BASEL, Switzerland, April 5, 2021 /PRNewswire/ — MindMed (NEO: MMED) (OTCQB: MMEDF) (DE: MMQ), a leading clinical-stage psychedelic medicine biotech company, announced the publication of the first study on MDMA dosing optimization using personalized medicine. The study took place at the University Hospital Basel Liechti Lab, in Basel, Switzerland. This study provides the first scientific data for predicting responses to MDMA and optimizing dosing. This may maximize the potential beneficial therapeutic effects while reducing adverse responses when treating medical conditions.
The study used data from 194 MDMA administrations in ten randomized placebo-controlled studies in healthy subjects conducted by the Liechti Lab at the University Hospital Basel, Switzerland.
Key findings of the study suggest:
The dose of MDMA can be optimized using predictors known before dosing including body weight, sex, age, genetics, personality trait measures, and mood before drug administration.
The dose of MDMA per kg body weight of the treated person best predicted the MDMA concentrations in the body and also mainly determined the acute subjective response to MDMA.
Additionally, genetic testing of the drug metabolizing enzyme CYP2D6 is useful to adjust the dose of MDMA.
Persons with low levels of CYP2D6 activity have higher MDMA plasma concentrations and may experience greater subjective MDMA effects and may benefit from a moderate dose reduction.
Persons with a greater personality trait of “openness to a new experience” showed greater feelings of closeness and positive drug effects acutely induced by MDMA.
In contrast, persons with personality traits of increased neuroticism or anxiety were both more likely to experience fear of ego dissolution and losing control. Similarly, more feelings of anxiety and depression in a person just before MDMA administration predicted more anxiety after MDMA administration.
Women and men showed comparable MDMA effects if differences in body weight are considered in the dosing of MDMA.
Previous minimal MDMA use, defined as previously using MDMA up to five times, did not influence the MDMA effect.
In summary, personalizing MDMA dosing may help optimize the acute MDMA experience including more positive subjective effects of MDMA and reducing adverse effects of MDMA.
Dr. Matthias Liechti said, “To our knowledge, this is the first study on personalized MDMA treatment including pharmacogenetics, personality assessments, and psychometrics in one analysis. The method used allowed us to evaluate the relative importance of the different predictors. Very clearly, the dose of MDMA has the greatest impact on the acute subjective response. However, genetics, personality, and mood before MDMA use also moderated the response to MDMA use. Importantly, the data was obtained in studies using a safe hospital environment and in younger healthy volunteers with mostly no past MDMA experience. Additional data in patients is needed.”
MindMed Executive President, Dr. Miri Halperin Wernli said, “With the promise of advances in psychedelic medicine we are aiming to step away from the rather rigid and inflexible drug centric approach of ‘one size fits all’ and start leveraging data and machine learning to help health professionals and patients engage new personalized therapies in the treatment paradigms. We are building unique biomarker profiles of individuals across genetics, phenotypes, personality traits, and cognitive states that will allow us to best predict which therapy framework configurations will be most effective. The analysis will also include set and setting related variables, therapy, post-therapy integration, and longitudinal follow-ups. Our work focuses on applying the concepts of personalized medicine, AI, and cross disciplinary cutting-edge research to better understand and predict how individual biological phenotypes, genetics, and mental states correlate and interact with responses to the new psychedelic intervention paradigms. We hope this will enable us to build and offer better decision support systems for healthcare professionals and their patients, delivering the best set of evidence and scientifically derived therapy framework options for mental health treatment.”
About MindMed
MindMed is a clinical-stage psychedelic medicine biotech company that discovers, develops and deploys psychedelic inspired medicines and therapies to address addiction and mental illness. The company is assembling a compelling drug development pipeline of innovative treatments based on psychedelic substances including Psilocybin, LSD, MDMA, DMT and an Ibogaine derivative, 18-MC. The MindMed executive team brings extensive biopharmaceutical experience to MindMed’s approach to developing the next generation of psychedelic inspired medicines and therapies.
MindMed trades on the Canadian exchange NEO under the symbol MMED. MindMed is also traded in the United States under the symbol MMEDF and in Germany under the symbol MMQ.
Forward-Looking Statements
Certain statements in this news release related to the Company constitute “forward-looking information” within the meaning of applicable securities laws and are prospective in nature. Forward-looking information is not based on historical facts, but rather on current expectations and projections about future events and are therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements. These statements generally can be identified by the use of forward-looking words such as “will”, “may”, “should”, “could”, “intend”, “estimate”, “plan”, “anticipate”, “expect”, “believe”, “potential” or “continue”, or the negative thereof or similar variations. Forward-looking information in this news release include statements regarding our ability to predict which therapy framework configurations will be most effective, the use of personalized medicine, AI, and cross disciplinary cutting-edge research to understand and predict how individual biological phenotypes, genetics, and mental states correlate and interact with responses to new psychedelic intervention paradigms, our ability to build and offer better decision support systems for healthcare professionals and their patients, our delivery of evidence and scientifically derived therapy framework options for mental health treatment, the pursuit of strategic initiatives, and the Company’s intended future business plans and operations, including the development of psychedelic inspired medicines and experiential therapies. Although the Company believes that the expectations reflected in such forward-looking information are reasonable, such information involves risks and uncertainties, and undue reliance should not be placed on such information, as unknown or unpredictable factors could have material adverse effects on future results, performance or achievements of the Company. There are numerous risks and uncertainties that could cause actual results and the Company’s plans and objectives to differ materially from those expressed in the forward-looking information, including history of negative cash flows; limited operating history; incurrence of future losses; availability of additional capital; lack of product revenue; compliance with laws and regulations; difficulty associated with research and development; risks associated with clinical trials or studies; heightened regulatory scrutiny; early stage product development; clinical trial risks; regulatory approval processes; novelty of the psychedelic inspired medicines industry; as well as those risk factors discussed or referred to herein and the risks described under the headings “Risk Factors” in the Company’s filings with the securities regulatory authorities in all provinces and territories of Canada which are available under the Company’s profile on SEDAR at www.sedar.com with the U.S. Securities and Exchange Commission on EDGAR at www.sec.gov. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results and future events could differ materially from those anticipated in such information. Although the Company has attempted to identify important risks, uncertainties and factors that could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Except as required by law, the Company does not intend and does not assume any obligation to update this forward-looking information.
Net Cash Used in Operating Activities (Total Cash Burn) of $24.2 million USD ($30.5 million CAD) for year ended December 31, 2020
NEW YORK, March 30, 2021 /PRNewswire/ — Mind Medicine (MindMed) Inc. (“MindMed” or the “Company”) (NEO: MMED) (OTCQB: MMEDF) (DE: MMQ), a leading psychedelic medicine biotech company, has announced its annual 2020 financial results for the year ended December 31, 2020.
2020 Financial Highlights (in USD)
Total assets as of December 31, 2020 were $85.6 million, including $80.1 million in cash
Net Cash Used in Operating Activities (Total Cash Burn) of $24.2 million for the year ended December 31, 2020.
Net and comprehensive loss of $35.1 million for the year ended December 31, 2020.
Current Cash Balance As of March 30, 2021 maintains a current cash balance of $161 million USD ($203 million CAD) to advance its portfolio and build out it’s technology division.
Complete financial statements along with related management’s discussion and analysis can be found in the System for Electronic Document Analysis and Retrieval, the electronic filing system for the disclosure documents of issuers across Canada at www.SEDAR.com.
