical trials or that the Company will complete such trials. If the Company cannot obtain the approvals or research necessary to commercialize its business, it may have a material adverse effect on the Company's performance and operations.

The forward-looking information contained in this news release represents the expectations of the Company as of the date of this news release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. The Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.

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