TORONTO, March 29, 2022 /CNW/ - Diamond Therapeutics Inc., a drug development company focused  on non-psychedelic doses of psilocybin for use in the treatment of  mental health, announces the completion of last patient last visit  (LPLV) in its Phase 1 clinical trial of low doses of psilocybin. LPLV is  the date upon which the last subject completes a clinical study. The  study's final patient follow-up visit was March 12, 2022.

This randomized, double-blind trial is the first systematic,  placebo-controlled, single ascending dose study to investigate very low  doses of psilocybin in humans. The study assesses psilocybin's safety  and tolerability. The aim is to identify an active, non-psychedelic  dosage.

For the trial, fifty-six persons were enrolled in seven separate  cohorts over four and a half months. A panel of five senior, highly  experienced physicians reviewed all safety data as it became available.

"Before this study, little proper, controlled research had been done  to investigate very low concentrations of psilocybin," says Dr. Michael B. McDonnell,  Chief Medical Officer of Diamond. "Diamond's study is robust and well  designed with controls for bias and expectancy. It will advance our  understanding of the therapeutic potential of very low doses of  psilocybin."

The trial was conducted in Toronto under the supervision of principal investigator Dr. Isabella Szeto of BioPharma Services Inc., the contract research organization working  with Diamond. Diamond anticipates topline results will be available by May 2022, with a complete analysis to follow.

"We look forward to sharing the study data as soon as all analysis is complete," says Judy Blumstock,  Diamond's founder and CEO. "The results from this landmark trial will  catalyze our planned phase two studies. We are closer to achieving our  goal of bringing new and better accessible alternative therapeutics to  the millions of people struggling with mental health disorders."

About Diamond Therapeutics  

Diamond Therapeutics is a drug development company based in Toronto, Ontario.  Our mission is to develop new and better therapies for mental health  conditions by unlocking the promise of psychedelic compounds. Diamond is  focused on sub-perceptual, non-hallucinogenic treatments that hold  potential for use across a broad patient cohort —maximizing the positive  impact better drugs can have on global mental health. To learn more  about Diamond, visit www.diamondthera.com.

Cautionary Statements Regarding Forward-Looking Information  

This news release includes certain "forward-looking information"  under applicable Canadian securities legislation. Forward-looking  information includes statements other than statements of historical fact  that can be identified by phrases such as "expects", "anticipates",  "intends", "aims", "plans" and "believes", and are based on  expectations, estimates and projections as at the date of this news  release. Forward-looking statements in this news release include, but  are not limited to, the potential effects of low dose psilocybin and  other psychedelic treatments, the potential use in treating mental  health conditions and the timing and completion of Diamond's clinical  programs and trials. Forward-looking information is necessarily based  upon a number of estimates and assumptions that, while considered  reasonable, are subject to known and unknown risks, uncertainties, and  other factors which may cause the actual results and future events to  differ materially from those expressed or implied by such  forward-looking statements. Such factors include, but are not limited  to: general business, economic, competitive, political and social  uncertainties; delay or failure to receive applicable regulatory  approvals; that factors may occur which impede Diamond's future business  plans; the results of continued development, marketing and sales; and  other factors beyond the control of Diamond. There can be no assurance  that such statements will prove to be accurate, as actual results and  future events could differ materially from those anticipated in such  statements. Accordingly, readers should not place undue reliance on  forward-looking information. Diamond disclaims any intention or  obligation to update or revise any forward-looking information in this  news release, whether as a result of new information, future events or  otherwise, except as required by law.

SOURCE Diamond Therapeutics Inc.

For further information: Rebecca Brown, rebecca@diamondthera.com