About MindMed MindMed is a psychedelic medicine biotech company seeking to discover, develop and deploy psychedelic inspired medicines and therapies to address addiction and mental illness. The Company is assembling a drug development pipeline of innovative treatments based on psychedelic substances including Psilocybin, LSD, MDMA, DMT and an Ibogaine derivative, 18-MC.
MindMed trades on the Canadian exchange NEO under the symbolMMED. MindMed is also traded in the United States under the symbolMMEDF and in Germany under the symbolMMQ.
MindMed Forward-Looking Statements Certain statements in this news release related to the Company constitute “forward-looking information” within the meaning of applicable securities laws and are prospective in nature. Forward-looking information is not based on historical facts, but rather on current expectations and projections about future events and are therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements. These statements generally can be identified by the use of forward-looking words such as “will”, “may”, “should”, “could”, “intend”, “estimate”, “plan”, “anticipate”, “expect”, “believe”, “potential” or “continue”, or the negative thereof or similar variations. Although the Company believes that the expectations reflected in such forward-looking information are reasonable, such information involves risks and uncertainties, and undue reliance should not be placed on such information, as unknown or unpredictable factors could have material adverse effects on future results, performance or achievements of the Company. There are numerous risks and uncertainties that could cause actual results and the Company’s plans and objectives to differ materially from those expressed in the forward-looking information, including history of negative cash flows; limited operating history; incurrence of future losses; availability of additional capital; lack of product revenue; compliance with laws and regulations; difficulty associated with research and development; risks associated with clinical trials or studies; heightened regulatory scrutiny; early stage product development; clinical trial risks; regulatory approval processes; novelty of the psychedelic inspired medicines industry; as well as those risk factors discussed or referred to herein and the risks described under the heading “Risk Factors” in the Company’s annual information form for the year ended December 31, 2020 filed with the securities regulatory authorities in all provinces and territories of Canada and available under the Company’s profile on SEDAR at www.sedar.com. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results and future events could differ materially from those anticipated in such information. Although the Company has attempted to identify important risks, uncertainties and factors that could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Except as required by law, the Company does not intend and does not assume any obligation to update this forward-looking information.
Dr. Robert C. Malenka is the Pritzker Professor of Psychiatry and Behavioral Sciences, Director of the Nancy Pritzker Laboratory and Deputy Director of the Wu Tsai Neurosciences Institute at Stanford University
NEW YORK, March 29, 2021 /PRNewswire/ — Mind Medicine (MindMed) Inc. (“MindMed” or the “Company”) (NEO: MMED), (OTCQB: MMEDF), (DE: MMQ), a leading psychedelic medicine biotech company, has announced the addition of Dr. Robert C. Malenka, an accomplished neuroscientist and psychiatry professor from Stanford University, to Chair the Company’s Scientific Advisory Board.
Dr. Malenka is an elected member of the National Academy of Sciences and the National Academy of Medicine as well as an elected fellow of the American Academy of Arts and Sciences, the American Association for the Advancement of Science, and the American College of Neuropsychopharmacology. He has served on the National Advisory Council on Drug Abuse and as a Counselor for the Society for Neuroscience and the American College of Neuropsychopharmacology. He is well known for his landmark contributions to understanding of brain plasticity mechanisms, and has extensive experience as an advisor to various pharmaceutical and biotechnology companies.
MindMed CEO J.R. Rahn said: “Dr. Malenka has tremendous knowledge and wisdom across several critical fields in which MindMed operates. We are honored to have him join MindMed as Chair of the Scientific Advisory Board. The entire MindMed team is elated to learn and receive guidance from an industry veteran who has guided several pharmaceutical and biotechnology companies throughout their growth and development. As the MindMed team progresses toward achieving MindMed’s goal of providing innovative new potential treatments to the mental health and addiction patient populations, we look forward to Dr. Malenka’s input and guidance.”
Dr. Robert Malenka added: “I am very excited to join the MindMed team and to help bring creative, sophisticated and rigorous scientific approaches to advancing MindMed’s mission of developing new, more efficacious treatments to potentially improve the mental health of the large segments of the population in need. There are incredible opportunities to leverage the use of previously demonized drugs as therapies and combine them with other treatment modalities to potentially achieve more rapid, more effective and longer-lasting reductions in symptoms that often destroy lives and families. New approaches for improving mental health are desperately needed, and I look forward to working with MindMed on such approaches.”
MindMed’s Scientific Advisory Board is composed of a diverse group of members with expertise in psychiatry, neuroscience, and clinical development. Such Board leverages decades of deep knowledge in biotechnology and psychiatry to help guide MindMed’s development programs. Members represent institutions such as Johns Hopkins, NYU Langone Health, Duke University, NIH, Stanford University, and Albany Medical College.
Dr. Robert C. Malenka Bio:
Dr. Robert C. Malenka is the Pritzker Professor of Psychiatry and Behavioral Sciences, Director of the Nancy Pritzker Laboratory and Deputy Director of the Wu Tsai Neurosciences Institute. After graduating from Harvard College he received an M.D. and a Ph.D. in neuroscience in 1983 from Stanford University School of Medicine. Over the ensuing 6 years, he completed residency training in psychiatry at Stanford and 4 years of postdoctoral research at the University of California, San Francisco (UCSF). In 1989, he was appointed Assistant Professor of Psychiatry and Physiology at UCSF, at which he reached the rank of Full Professor in 1996. In addition to running an active research program at UCSF he was the Director of the Center for the Neurobiology of Addiction and Associate Director of the Center for Neurobiology and Psychiatry. He returned to the Stanford University School of Medicine in 1999. He is an elected member of the National Academy of Sciences and the National Academy of Medicine as well as an elected fellow of the American Academy of Arts and Sciences, the American Association for the Advancement of Science, and the American College of Neuropsychopharmacology. He has served on the National Advisory Council on Drug Abuse and as a Counselor for the Society for Neuroscience and the American College of Neuropsychopharmacology. He is on the scientific advisory boards of numerous non-profit foundations and biotechnology companies. He has been the recipient of numerous awards including: the Society for Neuroscience Young Investigator Award (1993); the Daniel Efron Award from the American College of Neuropsychopharmacolgoy (1998); the Kemali Foundation International Prize in Neuroscience (2000); the CINP-Lilly Neuroscience Basic Research Award (2002), the Perl/UNC Neuroscience Prize (2006), the NARSAD Goldman-Rakic Prize for Outstanding Neuroscience Research (2010), the Pasarow Foundation Award for Extraordinary Accomplishment in Neuropsychiatry Research (2011), and the Society for Neuroscience Julius Axelrod Prize (2016). His laboratory continues to conduct research on the molecular mechanisms of neural plasticity as well as the role of circuit dysfunction in brain disorders including addiction, autism, obsessive compulsive disorder and depression.
About MindMed
MindMed is a psychedelic medicine biotech company that seeks to discover, develop and deploy psychedelic inspired medicines and therapies to address addiction and mental illness. The company is assembling a drug development pipeline of innovative treatments based on psychedelic substances including Psilocybin, LSD, MDMA, DMT and an Ibogaine derivative, 18-MC. The MindMed executive team brings extensive biopharmaceutical experience to the company’s groundbreaking approach to developing the next-generation of psychedelic inspired medicines and therapies.
