Nova Mentis Psilocybin Manufacturer Receives Approved Health Canada Importation Permit

Phase 2A Microdose Clinical Study Capsules to be Manufactured

VANCOUVER, BC, May 4, 2022 /CNW/ - Nova Mentis Life Science Corp. (CSE: NOVA) (FSE: HN3Q) (OTCQB: NMLSF) ("NOVA" or the "Company"), a biotechnology company and global leader in first-in-class psilocybin-based therapeutics and complementary diagnostics for neuroinflammatory disorders is pleased to announce the Company continues to advance its psilocybin-based drug development program following the receipt of a Health Canada approved psilocybin import permit.

The approval allows NOVA to ship its proprietary psilocybin drug from its manufacturing partner to the labs at Toronto Institute of Pharmaceutical Technology (TIPT®) to be used to formulate and manufacture psilocybin microdose capsules for its' planned clinical study.

Earlier this month, NOVA signed a contract with TIPT, who holds a valid Controlled Drugs and Substances Dealer's Licence from Health Canada, which allowed the organization to apply for an import permit.

"We look forward to building on the promising preclinical results NOVA discovered which showed that repeat low doses of psilocybin has the potential to be an effective therapy to modulate behavioural and cognitive defects in patients with autism and fragile x syndrome (FXS)," stated Dr. Marvin S. Hausman MD, Chairman of NOVA's Scientific Advisory Board. "We are paving the way to drug approval and commercialization with reliable partners that are facilitating the necessary steps in the regulatory process and allowing us to move forward with our clinical trial application."

NOVA will be submitting a clinical trial application in the coming weeks to Health Canada for a Phase 2A clinical study evaluating psilocybin microdose therapy for FXS.

About Nova Mentis Life Science Corp.

Nova Mentis Life Science Corp. is a Canadian-based biotechnology company and global leader in developing diagnostics and psilocybin-based therapeutics for neuroinflammatory disorders. Nova is the first biotech company to achieve orphan drug designation in both the United States and European Union for the use of psilocybin in the treatment of Fragile X Syndrome (FXS).

Our goal is to diagnose and treat debilitating chronic conditions that have unmet medical needs, such as autism spectrum disorder (ASD) and FXS.

For further information on the Company, please visit www.novamentis.ca or email info@novamentis.ca.

About TIPT

The Toronto Institute of Pharmaceutical Technology (TIPT®) is North America's premier pharmaceutical institute of education, technology and research. We operate a fully compliant Health Canada-licensed GMP manufacturing and testing facility for solid dosage forms and liquid preparations.

Since our inception in 1992, we have successfully established corporate partnerships with leading pharmaceutical companies worldwide and have provided innovative product development solutions uniquely supported by pragmatic institutional experts.

For more information, please visit: www.tipt.com.

On Behalf of the Board

Will Rascan, President & CEO
Nova Mentis Life Science Corp.

Phone: 778-819-0244
Toll Free: 1-833-542-5323

Twitter: @novamentislsc
Instagram: @novamentislsc
Facebook: @novamentislsc

Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release contains statements that constitute "forward-looking statements." Such forward looking statements involve known and unknown risks, uncertainties and other factors that may cause Nova Mentis Life Science's actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "potential" and similar expressions, or that events or conditions "will," "would," "may," "could" or "should" occur.

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