Schizophrenia and anxiety disorders are severe mental illnesses that significantly affect the health of patients and place a tremendous burden on society. There is an urgent need to develop effective therapeutic drugs. The current study aimed to explore the therapeutic potential of a newly developed compound, referred to as Novel Adenosine Modulator (NAM), for the treatment of these two mental illnesses. To this end, 2 mouse models displaying abnormal behaviors induced by either drugs or stress were used. In Experiment 1, adult male mice were induced schizophrenia-like behaviors by treating with MK-801 (i.e., dizocilpine). Treatment with the NAM alleviated observed hyperlocomotion induced by MK-801 in open field test without causing anhedonia or changes in body weight. However, there is no effect on sensorimotor gating functions. In Experiment 2, adult male mice were subjected to unpredictable chronic mild stress (UCMS) to develop anxiety-like and depression-like behaviors. Treatment with the NAM rescued the anhedonic behaviors in sucrose preference test. These results suggest that the therapeutic potential of the NAM which is warrant further investigation.