MindMed trades on the Canadian exchange NEO under the symbol MMED. MindMed is also traded in the United States on the OTCQB under the symbol MMEDF, and in Germany under the symbol MMQ. For more information:www.mindmed.co
MindMed Forward-Looking Statements
This press release includes forward-looking statements under applicable securities laws. Such forward-looking statements involve risks and uncertainties relating to future events, results and the performance of MindMed, and actual events, results and the performance of MindMed may differ materially from these forward-looking statements. Words such as “will,” “may,” “anticipate,” “expect,” “intend,” “plan,” “believe,” “seek,” “estimate,” “potential” and variations of such words, and similar expressions are intended to identify such forward-looking statements, although not all forward-looking statements contain these identifying words. Forward-looking statements in this press release include, but are not limited to, statements related to the potential for psychedelic inspired medicines and therapies to achieve more rapid, more effective and longer-lasting reductions in symptoms in the mental health and addiction patient populations. These forward-looking statements involve known and unknown risks and uncertainties, and those risks and uncertainties include, among others, MindMed’s and its collaborators’ ability to continue to conduct research and progress their preclinical, study and clinical trial programs; the nature, enrollment, timing, results and possible success and therapeutic applications of its products and product candidates and research and preclinical, study and clinical trial programs now underway or planned; and the likelihood, timing, and scope of possible regulatory approval and commercial launch of any product candidates and new indications for any products. Any forward-looking statements are made based on management’s current beliefs and judgment, and MindMed does not undertake any obligation to update publicly any forward-looking statement.s Investors are cautioned not to rely on these forward-looking statements and are encouraged to read MindMed’s continuous disclosure documents, including, but not limited to, its current annual information form, as well as its audited annual consolidated financial statements which are available on SEDAR at www.sedar.com.
Mind Medicine (MindMed) Inc. (NASDAQ: MNMD), (NEO: MMED), (DE: MMQ) (“MindMed” or the “Company”) is pleased to announce that it has appointed Dr. Sarah Y. Vinson as a director of the Company and a member of its audit committee, effective immediately.
Dr. Vinson is a Triple Board-Certified physician who specializes in adult, child & adolescent, and forensic psychiatry. She is the founder of Lorio Forensics, a multidisciplinary mental health expert consultation firm and of the Lorio Psych Group, a group mental healthcare practice. Dr. Vinson is an Associate Clinical Professor of Psychiatry and Pediatrics at Morehouse School of Medicine, where she is the Program Director of the Child & Adolescent Psychiatry Fellowship, and Adjunct Faculty at Emory University School of Medicine. Just two years after joining the faculty at Morehouse School of Medicine she was honored as Psychiatry and Faculty of the Year in 2015. Throughout her career, Dr. Vinson has provided clinical care to children, adolescents, and adults in both publicly funded and private treatment settings.
Dr. Vinson said, “Mental health is not merely a professional pursuit. It is my passion. I see the limitations of our current pharmacologic treatment options and recognize the importance – and necessity – of innovation. I’m grateful to be a part of MindMed’s tremendous undertaking.”
Dr. Vinson is the past President of the Georgia Council on Child and Adolescent Psychiatry, and the President Elect of the Georgia Psychiatric Physicians Association. Additionally, she is an advisor for the Judges Psychiatry Leadership Initiative. Dr. Vinson has been a speaker at national conferences including the American Psychiatric Association Annual Meeting, the American Academy of Child and Adolescent Psychiatry Annual Meeting and The National Urban League Annual Meeting. Dr. Vinson has received numerous awards in recognition of her service and leadership including the University of Florida College of Medicine Outstanding Young Alumna Award and the APA Jeanne Spurlock Minority Fellowship Alumna Achievement Award. Dr. Vinson graduated from medical school at the University of Florida, completed her general psychiatry training at Cambridge Health Alliance/Harvard Medical School and completed fellowships in both child & adolescent and forensic psychiatry at Emory University School of Medicine.
MindMed CEO & Co-Founder J.R. Rahn said, “We are excited to welcome Dr. Vinson as we build MindMed into a leading force for good in the mental health space and as we generate clinical interest and acceptance of psychedelic medicines in the United States. The entire MindMed team is looking forward to learning from Dr. Vinson’s years of experience delivering mental health care services and how we can tackle the seminal problem of accessibility around the new treatment paradigm MindMed is working on.”
The Company will also be putting forward Dr. Vinson as an additional nominee for election to its board of directors (the “Board”) at its upcoming annual and special meeting of shareholders to be held on May 27, 2021 (the “Meeting”).
In order to add Dr. Vinson as an additional director nominee at the Meeting, it is anticipated that motions will be made to amend the resolutions put before the Meeting regarding (i) the fixing of the number of directors to be elected; and (ii) the director nominees to be elected at the Meeting, as further described below. Management of the Company intends to rely on its discretionary authority granted in the proxies currently being solicited in conjunction with the Company’s management information circular dated April 19, 2021 in respect of the Meeting (the “Circular”) to vote FOR the foregoing amendments and the election of Dr. Vinson as a director. The Circular is available on SEDAR (www.sedar.com) and https://odysseytrust.com/client/mindmedicine.
As described in the Circular, the Board has recently undertaken a process to increase independent representation on the Board and its audit committee. Dr. Vinson represents an additional independent director on the Board, and will also fill the current vacancy on the Company’s audit committee. Dr. Vinson is considered financially literate and independent for the purposes of National Instrument 52-110. Additionally, the Board believes that the addition of Dr. Vinson as a director will enhance the overall skill set of the Board given her relevant industry expertise.
Additional Information
In order to add Dr. Vinson as an additional director nominee at the Meeting, it is anticipated that a motion will be made to amend the resolution to fix the number of directors at the Meeting, to increase the number of directors to be elected at the Meeting to be fixed at seven directors, rather than six directors as contemplated in the Circular. It is anticipated that at the Meeting, the shareholders of the Company will be asked to consider and, if deemed advisable, approve an ordinary resolution to fix the number of directors of the Company at seven. Management of the Company intends to rely on its discretionary authority granted in proxies currently being solicited in conjunction with the Circular to vote in favour of the foregoing amendment and the resolution setting the number of directors to be elected at seven.
In order to add Dr. Vinson as an additional director nominee at the Meeting, it is anticipated that a motion will be made to add Dr. Vinson as an additional director nominee, in addition to those nominees as set out on pages 8 and 9 of the Circular. Management of the Company intends to rely on its discretionary authority granted in proxies currently being solicited in conjunction with the Circular to vote in favour of the foregoing amendment and the election of Dr. Vinson.
The below sets forth certain additional information regarding Dr. Vinson:
Name and Place of Residence
Position with MindMed and Date First Appointed to the Board
Number and Percentage of Shares Beneficially Owned or Controlled
Principal occupation (during the preceding 5 years)
Dr. Sarah Y. Vinson
Atlanta, Georgia, USA
Director
(May 13, 2021)
Nil
Founder of Lorio Forensics (since July 2019) and Child & Adolescent, Adult and Forensic Psychiatrist and Founder of Lorio Psych Group (since 2014).
At the Meeting, directors will be elected to hold office until the next meeting of the Company’s shareholders at which the election of directors is considered, or until his/her successor is duly elected or appointed, unless he/she resigns, is removed or becomes disqualified in accordance with the articles of the Company or the Business Corporations Act (British Columbia).
