Clearmind Medicine Enters into Development Agreement to Advance Intranasal Formulation for its Proprietary Non-Hallucinogenic Neuroplastogen MEAI

Rhea-AI Summary

Clearmind Medicine (Nasdaq: CMND) entered a development agreement with Polyrizon to create an intranasal hydrogel formulation of its lead non-hallucinogenic neuroplastogen, MEAI, to enhance bioavailability and support ongoing and future clinical programs for addiction-related and CNS disorders.

The collaboration targets enhanced nasal residence time, targeted CNS delivery, optimized patient usability, and formulation flexibility tailored to MEAI. The transaction is a related-party arrangement and Clearmind is relying on MI61-101 exemptions for valuation and minority approval.

News Market Reaction – CMND

-6.90% 59.7x vol

12 alerts

-6.90% News Effect

+14.6% Peak Tracked

-32.4% Trough Tracked

-$161K Valuation Impact

$2.17M Market Cap

59.7x Rel. Volume

On the day this news was published, CMND declined 6.90%, reflecting a notable negative market reaction. Argus tracked a peak move of +14.6% during that session. Argus tracked a trough of -32.4% from its starting point during tracking. Our momentum scanner triggered 12 alerts that day, indicating notable trading interest and price volatility. This price movement removed approximately $161K from the company's valuation, bringing the market cap to $2.17M at that time. Trading volume was exceptionally heavy at 59.7x the daily average, suggesting significant selling pressure.

Data tracked by StockTitan Argus on the day of publication.

Market Reality Check

Price: $0.7370 Vol: Volume 102,946 is below 2...

normal vol

$0.7370 Last Close

Volume Volume 102,946 is below 20-day average 121,153 (relative volume 0.85x). normal

Technical Price $1.45 is trading below 200-day MA at $28.83, near 52-week low of $1.33 and far from high of $60.00.

Peers on Argus

CMND is down 17.61% while several small-cap biotech peers also trade lower today...

1 Down

CMND is down 17.61% while several small-cap biotech peers also trade lower today (e.g., PLRZ -9.4%, KTTA -8.05%, SXTP -6.33%), but the momentum scanner only flags one peer in downside momentum, suggesting this move is treated as stock-specific.

Common Catalyst Both CMND and peer PLRZ issued same-day headlines about their intranasal MEAI development agreement, indicating a shared collaboration theme within this niche.

Historical Context

5 past events · Latest: Feb 03 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Feb 03	Policy recognition	Positive	-5.8%	MEAI named in bipartisan U.S. bill expanding veterans’ access to emerging treatments.
Jan 20	Annual report filing	Neutral	+5.6%	Form 20-F filed for year ended Oct 31, 2025, detailing clinical-stage operations.
Jan 14	Clinical trial progress	Positive	+0.4%	Completion of treatment in all six patients of second cohort in Phase I/IIa CMND-100 trial.
Dec 31	Listing compliance	Positive	-2.7%	Regained compliance with Nasdaq minimum bid price under Listing Rule 5550(a)(2).
Dec 24	Year-end review	Positive	-5.8%	Summary of 2025 clinical advances and IP expansion for CMND-100 and MEAI pipeline.

Pattern Detected

Recent positive and milestone-type news for CMND has often been followed by negative price reactions, with several selloffs after favorable MEAI or corporate updates.

Recent Company History

Over the past months, Clearmind has highlighted multiple milestones around its MEAI platform and CMND-100 program. On Dec 24, 2025, it reviewed a “transformative 2025,” yet shares fell 5.76%. Regaining Nasdaq bid-price compliance on Dec 31, 2025 saw a further 2.69% decline. A Phase I/IIa cohort completion update on Jan 14, 2026 had only a modest 0.41% gain. Recent recognition of MEAI in U.S. legislation on Feb 3, 2026 coincided with a 5.83% drop, suggesting a pattern of selling into positive headlines.

Market Pulse Summary

The stock moved -6.9% in the session following this news. A negative reaction despite positive-sound...

