Clearmind Medicine To Develop Novel Intranasal Formulation With Polyrizon

(RTTNews) - Clearmind Medicine Inc. (CMND), Wednesday announced that the company has signed a non-binding Letter of Intent with Polyrizon Ltd. (PLRZ), a development stage biotech company, to develop a novel intranasal formulation for its psychedelic-based treatment applications.

Under the partnership, the companies will explore the potential of Clearmind's proprietary drug candidate, 5-Methoxy-2-aminoindane or MEAI, alone or in combination with Palmitoylethanolamide.

Additionally, the companies will conduct research and development efforts to achieve a proof of concept for an intranasal formulation of MEAI and MEAI-PEA combinations.

As per the terms of the agreement, Clearmind will fund the research and development process, including feasibility studies to validate intranasal delivery effectiveness.

Meanwhile, Polyrizon will advance formulation development, using its proprietary intranasal drug delivery platform to enhance the absorption and efficacy of Clearmind's drug candidates.

The company added that if the collaboration turns out be a success, the parties would negotiate a definitive agreement, outlining intellectual property rights, commercialization terms, and financial arrangements.

Tuesday, Clearmind's stock is trading at $1.2, up 6.19 percent on the Nasdaq.