To the knowledge of MindMed, except as disclosed in the Circular, no proposed director is, as of the date hereof, or was within 10 years, a director or chief executive officer or chief financial officer of any company (including MindMed) that: (a) was the subject of an order (as defined below) that was issued while the director or executive officer was acting in the capacity as director, chief executive officer or chief financial officer; or (b) was subject to an order that was issued after the director or executive officer ceased to be a director, chief executive officer or chief financial officer, and which resulted from an event that occurred while that person was acting in the capacity as a director, chief executive officer or chief financial officer. For the purposes of this paragraph, “order” means a cease trade order, an order similar to a cease trade order or an order that denied the relevant corporation access to any exemption under securities legislation, in each case that was in effect for a period of more than 30 consecutive days.
To the knowledge of MindMed, no proposed director: (a) is, or within 10 years before the date hereof, has been a director or executive officer of any company (including MindMed) that, while that person was acting in that capacity, or within a year of that person ceasing to act in that capacity, became bankrupt, made a proposal under any legislation relating to bankruptcy or insolvency or was subject to or instituted any proceedings, arrangement or compromise with creditors or had a receiver, receiver manager or trustee appointed to hold its assets; or (b) has within the 10 years before the date hereof, become bankrupt, made a proposal under any legislation relating to bankruptcy or insolvency, or become subject to or instituted any proceedings, arrangement or compromise with creditors, or had a receiver, receiver manager or trustee appointed to hold the assets of the proposed director.
No proposed director has been subject to any: (a) penalties or sanctions imposed by a court relating to Canadian securities legislation or by a Canadian securities regulatory authority or has entered into a settlement agreement with a securities regulatory authority; or (b) other penalties or sanctions imposed by a court or regulatory body that would be likely to be considered important to a reasonable security holder in deciding whether to vote for the proposed director.
Other than as described in the Circular, no individual who is, or at any time during the financial year ended December 31, 2020 was, a director or executive officer of MindMed, no proposed nominee for election as a director of MindMed, or any associate of any of them is, or at any time since the beginning of the financial year ended December, 2020 has been, indebted to MindMed or any of its subsidiaries or was indebted to another entity, which indebtedness is, or was at any time during the financial year ended December 31, 2020, the subject of a guarantee, support agreement, letter of credit or other similar arrangement or understanding provided by MindMed or any of its subsidiaries.
Other than as described in the Circular, no director or executive officer of MindMed, nor any proposed nominee for election as a director of MindMed, nor any other insider of MindMed, nor any associate or affiliate of any one of them, has or has had, at any time since the beginning of the financial year ended December 31, 2020, any material interest, direct or indirect, in any transaction or proposed transaction that has materially affected or would materially affect MindMed or any of its subsidiaries.
Other than as disclosed in the Circular, no person who has been a director or executive officer of MindMed at any time since the beginning of the financial year ended December 31, 2020, no proposed nominee for election as a director of MindMed nor any associate or affiliate of such persons has any material interest, direct or indirect, by way of beneficial ownership of securities or otherwise, in any matter to be acted upon at the Meeting.
The appointment of Dr. Vinson is subject to regulatory approval.
Additional information relating to MindMed may be found under MindMed’s SEDAR profile at www.sedar.com. Additional financial information is provided in MindMed’s financial statements and Management’s Discussion and Analysis, which are available under the Corporation’s SEDAR profile at www.sedar.com or by request to the Corporation’s registered office at Mind Medicine (MindMed) Inc., c/o Wildeboer Dellelce LLP, 365 Bay Street, Suite 800, Toronto, Ontario M5H 2V1 (Phone: (416) 361-3121).
About MindMed
MindMed is a clinical-stage psychedelic medicine biotech company that discovers, develops and deploys psychedelic inspired medicines and therapies to address addiction and mental illness. The Company is assembling a compelling drug development pipeline of innovative treatments based on psychedelic substances including Psilocybin, LSD, MDMA, DMT and an ibogaine derivative, 18-MC. The MindMed executive team brings extensive biopharmaceutical experience to MindMed’s approach to developing the next generation of psychedelic inspired medicines and therapies.
MindMed trades on the NASDAQ under the symbol MNMD and on the Canadian NEO exchange under the symbol MMED. MindMed is also traded in Germany under the symbol MMQ.
Forward-Looking Statements
Certain statements in this news release related to the Company constitute “forward-looking information” within the meaning of applicable securities laws and are prospective in nature. Forward-looking information is not based on historical facts, but rather on current expectations and projections about future events and are therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements. These statements generally can be identified by the use of forwardlooking words such as “will”, “may”, “should”, “could”, “intend”, “estimate”, “plan”, “anticipate”, “expect”, “believe”, “potential” or “continue”, or the negative thereof or similar variations. Forward-looking information in this news release include, but are not limited to, statements regarding the Company’s Meeting and intended future business plans and operations. Although the Company believes that the expectations reflected in such forward-looking information are reasonable, such information involves risks and uncertainties, and undue reliance should not be placed on such information, as unknown or unpredictable factors could have material adverse effects on future results, performance or achievements of the Company. There are numerous risks and uncertainties that could cause actual results and the Company’s plans and objectives to differ materially from those expressed in the forward-looking information, including compliance with laws and regulations; difficulty associated with research and development; risks associated with clinical trials or studies; heightened regulatory scrutiny; early stage product development; clinical trial risks; regulatory approval processes; novelty of the psychedelic inspired medicines industry; as well as those risk factors discussed or referred to herein and the risks described under the headings “Risk Factors” in the Company’s filings with the securities regulatory authorities in all provinces and territories of Canada which are available under the Company’s profile on SEDAR at www.sedar.com and with the U.S. Securities and Exchange Commission on EDGAR at www.sec.gov. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results and future events could differ materially from those anticipated in such information. Although the Company has attempted to identify important risks, uncertainties and factors that could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Except as required by law, the Company does not intend and does not assume any obligation to update this forwardlooking information.
NEW YORK, March 22, 2021 /PRNewswire/ — MindMed (NEO: MMED), (OTCQB: MMEDF), (DE: MMQ), a leading psychedelic medicine biotech company announced that effective as of Friday March 19th, 2021, MindMed has been added to the FTSE Global Micro-Cap Index (which represents $1.3 trillion in global market cap) and the FTSE Total-Cap index (which represents $54.7 trillion in global market cap).
J.R. Rahn, Chief Executive Officer of MindMed said, “Being included in mature and credible indexes like the FTSE Total Cap and FTSE Global Micro-Cap is a true honor. As we build MindMed into a pioneering company for the long-term, our entire team looks forward to the potential positive change we can bring to treating mental health and addiction in the years ahead.”
About FTSE Russell
For over 30 years, leading asset owners, asset managers, ETF providers, and investment banks have chosen FTSE Russell indexes to benchmark their investment performance and create ETFs, structured products, and index-based derivatives. Owned and operated by the London Stock Exchange, FTSE Russell calculates thousands of indexes that measure and benchmark markets and asset classes in more than 70 countries, covering 98% of the investable market around the world.
About MindMed
MindMed is a psychedelic medicine biotech company that discovers, develops and deploys psychedelic inspired medicines and therapies to address addiction and mental illness. The company is assembling a compelling drug development pipeline of innovative treatments based on psychedelic substances including Psilocybin, LSD, MDMA, DMT and an Ibogaine derivative, 18-MC. The MindMed executive team brings extensive biopharmaceutical experience to the company’s groundbreaking approach to developing the next-generation of psychedelic inspired medicines and therapies.