Analysis

The stock moved -6.9% in the session following this news. A negative reaction despite positive-sounding development news fits prior patterns, where shares fell after several favorable MEAI and clinical updates. The company recently reported ongoing operating losses and going concern uncertainty, and it has registered sizeable blocks of resale shares, which may weigh on sentiment. In this context, investors may have focused more on balance-sheet and overhang risks than on incremental formulation progress when reassessing valuation.

Key Terms

intranasal, bioavailability, central nervous system, cns, +4 more

8 terms

intranasal medical

"develop an intranasal formulation for MEAI"

Administration or delivery of a drug or vaccine through the nose, typically via a spray or drops that are absorbed by the nasal tissues. For investors, intranasal products can matter because they often offer easier, needle-free use, faster onset of effect, and potential cost or compliance advantages that can widen a product’s market and affect regulatory review, manufacturing complexity, and commercial prospects — similar to how a convenient app can outsell a clunky desktop program.

bioavailability medical

"aims to enhance bioavailability and support clinical advancement"

Bioavailability is the measure of how much and how quickly a substance, such as a medication or nutrient, enters the bloodstream and becomes available for use by the body. For investors, it matters because it influences how effectively a product works and how quickly results are seen, which can impact a company's success and the potential value of related investments. Think of it like how much of a medicine actually reaches your bloodstream after taking it—that determines how well it can do its job.

central nervous system medical

"weight lossand other central nervous system (CNS) conditions"

The central nervous system (CNS) is the body's main control center, made up of the brain and spinal cord, that processes information and directs movement, sensation and basic functions like breathing. For investors, CNS-related products and research matter because they face long development times, strict safety testing and regulatory hurdles; success or failure can dramatically affect a company’s costs, timelines and potential market value.

cns medical

"weight lossand other central nervous system (CNS) conditions"

CNS stands for the central nervous system, the brain and spinal cord that control thought, movement and bodily functions. For investors, CNS-focused products and research matter because therapies aimed at this “delicate wiring” are scientifically challenging, often carry higher development and regulatory risk, and can take longer to prove safe and effective — but successful treatments also tend to command large markets and premium pricing.

neuroplastogen medical

"non-hallucinogenic neuroplastogen designed for the treatment of addiction-related disorders"

A neuroplastogen is a drug or compound designed to boost the brain’s ability to rewire and form new connections, enhancing recovery or adaptation after injury, stress, or disease. For investors, these molecules matter because they target underlying brain repair processes rather than just masking symptoms, offering the potential for durable benefits in conditions like depression, neurodegeneration, or cognitive decline—akin to giving a tired garden fresh tools to regrow and reshape itself.

hydrogel medical

"apply its proprietary intranasal hydrogel technology to develop an optimized formulation"

A hydrogel is a soft, jelly-like material made mostly of water combined with a network of flexible, supportive molecules. Its unique ability to hold large amounts of water while remaining stable makes it useful in various medical, industrial, and consumer applications. For investors, innovations involving hydrogels can signal growth opportunities in sectors like healthcare, biotechnology, and advanced materials.

first-pass metabolism medical

"Bypassing first-pass metabolism for more direct systemic and CNS access"

First-pass metabolism is the process by which a drug taken by mouth is partly broken down in the gut wall and liver before it reaches the bloodstream, so less active medicine is available to the body. For investors, it matters because a high first-pass effect can force higher doses, different formulations or alternative delivery methods, increasing development cost, regulatory complexity and the commercial attractiveness of a drug—think of it as a filter that removes part of the product before it reaches customers.

related party regulatory

"Polyrizon is a related party ( as such term is defined in Canadian Securities Administrators"

A related party is a person or organization with close ties to a company — for example major shareholders, board members, executives, their family, or businesses they control — that can influence decisions or enter into transactions with the company. Investors watch related‑party dealings because they can create conflicts of interest or non‑market terms that affect fairness, the company’s finances and transparency; think of it like buying or selling something to a family member rather than on the open market.

AI-generated analysis. Not financial advice.

