TORONTO, ON / October 22, 2021 / Novamind Inc. (CSE: NM | OTCQB: NVMDF | FSE: HN2) (“Novamind” or the “Company”), a leading mental health company specialized in psychedelic medicine, is pleased to unveil Alto Neuroscience (“Alto”), a clinical-stage biopharmaceutical company, as its previously announced stealth mode investment. In June 2021, Novamind made a US$1,000,000 strategic investment in Alto’s Series A financing led by Apeiron Investment Group.
Alto is redefining psychiatry by developing personalized and highly effective medicines to help patients get better faster. Its artificial intelligence-enabled platform measures biomarkers including electroencephalography (EEG) and wearable data, behavioural patterns, genetics and other real-world data, to match patients with the treatment they are most likely to respond to. Alto’s pipeline includes 11 clinical-stage drug candidates being developed across psychiatric conditions, with mechanisms targeting three key mental health domains: cognition, emotion and sleep.
“Alto’s model for precision psychiatry has enormous potential to help remove the trial-and-error process associated with the diagnosis and treatment of mental health conditions,” said Dr. Reid Robison, Chief Medical Officer at Novamind. “For too long psychiatry has not sufficiently accounted for the unique biological differences between individuals which can significantly impact how they respond to medications.”
Alto’s platform evolved out of more than a decade of clinical neuroscience research led by Dr. Amit Etkin’s lab at Stanford University. The body of work has since been validated by numerous publications in high-impact, peer-reviewed academic journals. In recognition, Dr. Etkin was awarded the prestigious Director’s Pioneer Award—the first to be awarded in clinical psychiatry—by the National Institutes of Health (NIH).
Dr. Amit Etkin, founder and CEO at Alto commented: “The work we are doing at Alto has the potential to transform the field of psychiatric medicine, to move beyond treatment approaches that leave patients cycling through medications. We believe identifying people most likely to respond to drugs we are developing, based on their biology, will get patients to the right treatment faster and result in substantially better outcomes. We are grateful to Novamind, and all of our investors, for their support of this important mission.”
Novamind is a leading mental health company enabling safe access to psychedelic medicine through a network of clinics and clinical research sites. Novamind provides ketamine-assisted psychotherapy and other novel treatments through its network of Cedar Psychiatry clinics and operates Cedar Clinical Research, a contract research organization specialized in clinical trials and evidence-based research for psychedelic medicine. Both Cedar Psychiatry and Cedar Clinical Research are wholly owned subsidiaries of Novamind. For more information on how Novamind is enhancing mental wellness and guiding people through their entire healing journey, visit novamind.ca.
Yaron Conforti, CEO and Director
Telephone: +1 (647) 953 9512
Samantha DeLenardo, VP, Communications
Bill Mitoulas, Investor Relations
This news release contains forward-looking statements. All statements other than statements of historical fact included in this release are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations including the risks detailed from time to time in the Company’s public disclosure. The reader is cautioned not to place undue reliance on any forward-looking information. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will update or revise publicly any of the included forward-looking statements as expressly required by applicable laws.