MindMed trades on the Canadian exchange NEO under the symbol MMED. MindMed is also traded in the United States under the symbol MMEDF and in Germany under the symbol MMQ. For more information:www.mindmed.co
MindMed Forward-Looking Statements
This press release includes forward-looking statements that involve risks and uncertainties relating to future events and performance of Mind Medicine (MindMed) Inc. (“MindMed”), and actual events or results may differ materially from these forward-looking statements. Words such as “anticipate,” “expect,” “intend,” “plan,” “believe,” “seek,” “estimate,” variations of such words, and similar expressions are intended to identify such forward-looking statements, although not all forward-looking statements contain these identifying words. These statements concern, and these risks and uncertainties include, among others, MindMed’s and its collaborators’ ability to continue to conduct research and clinical programs, MindMed’s ability to manage its supply chain, product sales of products marketed by MindMed and/or its collaborators (collectively, ” Products”), and the global economy; the nature, timing, and possible success and therapeutic applications of Products and Product candidates and research and clinical programs now underway or planned; the likelihood, timing, and scope of possible regulatory approval and commercial launch of Product candidates and new indications for Products; unforeseen safety issues resulting from the administration of Products and Product candidates in patients, including serious complications or side effects in connection with the use of MindMed’s Products and product candidates in clinical trials; determinations by regulatory and administrative governmental authorities which may delay or restrict MindMed’s ability to continue to develop or commercialize Products; ongoing regulatory obligations and oversight impacting Products, research and clinical programs, and business, including those relating to patient privacy; uncertainty of market acceptance and commercial success of Products and Product candidates and the impact of studies on the commercial success of Products and Product candidates; the availability and extent of reimbursement of Products from third-party payers, including private payer healthcare and insurance programs, health maintenance organizations, pharmacy benefit management companies, and government programs such as Medicare and Medicaid; competing drugs and product candidates that may be superior to Products and Product candidates; the extent to which the results from the research and development programs conducted by MindMed or its collaborators may be replicated in other studies and lead to therapeutic applications; the ability of MindMed to manufacture and manage supply chains for multiple products and product candidates; the ability of MindMed’s collaborators, suppliers, or other third parties (as applicable) to perform manufacturing, filling, finishing, packaging, labelling, distribution, and other steps related to MindMed’s Products and product candidates; unanticipated expenses; the costs of developing, producing, and selling products; the ability of MindMed to meet any of its financial projections or guidance and changes to the assumptions underlying those projections or guidance; the potential for any license or collaboration agreement to be cancelled or terminated without any further product success; and risks associated with intellectual property of other parties and pending or future litigation relating thereto, other litigation and other proceedings and government investigations relating to MindMed and its operations, the ultimate outcome of any such proceedings and investigations, and the impact any of the foregoing may have on MindMed’s business, prospects, operating results, and financial condition. Any forward-looking statements are made based on management’s current beliefs and judgment. MindMed does not undertake any obligation to update publicly any forward-looking statement.
Mydecine Innovations Group Inc. (CSE:MYCO) (OTC:MYCOF) (FRA:0NFA) Continues to Advance Research & Development Initiatives in the Field of Natural Medicines
Prior to his monumental comeback at the age of 54, former World Heavyweight Boxing Champion Mike Tyson was delivered a message from a frog.
More precisely, he received the message from a psychedelic sourced from the venomous Colorado River Toad, also known as the Sonoran Desert Toad, known as 5-MeO-DMT (aka “5-MeO” or “frog venom”).
“I took the [5-MeO-DMT] and the medicine told me to get into shape,” Tyson said to USA Today.[1] “It really blew my mind. It told me to come back and start getting in shape.”
With the help of the psychedelic, Tyson lost more than 100 pounds for a major exhibition bout against Roy Jones Jr.—his first fight in 15 years.
Said to be more transcendent and less visual than its plant-based cousin DMT, 5-MeO-DMT can be a stronger experience for some.
Most 5-MeO trips are kept to under an hour, and require far smaller dose sizes than other psychedelics.
But even more impressive is the fast-acting psychedelic’s potential, which researchers at Johns Hopkins have discovered can bring about improvements in depression and anxiety.[2]
The potential for psychedelics to treat mental health issues is truly on the precipice of a major breakout—especially as acceptance of this once taboo form of treatment begins to make its way into mainstream medicine conversations.
Tyson is not alone, being among elite athletes who have looked to psychedelics to turn their life around.
Former Los Angeles Lakers star Lamar Odom successfully used the psychedelic drugs ketamine and ibogaine to combat his drug addiction[3]—crediting the drugs with saving his life.
There are other success stories, including those of NHL Enforcers Riley Cote[4] and Daniel Carcillo,[5] former NFL player Kerry Rhodes,[6] and former UFC MMA Fighters Ian McCall[7] and Dean Lister,[8] utilizing previously taboo treatments such as ayahuasca, ketamine, ibogaine, psilocybin, MDMA, and now 5-MeO-DMT.
Now these treatments are shifting from anecdotal to potential alternative medicinal reality, with the advent of clinical trials being advanced by some of the world’s top psychedelic and mental health professionals, including doctors, scientists, and molecular researchers.
Some analysts are projecting the psychedelics medicine industry to reach $6.85 billion by 2027.[9] As psychedelic companies gain acceptance within the investment community, there is an opportunity to review these companies in a new light.
Recently, a new psychedelics ETF began trading in January, and others are emerging to meet the demand, with two surpassing the US$1 billion market cap threshold.
Highlighted within this group of psychedelic companies is one company underpinned by thought leaders in medicine and science, warranting further due diligence and review: Mydecine Innovations Group Inc. (CSE:MYCO) (OTC:MYCOF) (FSE: 0NFA).
The company recently announced and closed a bought deal financing of C$17.25 million, announced uplisting to the NASDAQ, and was just included in the inaugural psychedelics-inspired ETF.
With several clinical trials announced in 2020 and early 2021, including involvement with the first lab-based study co-sponsored by the National Institute for Health Research at Imperial College of London, and a Phase 2A clinical study on PTSD in veterans, EMS, and front-line workers, Mydecine continues to approach research and development with cautious optimism as their programs develop.
7 Reasons Why We’re Watching Mydecine Innovations Group Inc. (CSE:MYCO) (OTC:MYCOF) (FSE: 0NFA)
World-Renowned Medical and Scientific Advisory is building out a robust R&D pipeline of nature-sourced psychedelic-assisted therapeutics, novel compounds, therapy protocols, and unique delivery systems.
Exclusive Access to a Full cGMP Certified Pharmaceutical Manufacturing Facility with the ability to import/export, cultivate, extract/isolate, and analyze active mushroom compounds with full government approval through Health Canada.
Operates Out of a State-of-the-Art Mycology Lab in Denver, CO to focus on genetic research for scaling commercial cultivation of rare (non-psychedelic) medicinal mushrooms
Seven Patent Pending Applications That Represent Thousands of Inventions with multiple layers of protection on the company’s proprietary medical development pipeline.
Proprietary Digital Health Platform, Mindleap, allows Mydecine to generate revenue in the fast-growing US$41.4 billion telemedicine market
Numerous Clinical Trials are currently underway, including a Phase 2A clinical trial on PTSD in Veterans, EMS, and Front Line Workers, a First-of-its-Kind Microdose Study, and Preclinical Animal Work for a Late-State Addiction Study aiming at a Mechanistic Understanding of Psilocybin.