Collaboration aims to enhance bioavailability and support clinical advancement of Clearmind’s lead MEAI candidate for addiction-related and other CNS disorders

Vancouver, Canada, Feb. 06, 2026 (GLOBE NEWSWIRE) -- Clearmind Medicine Inc. (Nasdaq: CMND), (FSE: CWY0) (“Clearmind” or the "Company"), a clinical-stage biotech company focused on the discovery and development of novel neuroplastogen-derived therapeutics to solve major under-treated health problems, today announced that it has entered into a development agreement with Polyrizon Ltd. (Nasdaq: PLRZ) (“Polyrizon”), a pre-clinical-stage biotechnology company developing advanced intranasal delivery solutions.

Under the agreement, Clearmind has engaged Polyrizon to apply its proprietary intranasal hydrogel technology to develop an optimized formulation of Clearmind’s lead proprietary compound, MEAI (5-methoxy-2-aminoindane- a next-generation, non-hallucinogenic neuroplastogen designed for the treatment of addiction-related disorders, weight lossand other central nervous system (CNS) conditions.

This strategic collaboration integrates Clearmind’s expertise in non-hallucinogenic neuroplastogens with Polyrizon’s specialized intranasal delivery platform. The objective is to create a novel intranasal MEAI formulation that will support Clearmind’s ongoing and future clinical development programs.

By partnering with Polyrizon, Clearmind aims to leverage key advantages of their technology for intranasal delivery of MEAI, including:

• Enhanced nasal residence time via specialized gel-like mechanisms, potentially improving bioavailability and duration of effect
• Targeted delivery of MEAI to improve therapeutic outcomes

• Optimized patient usability

• Formulation flexibility adapted to the physicochemical properties of MEAI, enabling tailored optimization

Intranasal administration offers promising advantages for CNS-targeted therapeutics such as MEAI compared to traditional oral routes, including:

• Bypassing first-pass metabolism for more direct systemic and CNS access
• Faster onset of absorption
• Lowering effective dosie

These attributes make intranasal delivery a valuable enhancement for MEAI as Clearmind advances its pipeline toward clinical validation.

Dr. Adi Zuloff-Shani, Chief Executive Officer of Clearmind, commented: “We are pleased to partner with Polyrizon to develop an intranasal formulation for MEAI. Their advanced hydrogel platform complements our efforts to optimize delivery, potentially improving bioavailability and therapeutic efficacy, and patient experience for our non-hallucinogenic neuroplastogen candidates. We believe that this agreement reflects Clearmind’s proactive approach to innovative collaborations that accelerate progress and address unmet needs in addiction and mental health disorders.”

Polyrizon is a related party ( as such term is defined in Canadian Securities Administrators Multi National Instrument 61-101 “Protection of Minority Security Interests in Special Transactions” (“MI61-101”) of Clearmind and the entering into of this arrangement is a related party transaction ( as such term is defined in MI61-10). Clearmind is relying on the exemptions to a formal valuation and minority shareholder approval available to it pursuant to sections 5.5(a) and 5.7(1)(a) of MI61-101

About Clearmind Medicine Inc.

Clearmind is a clinical-stage psychedelic pharmaceutical biotech company focused on the discovery and development of novel psychedelic-derived therapeutics to solve widespread and underserved health problems, including alcohol use disorder. Its primary objective is to research and develop psychedelic-based compounds and attempt to commercialize them as regulated medicines, foods, or supplements.

The Company’s intellectual portfolio currently consists of nineteen patent families, including 31 granted patents. The Company intends to seek additional patents for its compounds whenever warranted and will remain opportunistic regarding the acquisition of additional intellectual property to build its portfolio.

Shares of Clearmind are listed for trading on Nasdaq under the symbol "CMND" and the Frankfurt Stock Exchange under the symbol “CWY0.”

