MYND Life Sciences Announces Strategic Debt Reduction and New Board Member Appointment

Rhea-AI Summary

MYND Life Sciences (CSE: MYND) (OTCQB: MYNDF) has announced two strategic moves to strengthen its position. The company has converted $800,619.65 (CDN) in loan and officer deferred salary debt into company shares, demonstrating leadership's commitment to its vision of commercializing a diagnostic biomarker test for depression. Additionally, Lana Hoogenboom, a pharmaceutical industry veteran with 12 years of experience at Otsuka Canada, has been appointed to the Board of Directors to advance commercialization strategies and partnership initiatives.

Positive

• Reduction of $800,619.65 (CDN) in debt through conversion to equity
• Addition of experienced pharmaceutical industry executive to Board of Directors
• Strategic alignment of management interests with shareholders through debt-to-equity conversion

Negative

• Potential shareholder dilution from debt-to-equity conversion

Vancouver, British Columbia--(Newsfile Corp. - November 22, 2024) - MYND Life Sciences (CSE: MYND) (OTCQB: MYNDF) ("MYND" or the "Company"), a leader in mental health diagnostics and treatments, today announced two significant strategic decisions aimed at strengthening the company's financial position and governance. These moves demonstrate a strong commitment to the company's vision and strategic plan to commercialize a diagnostic biomarker test for depression which is being initially developed for the purpose of diagnosing and monitoring those with major depressive disorder (MDD).

Debt Reduction

As part of our ongoing commitment to financial health and operational efficiency, MYND Life Sciences has successfully removed $800,619.65 (CDN) in Loan and Officer deferred salary debt and has been converted into shares of MYND Life Sciences. This conversion is intended to align the interests of the company's leadership with its shareholders and to demonstrate a buy-in to MYND's vision and strategic plan.

"We believe this move reflects our unwavering commitment to the company's future and our confidence in our strategic direction in developing a depression biomarker test," said Colin Campbell, CEO. "By converting our debt into equity, we are not only reinforcing our belief in MYND's long-term success but also aligning our interests more closely with those of our shareholders."

New Strategic Board Member

MYND Life Sciences is pleased to announce the appointment of Lana Hoogenboom to its Board of Directors. Throughout her career, Lana Hoogenboom has held key positions in the pharmaceutical industry and has spent the last 12 years with Otsuka Canada. With extensive experience in the pharmaceutical sector and a proven track record in fostering relationships in the Pharmaceutical industry, Lana Hoogenboom will play a pivotal role in advancing the company's commercialization strategies and partnership initiatives.

Lana's deep understanding of the complexities of the pharmaceutical landscape and the ability to expand market presence and develop innovative solutions for unmet needs.

"We are thrilled to welcome Lana Hoogenboom to our Board of Directors," said Colin Campbell, CEO of MYND Life Sciences. "Lana's extensive experience and strategic insights will be instrumental in guiding our commercialization efforts and establishing partnerships that will drive our growth and success."

"I am honoured to join the Board of Directors at MYND Life Sciences", said Lana Hoogenboom. "I look forward to working with the talented team and my fellow board members to drive continued innovation and growth."

About MYND Life Sciences (MYND)

MYND Life Sciences Inc. is a clinical-stage life science company focused on the development and commercialization of a proprietary biomarker test which is labeled as the MYND Anti-Inflammatory Peptide test or "MAP". This biomarker test is aimed at diagnosing and monitoring depression by tracking neuroinflammation which is thought to be a significant factor in Major Depressive Disorder (MDD) and treatment-resistant depression. MYND's proprietary biomarker for depression will drive personalized patient management strategies leveraging MYND's unique IP which provides potential for near-term revenues. MYND is developing this test with the goal of being the first test to market of its kind, targeting depression, where there is a tremendous unmet need. For more information, you can visit www.myndsciences.com.

For more information please contact:

Colin M. Campbell
Email: ir@myndsciences.com
Phone: 604-561-6246
Web: www.myndsciences.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/231149

FAQ

How much debt did MYND Life Sciences (MYNDF) convert to equity in November 2024?

MYND Life Sciences converted $800,619.65 (CDN) in loan and officer deferred salary debt into company shares.

Who is the new board member appointed to MYND Life Sciences (MYNDF)?

Lana Hoogenboom, a pharmaceutical industry veteran with 12 years of experience at Otsuka Canada, was appointed to MYND Life Sciences' Board of Directors.

What is MYND Life Sciences (MYNDF) developing as their main product?

MYND Life Sciences is developing a diagnostic biomarker test for depression, initially focused on diagnosing and monitoring major depressive disorder (MDD).