Numerous Novel Next Generation Drugs Under Development:Mydecine is currently developing numerous novel next generation drugs for the treatment of various indications to improve upon the first generation of psychedelic medicines
Combatting the Mental Health Crisis with Psychedelics
COVID-19 is taking its toll on all of us, including rising deaths of despair[10] and an urgent mental health crisis among health workers.[11]
A recent study that screened 402 survivors of COVID-19 found that 55% presented a clinical score for at least one mental disorder, including anxiety (42%), insomnia (40%), depression (31%), PTSD (28%), and OCD (20%).[12]
Anxiety disorders are the most common mental illness in the US, affecting 40 million adults—or 18.1% of the population every year.[13]
Sadly, only 36.9% of those suffering receive treatment, and MORE THAN HALF of people who take antidepressants never get relief.[14]
In cases of Veterans with PTSD, several patients are put on SSRIs, however, only 20-30% of patients achieve complete remission.[15]
SOMETHING needs to change.
Thankfully, we’re witnessing what’s being deemed a “Paradigm Shift in Psychiatric Research and Development.”[16]
That paradigm shift is coming from PSYCHEDELICS.
Now, we’re seeing mainstream coverage being given to the novel mental health approach on 60 Minutes,[17]Forbes,[18]Fox Business,[19]NPR,[20] and Today.[21]
A new wave of mental health sufferers are turning towards small doses of psychedelics, known as “micro-dosing”, to cope with depression and anxiety,[22] or even to achieve higher levels of concentration and creativity,[23] as experts are saying that “legalization is inevitable” for treatments involving psilocybin and other psychedelic treatments.
Mydecine Innovations Group Inc. (CSE:MYCO) (OTC:MYCOF) (FSE: 0NFA) is establishing psychedelic-based therapies, and addressing the unmet needs of high-risk constituents.[24]
The concept is to assist those who have been failed by the current regime of SSRIs and other established antidepressants.
Mydecine’s(CSE:MYCO) (OTC:MYCOF) (FSE: 0NFA) ongoing research to date includes clinicals using psilocybin therapy for PTSD[25] (which has been featured in FORBES[26]), a clinical trial initiative with leading European Research Institute Leiden University Medical Center of the Netherlands,[27] and the first lab-based study of established microdosers at Macquarie University in Australia.[28]
An Evolving Industry Gaining Traction
While therapists are looking at innovative therapies to treat patients, the investment communities within Wall Street and Silicon Valley are also investigating new ways to approach the psychedelic sector. [29]
Naysayers of whether this type of “new medicine” could ever get mainstream acceptance were silenced, when Compass Pathways (backed by ATAI Life Sciences AG), received FDA breakthrough therapy designation on a psilocybin treatment, perhaps better known as the active medical ingredient in magic mushrooms.[30]
ATAI has raised more than US$100 million from major investors such as PayPal co-founder Peter Thiel—and later this year, they are expected to go public at a valuation of US$1-2 billion.[31]
Mydecine continues to expand its technical platforms and outreach with its available and downloadable app: MindLeap.
Through its proprietary Mindleap platform, Mydecine is also giving practitioners the ability to aid their patients better through telehealth abilities and an AI-powered progress monitoring program.
Mindleap is an after-care smart app platform that not only connects patients with their therapists, but also can significantly improve upon monitoring progress, provide follow-up treatment, and give patients other beneficial activities such as meditation, breathing work, and yoga instruction.
Mindleap currently has over 60 specialists with thousands of downloads to date, and is available on both iOS and Android devices.
Comparing Mental Health Psychedelic Stocks
At the end of 2020, the first-ever Psychedelics ETF was announced, which includes 17 companies in the US and Canada, and began trading on January 26, 2021, under the ticker PSYK on the NEO exchange. Announced among and included in that group of 17 was Mydecine Innovations Group Inc. (CSE:MYCO) (OTC:MYCOF) (FSE: 0NFA).
Let’s take a look at some of the other Big Pharma/Mental Health Medicine Stocks.
*Market cap and share price taken from Yahoo Finance on March 9, 2021
As you can see, Mydecine(CSE:MYCO) (OTC:MYCOF) (FSE: 0NFA) is already far along in the licensing process when compared to its peers.
Economic Advantages from Mushroom Research
Out of all of Mydecine’s advantages in the field of developing new medicines, perhaps its largest is its relationship with the University of Alberta, which holds an 11-year-old aged Schedule I license to research, develop, and produce a number of unique APIs (Active Pharmaceutical Ingredients) from their naturally-sourced cGMP psychedelic extracts.
Through this partnership, Mydecine (CSE:MYCO) (OTC:MYCOF) (FSE: 0NFA) has established the World’s First Natural-Sourced cGMP Psilocybin supply for Global Research, Sales, and Distribution.[35]
Currently, scientists are paying $7,000 to $10,000 per gram[36] for synthetic mushroom ingredients—whereas MYCO can legally derive and produce the real organic version of the same ingredients for significantly lower than what is currently available.
Mydecine’s Upcoming Timeline
Mydecine’s Thought Leadership
Mydecine(CSE:MYCO) (OTC:MYCOF) (FSE: 0NFA) has assembled a talented team of thought leaders, whose accomplishments include:
100+ published peer-reviewed studies/papers
World-class team coming from Pfizer, Novartis, Yale, Imperial College, and Canadian, US, and EU Militaries
Proven medical development and approval experience
30+ years of combined psychedelic industry experience
Joshua Bartch, Director, CEO & Co-Founder Bartch’s entrepreneurial career took off in 2009 when he co-founded AudioTranscriptionist.com and founded the Denver-based dispensary, Doctors Orders. Following these ventures, Mr. Bartch founded a boutique investment firm that operated throughout the US and Canadian markets. In 2014, Bartch co-founded Cannabase.io, the USA’s most significant legal and sophisticated pot wholesale platform. In 2015, Cannabase.io was acquired by Helix TCS.
Damon Michaels, Director, COO & Co-Founder Prior to joining MIG, Michaels was consulting for various hemp businesses through his company, Emerald Baron. Before that, he served as GM for the leading multi-platform cannabinoid research and technology firm based in Colorado called ebbu, which was acquired by Canopy Growth for CA$429 million in November 2018. Michaels developed a national snowboard brand with his team, was one of four entrepreneurs who created Colorado’s first-ever glass recycling company, and was on the business development team for a Google Ventures Company.
Robert Roscow, MA – CSO & Co-Founder With expertise in genomics, evolution, and molecular biology, Roscow has previously worked at both Canopy Growth and ebbu, where he ran the genetics divisions. He has filed multiple patents and holds numerous publications under his belt, including Nature and Rolling Stone.
Professor Eric Vermetten MD, Ph.D. Colonel, an internationally recognized leader in the treatment of PTSD and other mental disorders and an active Colonel of the Dutch military. He is also professor of Medical-Biological and Psychiatric Aspects of Psychotrauma, LUMC/University of Leiden. The chair was established by Arq Psychotrauma Research and the Dutch Ministry of Defense. Eric Vermetten is an active clinical psychiatrist at the MGGZ in Utrecht (Military Mental Health care). From 1991 he has been linked to several universities as a researcher, including Stanford University, Yale University, and Emory University.
