Psychedelics R&D company Mindset Pharma (OTCQB:MSSTF) has filed no less than 16 national applications, including countries within the main South East Asian markets, for one of its key families of next-generation psychedelic compounds.

The company recently announced the creation of three additional families (6, 7 and 8) of non-tryptamine psychedelic compounds. The new patent applications include drug candidates belonging to "Family 1," which is composed of second-generation psilocybin analogs.

According to Mindset, Family 1 compounds hold the potential of improving in size, safety and manufacturing when compared to psilocin and psilocybin. The group includes the first-elected clinical and most advanced drug candidate MSP-1014, a psilocybin-like entity that has demonstrated safety, improved efficacy and reduced potential side effects compared to first-generation psilocybin in preclinical studies and is set to be tested in clinical trials in 2023.

Furthermore, the company's IP portfolio strategy has made it recently file a provisional application with the US Patent and Trademark Office (USPTO) for the application of a novel chemical structural strategy to Family 1.

Mindset CEO James Lanthier explained: "Mindset is applying state of the art innovative medicinal chemistry to expand our rich pipeline of optimized psychedelic medications with improved overall efficacy and reduced toxicity profiles and we will continue to protect our compound pipeline and ensure that we provide the most effective options for patients with neurological and psychiatric disorders."

Mindset additionally announced grant options for up to 200,000 common shares at $0.55 each and expiring on September 6, 2023.

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