Company: CMND
Filing Date: 2025-01-22
Form Type: 20-F
Source: 0001213900-25-005490
Chunk: 120

Company: Clearmind Medicine Inc.
Filing Date: 2025-01-22
Form: 20-F
Item: Item 4
Chunk 120
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-focused psychotherapy, but access to these psychotherapies is typically difficult, and not all with PTSD respond to psychotherapy
alone. Given the issues with access to trauma-focused psychotherapy and ineffectiveness of current pharmacotherapy, PTSD is a mental health
disorder of high unmet medical need. In fact, it is believed that conventional therapies and medications only help, at best, around 50
percent of patients. Therefore, we believe novel interventions are needed to better treat PTSD.

There are currently two SSRIs, Zoloft and Paxil,
approved for the treatment of PTSD, and these two drugs are generic. There are several other generic products on the market and many drugs
currently under development for anxiety and trauma-related disorders are also being evaluated for PTSD, which we believe reflects the
limitations of the available therapies and an urgent need for better treatment.

We are aware of several biopharmaceutical companies
with therapies in development for PTSD, including, Otsuka, Bionomics, Corcept Therapeutics, Aptinyx, Azevan Pharmaceuticals, Bionorica,
Seelos Therapeutics and Tonix Pharmaceuticals.

Supporters of using psychedelic drugs to help patients
lessen their anxiety are consistently increasing as psychedelic drugs are among the most promising treatments for people with conditions
like PTSD and severe depression. Multidisciplinary Association for Psychedelic Studies (MAPS) Public Benefit Corp. recently filed
an application with FDA to approve the psychedelic drug MDMA in combination with therapy to treat post-traumatic stress disorder. The
filing is a milestone in researchers’ quest to move psychedelic drugs from tightly restricted substances into mainstream medical
treatments that are widely accessible to patients. It comes after decades of studies have demonstrated the promise of psychedelics to
treat mental health disorders.

Depression and TRD

Multiple therapies for depression exist, including
common pharmacological treatments such as anti-depressants and psychosocial interventions such as cognitive based therapy. There are also
non-pharmacological, somatic treatments for depression such as electroconvulsive therapy and transcranial magnetic stimulation, among
others. However, these current therapies are ineffective or inadequately effective for a significant portion of patients. This treatment-resistant
subset of depression is one of the targets for our proprietary 2FDCK drug candidate under our development program. For TRD there are currently
only two pharmacological treatments approved in the United States: (i) SPRAVATO (S-ketamine) nasal spray