Dr. Vermetten has published over 300 articles and book chapters on topics ranging from large longitudinal studies following soldiers’ deployments to innovative approaches to treatment. He continues to be a leader within the international psych traumatology community within NATO and beyond.
Dr. Rakesh Jetly, OMM, CD, MD, FRCPC is currently the Head of the Centre of Excellence on Mental Health in Ottawa, Ontario, and an associate professor of psychiatry at Dalhousie University, and the University of Ottawa. He has published numerous articles in professional journals and presents nationally and internationally on such topics as post-traumatic stress disorder and operational psychiatry.
Carl Castro is the research director for the USC Center for Innovation and Research on Veterans and Military Families. Castro has authored more than 150 scientific articles and reports in numerous areas and currently serves as chair of a NATO research group on military mental health training. He serves as an advisor for several Department of Defense research panels focused on psychological health.
7 Investment Highlights of Mydecine Innovations Group Inc. (CSE:MYCO) (OTCQB:MYCOF) (FRA: 0NFA)
Management, research teams, partners (military, scientists, researchers) and one of the original senior marketing executives that launched Red Bull in the US
Substances Dealer’s Licenses from Health Canada that allow Mydecine (CSE:MYCO) (OTC:MYCOF) (FSE: 0NFA) the ability to cultivate, import, export, extract, and commercialize psilocybin and other functional mushroom products.
Technology and Analytics from the Mindleap platform that’s connected to clinics across the globe, providing TONS of data that’s privacy protected, and can improve upon the AI capabilities of this state-of-the-art telemedicine service.
Equipped for industry leading research through 7,500 sq ft Colorado Lab
Access to Top 15 Global Research through the University of Alberta.
Low-cost cultivation that’s capable of deriving APIs from mushrooms at a cost of pennies per gram when scientists are currently paying $7,000-$10,000 per gram for synthetically derived ingredients, giving HUGE leverage to complete clinical studies.
First-of-its-Kind clinical trials (featured in Forbes), with a current pipeline of 8 studies lined up through 2021, through 7 different respected research institutions.
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
TORONTO, March 9, 2021 /CNW/ — Mind Medicine (MindMed) Inc. (NEO: MMED, OTCQB: MMEDF, DE: MMQ) (“MindMed” or the “Company”) is pleased to announce that it has closed its previously announced bought deal private placement offering (the “Offering”). In connection with the Offering, the Company issued 6.0 million units of the Company (the “Units”) at a price per Unit of CAD $3.25 (the “Issue Price”) for gross proceeds of CAD $19.5 million. The Offering was conducted by Canaccord Genuity Corp. (the “Underwriter”) pursuant to an underwriting agreement dated March 9, 2021 between the Company and the Underwriter.
MindMed is a leading psychedelic medicine biotech company that discovers, develops and deploys psychedelic inspired medicines and experiential therapies to address addiction and mental illness. Following the closing of the Offering, the Corporation’s cash on hand has increased to CAD $205.2 million (USD $162.0 million). Since the founding of Mind Medicine, Inc. in May 2019, MindMed has now raised a total of approximately CAD $256.7 million (USD $202.7 million) in investment capital before fundraising and deal expenses, making it one of the leaders in the psychedelic medicine industry in its ability to finance its innovative R&D, a new digital therapeutics division and a growing clinical trial pipeline.
MindMed Co-Founder & CEO, J.R. Rahn said, “As we march forward with our uplisting plans for Nasdaq and the overall advancement of the MindMed portfolio, we saw it as a timely opportunity to bring in a strategic investor to support MindMed’s future growth initiatives. In the years ahead, I believe MindMed will be viewed as much as a digital medicine platform as it is a pharmaceutical drug development company.”
The net proceeds of the Offering will be used for further investment in Project Lucy (experiential LSD), the Microdose LSD Program and Project Albert, which is now integrating MindMed’s most recent technology acquisition, HealthMode, to build a comprehensive mental health platform to deploy psychedelics medicines, and for general working capital purposes.
Further Details of Offering
In connection with the Offering, the Company issued 6.0 million Units at the Issue Price for gross proceeds of CAD $19.5 million.
Each Unit comprises one subordinate voting share of the Company (each, a “Subordinate Voting Share”) and one-half of one Subordinate Voting Share purchase warrant (each whole warrant, a “Warrant”). Each Warrant entitles the holder thereof to purchase one Subordinate Voting Share at an exercise price of CAD $4.40 until March 9, 2024. If, at any time following the date that is four months and one day following the closing of the Offering, the daily volume weighted average trading price of the Subordinate Voting Shares on the Neo Exchange Inc. is greater than CAD $6.90 per Subordinate Voting Share for the preceding five consecutive trading days, the Company may, upon providing written notice to the holders of Warrants, accelerate the expiry date of the Warrants to the date that is at least 30 days following the date of such written notice.
The Subordinate Voting Shares and Warrants underlying the Units issued pursuant to the Offering are subject to a hold period of four months and one day following the closing of the Offering.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful. The securities being offered have not been, nor will they be, registered under the United StatesSecurities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the United StatesSecurities Act of 1933, as amended, and applicable state securities laws.
/THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES./
NEW YORK, March 8, 2021 /CNW/ – Mind Medicine (MindMed) Inc. (NEO: MMED) (OTCQB: MMEDF) (DE: MMQ) (“MindMed” or the “Company”), a leading psychedelic medicine biotech company, is pleased to announce that it has entered into an agreement with Canaccord Genuity Corp. (the “Underwriter”) pursuant to which the Underwriter has agreed to purchase for resale, on a bought deal private placement basis, an aggregate of 6,000,000 units of the Company (the “Units”) at a price of C$3.25 per Unit (the “Issue Price”) for aggregate gross proceeds to the Company of C$19,500,000 (the “Offering”). It is expected that the Offering will be primarily sold to one large institutional investor.
Each Unit shall consist of one subordinate voting share of the Company (each a “Subordinate Voting Share”) and one-half of one Subordinate Voting Share purchase warrant of the Company (each whole warrant, a “Warrant”). Each Warrant shall be exercisable to acquire one Subordinate Voting Share at an exercise price of C$4.40 per Subordinate Voting Share for a period of 3 years from the Closing Date, subject to a Warrant acceleration right exercisable by the Company if the daily volume weighted average trading price of the Company’s Subordinate Voting Shares on the Aequitas NEO Exchange (the “Exchange”) is greater than C$6.90 per Subordinate Voting Share for the preceding 5 consecutive trading days.
The closing of the Offering is expected to occur on or about March 9, 2021 (the “Closing Date”) and is subject to the completion of formal documentation and receipt of all regulatory approvals, including the approval of the Exchange.
The Units will be offered for sale on a private placement basis in certain provinces of Canada pursuant to applicable exemptions from the prospectus requirements of Canadian securities laws. The Units may also be sold in such jurisdictions outside of Canada as may be agreed upon by the Underwriter and the Company, in each case in accordance with applicable laws. The Units issued will be subject to a customary four-month hold period under Canadian securities laws.
The net proceeds of the Offering will be used for further investment in Project Lucy (experiential LSD), the Microdose LSD Program and Project Albert, which is now integrating MindMed’s most recent technology acquisition HealthMode to build a comprehensive mental health platform to deploy psychedelics medicines, and for general working capital purposes.