About Polyrizon

Polyrizon is a development stage biotech company specializing in the development of innovative medical device hydrogels delivered in the form of nasal sprays, which form a thin hydrogel-based shield containment barrier in the nasal cavity that can provide a barrier against viruses and allergens from contacting the nasal epithelial tissue. Polyrizon’s proprietary Capture and Contain TM, or C&C, hydrogel technology, comprised of a mixture of naturally occurring building blocks, is delivered in the form of nasal sprays, and potentially functions as a “biological mask” with a thin shield containment barrier in the nasal cavity. Polyrizon are further developing certain aspects of our C&C hydrogel technology such as the bioadhesion and prolonged retention at the nasal deposition site for intranasal delivery of drugs. Polyrizon refers to its additional technology, which is in an earlier stage of pre-clinical development, that is focused on nasal delivery of active pharmaceutical ingredients, or APIs, as Trap and Target ™, or T&T. For more information, please visit https://polyrizon-biotech.com.

For further information, visit: https://www.clearmindmedicine.com or contact:

Investor Relations
invest@clearmindmedicine.com

Telephone: (604) 260-1566
US: CMND@crescendo-ir.com

General Inquiries
Info@Clearmindmedicine.com
www.Clearmindmedicine.com

Forward-Looking Statements:

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act and other securities laws. Words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates” and similar expressions or variations of such words are intended to identify forward-looking statements. For example, the Company is using forward-looking statements when it creating a novel intranasal MEAI formulation that will support Clearmind’s ongoing and future clinical development programs, its efforts to optimize delivery, potentially improving bioavailability and therapeutic efficacy, and patient experience for its non-hallucinogenic neuroplastogen candidates and its belief that the collaboration with Polyrizon reflects Clearmind’s proactive approach to innovative collaborations that accelerate progress and address unmet needs in addiction and mental health disorders. Forward-looking statements are not historical facts, and are based upon management’s current expectations, beliefs and projections, many of which, by their nature, are inherently uncertain. Such expectations, beliefs and projections are expressed in good faith. However, there can be no assurance that management’s expectations, beliefs and projections will be achieved, and actual results may differ materially from what is expressed in or indicated by the forward-looking statements. Forward-looking statements are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the forward-looking statements. For a more detailed description of the risks and uncertainties affecting the Company, reference is made to the Company’s reports filed from time to time with the Securities and Exchange Commission (“SEC”), including, but not limited to, the risks detailed in the Company’s annual report on Form 20-F for the fiscal year ended October 31, 2025 and subsequent filings with the SEC. Forward-looking statements speak only as of the date the statements are made. The Company assumes no obligation to update forward-looking statements to reflect actual results, subsequent events or circumstances, changes in assumptions or changes in other factors affecting forward-looking information except to the extent required by applicable securities laws. If the Company does update one or more forward-looking statements, no inference should be drawn that the Company will make additional updates with respect thereto or with respect to other forward-looking statements. References and links to websites have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release. Clearmind is not responsible for the contents of third-party websites.

FAQ

What did Clearmind (CMND) announce on February 6, 2026 about MEAI intranasal development?

Clearmind announced a development agreement with Polyrizon to create an intranasal hydrogel formulation for MEAI. According to the company, the collaboration aims to improve nasal residence time, bioavailability, targeted CNS delivery, and patient usability to support clinical advancement.

How will the Polyrizon intranasal hydrogel affect MEAI bioavailability for CMND?

The intranasal hydrogel is intended to potentially improve MEAI bioavailability and duration of effect. According to the company, benefits include bypassing first-pass metabolism, faster absorption onset, and targeted CNS access compared with oral routes.

Does the Clearmind–Polyrizon agreement affect shareholder approvals or valuations for CMND?

Clearmind reports this is a related-party transaction and is relying on MI61-101 exemptions for valuation and minority shareholder approval. According to the company, formal valuation and minority approval exemptions under sections 5.5(a) and 5.7(1)(a) apply.

What clinical role will the intranasal MEAI formulation play in Clearmind’s pipeline (CMND)?

The intranasal formulation is intended to support ongoing and future clinical development of MEAI for addiction-related and other CNS disorders. According to the company, the goal is to enable better CNS delivery and patient acceptability to aid clinical validation.

Why is intranasal delivery being pursued for MEAI by Clearmind (CMND)?

Intranasal delivery may offer faster systemic and CNS access and reduced first-pass metabolism versus oral dosing. According to the company, this route could improve therapeutic outcomes through targeted delivery, longer nasal residence, and formulation flexibility for MEAI.