April 16, 2020, New York, NY: Mind Medicine (MindMed) Inc. (NEO: MMED OTC: MMEDF), the leading psychedelic pharmaceutical company, has begun dosing the first subject in an additional Phase 1 human safety trial of 18-MC. The safety trial has commenced on time and as scheduled, even during the COVID-19 pandemic. 18-MC is a proprietary, orally active, non-hallucinogenic molecule based on the psychedelic ibogaine.
MindMed is developing 18-MC as a potential treatment for opioid withdrawal and opioid use disorder. Data from the current human study is expected to help advance the planning and design of MindMed’s future trials of 18-MC in opioid use disorder patients. MindMed is planning to begin Phase 2 trials of 18-MC in opioid use disorder patients in late 2020.
MindMed has worked diligently to assess the risks and establish further safety protocols to protect its study participants and staff in the midst of the COVID-19 pandemic and to continue its human safety testing as planned. MindMed’s technical operations team efficiently overcame logistics and supply chain challenges to deliver the 18-MC drug product to the clinic so dosing could begin.
On keeping the trains running on time, MindMed Chief Medical Officer, Dr. Scott Freeman, commented, “Our ability to start this trial on schedule speaks volumes to both the efficiency and high caliber clinical development team MindMed has assembled to develop medicines based on psychedelics. Due to the team’s experience we have an extensive playbook to draw from to manage clinical trials even under the most trying of times.”
MindMed Co-Founder and Co-CEO, JR Rahn, added, “We feel one of the outcomes of the COVID-19 pandemic will be increased rates of opioid addiction and mental health issues. The Mindmed team is focused on advancing 18-MC as a potential solution for the opioid crisis and other forms of addiction.”
Mind Medicine (MindMed) Inc. is a neuro-pharmaceutical company that discovers, develops and deploys psychedelic inspired medicines to improve health, promote wellness and alleviate suffering. The company’s immediate priority is to address the opioid crisis by developing a non- hallucinogenic version of the psychedelic ibogaine. In addition, the company has established a microdosing division to conduct clinical trials of LSD microdosing for Adult ADHD. The MindMed executive team brings extensive biopharmaceutical industry experience to this groundbreaking approach to the development of next-generation psychedelic medicines. For more information: www.mindmed.co
MindMed trades on the NEO Exchange under the symbol MMED. MindMed can also be traded in the US under the symbol OTC: MMEDF and in Germany under the symbol DE:BGHM.
Cautionary Statements and Disclaimer: This news release contains “forward-looking information” and “forward-looking statements”, which may include, but is not limited to, statements with respect to anticipated business plans or strategies of MindMed, the anticipated date of Phase 2 trials of 18-MC in opioid use disorder patients and the treatment potential of 18-MC, the success of MindMed’s clinical trials and the ability to use the information relating to, or obtain patents or other intellectual property protection on, other data and clinical trials conducted by MindMed or its partners. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of MindMed to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements are described under the caption “Risk Factors” in MindMed’s management’s discussion and analysis for the period from May 30, 2019, date of incorporation, to December 31, 2019, dated March 30, 2020, which is available on MindMed’s website and the company’s profile at www.sedar.com. Forward-looking statements contained herein are made as of the date of this press release and MindMed disclaims, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management’s estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.