The Underwriter is to be paid a cash commission equal to 6% of the gross proceeds of the Offering and to receive Unit purchase warrants of the Company (the “Underwriter’s Warrants”) equal to 6% of the number of Units sold under the Offering, with each Underwriter Warrant being exercisable to acquire one Unit at the Issue Price for a period of 36 months from the Closing Date.
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the U.S. Securities Act of 1933 (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
The psychedelics industry has ramped up over the past year as institutional investors entered and several companies have gone public.
Insider identified the top 14 startups that are working to turn psychedelics into approved medicines for conditions like depression, opioid use disorder, and anxiety.
To put together this article, we reached out to companies on our list from last year, used data provided by PitchBook, and talked to VCs in the space.
2020 was a booming year for the psychedelics industry.
Money swept through the private side of the space as big names like Atai Life Sciences closed record-breaking rounds of funding and more companies entered, hoping to take part in what could become a $100 billion market, according to a May 2020 report from Canaccord Genuity.
Psychedelics companies vary in their areas of focus. Many are developing psychedelics-based medications in the hopes of gaining regulatory approval, while others host psychedelic retreats in jurisdictions where they’re legal. Some are working to develop patented compounds or treatment methods that can be used by pharmaceutical companies.
Despite a pandemic and subsequent lockdowns, several psychedelics companies went public on Canadian exchanges, raising millions.
The 14 private companies on this list alone raised over $222 million in 2020. Some told Insider that they’re gearing up to go public. In March 2021, Atai raised a fresh $157 million, a record funding round for a private psychedelics company.
COMPASS Pathways, the biggest public company in the space, garnered attention from institutional investors like Otsuka while it was still private in the first half of 2020, marking a shift in the investor base for the industry. The company went public on the Nasdaq in September and currently has a market value of around $1.5 billion.
To put together this list, we reached out to companies on our list from last year, used data provided by PitchBook, and asked investors JLS Fund and The Conscious Fund for information on startups in the space that are gaining investor interest.
In total, Insider reached out to 23 private psychedelics companies to ask them how much funding they raised in 2020. We only included companies that remained private throughout 2020. We narrowed down our list to 14 companies, based on how much money they received from investors.
Note: This article was updated on March 3 with Atai’s raise.
Due to the novel nature of the psychedelics space, there isn’t yet one reliable data source that tracks all the private players in the industry. We did our best to reach out to as many sources as possible and cross-reference numbers provided by the companies with other sources. If you believe we may have left out someone, reach out to the author at ylee@businessinsider.com.
Mind Medicine (MindMed) Inc. (“MindMed” or the “Company”) (NASDAQ: MNMD) (NEO: MMED) (DE: MMQ), a leading psychedelic medicine biotech company, has announced its quarterly financial results for the quarter ended March 31, 2021.
Q1 2021 Financial Highlights (in USD)
Total assets as of March 31, 2021 were $201 million, including $160 million in cash
Net Cash Used in Operating Activities (Total Cash Burn) of $10 million for the quarter ended March 31, 2021
Net and comprehensive loss of $14 million for the three months ended March 31, 2021
Q1 2021 Business Highlights
MindMed closed its acquisition of HealthMode, a leading machine learning digital medicine company, adding Bradford Cross as Chief Technology Officer to lead Albert and Dr. Daniel R Karlin as Chief Medical Officer
MindMed began the first-ever clinical trial combining MDMA and LSD in collaboration with UHB Liechti Lab
MindMed closed an upsized financing of $92 million CAD ($73 million USD)
MindMed closed a subsequent private placement of $19.5 million CAD ($15.4 million USD)
MindMed expanded its Microdosing Division adding a groundbreaking study evaluating LSD Microdosing through next-gen digital clinical markers
MindMed added Chief Development Officer, Robert Barrow, with FDA Phase 2 Psilocybin clinical trial experience
MindMed signed partnership with Swiss psychedelic drug discovery startup MindShift Compounds AG, expanding its development pipeline and IP portfolio with next-gen psychedelic and empathogenic compounds
MindMed’s LSD neutralizer study began in collaboration with UHB Liechti Lab
MindMed added Stanford University Pritzker Professor of Psychiatry and Behavioral Sciences, Dr. Robert Malenka as Chair of its Scientific Advisory Board
MindMed announced Its Inclusion in FTSE Russell Indexes
Breakdown of Operating Activities
Net cash provided through financing activities – $90 million
Net cash used in operating activities – $10 million
Net cash used for the acquisition of HealthMode – $0.5 million (primarily a stock deal)
Management Update & Earnings Call
Management will provide updates on its clinical pipeline status and a review of its Q1 2021 financials. The call will be held Monday, May 17th, 2021 at 9:00 am ET. Details are below:
Complete financial statements along with related management’s discussion and analysis can be found in the System for Electronic Document Analysis and Retrieval, the electronic filing system for the disclosure documents of issuers across Canada at www.SEDAR.com
About MindMed
MindMed is a clinical-stage psychedelic medicine biotech company that discovers, develops and deploys psychedelic inspired medicines and therapies to address addiction and mental illness. The company is assembling a compelling drug development pipeline of innovative treatments based on psychedelic substances including Psilocybin, LSD, MDMA, DMT and an ibogaine derivative, 18-MC. The MindMed executive team brings extensive biopharmaceutical experience to MindMed’s approach to developing the next generation of psychedelic inspired medicines and therapies.
MindMed trades on the NASDAQ under the symbol MNMD and on the Canadian NEO exchange under the symbol MMED. MindMed is also traded in Germany under the symbol MMQ.
Forward-Looking Statements
Certain statements in this news release related to the Company constitute “forward-looking information” within the meaning of applicable securities laws and are prospective in nature. Forward-looking information is not based on historical facts, but rather on current expectations and projections about future events and are therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements. These statements generally can be identified by the use of forward-looking words such as “will”, “may”, “should”, “could”, “intend”, “estimate”, “plan”, “anticipate”, “expect”, “believe”, “potential” or “continue”, or the negative thereof or similar variations. Forward-looking information in this news release include statements regarding the Company’s pursuit of strategic initiatives and its future business plans and operations, including the development of psychedelic inspired medicines and experiential therapies. Although the Company believes that the expectations reflected in such forward-looking information are reasonable, such information involves risks and uncertainties, and undue reliance should not be placed on such information, as unknown or unpredictable factors could have material adverse effects on future results, performance or achievements of the Company. There are numerous risks and uncertainties that could cause actual results and the Company’s plans and objectives to differ materially from those expressed in the forward-looking information, including history of negative cash flows; limited operating history; incurrence of future losses; availability of additional capital; lack of product revenue; compliance with laws and regulations; difficulty associated with research and development; risks associated with clinical trials or studies; heightened regulatory scrutiny; early stage product development; clinical trial risks; regulatory approval processes; novelty of the psychedelic inspired medicines industry; as well as those risk factors discussed or referred to herein and the risks described under the headings “Risk Factors” in each of the Base Shelf Prospectus and annual information form for the year ended December 31, 2020 filed with the securities regulatory authorities in all provinces and territories of Canada and available under the Company’s profile on SEDAR at www.sedar.com and as described in the Registration Statement filed with the SEC on EDGAR at www.sec.gov. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results and future events could differ materially from those anticipated in such information. Although the Company has attempted to identify important risks, uncertainties and factors that could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Except as required by law, the Company does not intend and does not assume any obligation to update this forward-looking information.
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This cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy
11 months
The cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
