MindMed Reports Full Year 2021 Financial Results and Business Highlights

MindMed Reports Full Year 2021 Financial Results and Business Highlights

– FDA cleared MindMed’s Investigational New Drug (IND) application for Phase 2b dose optimization trial of MM-120 –

– Progressed development programs for all three lead product candidates –

– Cash balance of $133.5 million at year end 2021 –

– Company to host earnings conference call today at 8:30 AM EDT –

NEW YORK, March 28, 2022 — Mind Medicine (MindMed) Inc. (NASDAQ: MNMD), (NEO: MMED) (the “Company” or “MindMed”), a clinical stage biopharmaceutical company developing novel products to treat brain health disorders, today reported its financial results for the full-year ended December 31, 2021.

“2021 was a year of major advancements across all aspects of MindMed, with significant growth in our organization, development programs and research collaborations. We established a regulatory pathway for MM-120 in the treatment of GAD and, with MM-402, launched a program to develop a novel treatment for core symptoms of autism spectrum disorder – both of which represent meaningful leaps forward in the field of psychiatry,” said Robert Barrow, Chief Executive Officer and Director of MindMed. “We expect 2022 to be a transformational year in which we continue to drive substantial growth across our pharmaceutical and digital medicine pipelines. I am incredibly proud of our team’s achievements and I am more confident than ever in our ability to continue advancing our organization and development programs. We are keenly focused on our mission to deliver novel therapies to treat brain health disorders, leading to meaningful improvements in patient outcomes in these major areas of unmet medical need.”

Recent Highlights and Anticipated Upcoming Milestones

MM-120 (LSD D-tartrate): a proprietary, pharmaceutically optimized form of lysergic acid diethylamide (LSD) that is being developed for the treatment of generalized anxiety disorder (GAD). MM-120 is also being studied under various dosing regimens for the treatment of adult attention deficit hyperactivity disorder (ADHD) and for the treatment of chronic pain. 

  • In January 2022, the U.S. Food and Drug Administration (FDA) cleared the Company’s Investigational New Drug (IND) application for the Phase 2b dose-optimization trial of MM-120 for the treatment of GAD.
    • Study MMED008, a Phase 2b dose-optimization study of MM-120 for the treatment of GAD, is expected to begin in Q2 2022.
  • In December 2021, Study MMED007, a Phase 2a proof-of-concept study, was initiated for the treatment of ADHD. The study is designed to assess the safety and efficacy of repeated low-dose MM-120 administration. 
  • A clinical study of MM-120 in a chronic pain condition is expected to be initiated in Q4 2022.

MM-110 (zolunicant HCl or 18-MC): a derivative of ibogaine that the Company is developing for the treatment of opioid withdrawal. MM-110 is an α3β4 nicotinic cholinergic receptor antagonist that has been extensively tested in preclinical models of substance use disorders.

  • In January 2022, the USAN Council assigned the non-proprietary name “zolunicant” (pronounced: zoe lun’ i kant), to MM-110 or 18-MC.  
  • In December 2021, the Company completed a Phase 1 study of MM-110 with topline data expected in Q2 2022. These results will inform the design of the planned Phase 2a study in individuals undergoing standardized supervised opioid withdrawal, which is expected to commence in Q2 2022. The Phase 2a study will evaluate the safety, tolerability and efficacy of MM-110 in mitigating symptoms of opioid withdrawal and facilitating completion of detoxification.

MM-402 (R(-)-MDMA): a synthetic enantiomer of MDMA that exhibits prosocial and empathogenic activity that the Company is developing for the treatment of core symptoms of autism spectrum disorder. Preclinical studies of R(-)-MDMA demonstrate its acute prosocial effects, while its diminished dopaminergic activity suggests that it may exhibit a favorable safety, tolerability and abuse liability profile when compared to racemic MDMA or the S(+)-enantiomer of MDMA. 

  • IND-enabling studies are currently ongoing and, through the Company’s collaboration with University Hospital Basel, a comparative Phase 1 pharmacokinetic/pharmacodynamic study of R(-), S(+) and + MDMA is expected to commence in mid 2022.

Digital Medicine Initiatives

  • In February 2021, the Company completed the acquisition of HealthMode and fully integrated its team to enable rapid progression of digital medicine and business operations functions.
  • Having engaged in a productive Pre-Submission meeting with FDA in late 2021, in January 2022, the first subjects were enrolled into the Session Monitoring System (SMS-01) study evaluating the passive collection of sensory data during a consciousness-altering therapeutic session using the MindMed Session Monitoring System (MSMS).
  • Anxiety Digital Diagnoses for Precision Psychiatry (ADDAPT, MMED-D001): A Natural History Study and our newly developed mobile application to support the study is expected to launch in private beta in Q2 2022.
  • In September 2021, the first participants were enrolled by invitation in the Quantifying the Processes and Events of Psychotherapy at Scale (MM061302) study.

Collaborations and Partnerships 

  • University Hospital Basel (UHB): The Company continued to support the ongoing collaboration with the Liechti Lab at UHB in Switzerland. MindMed has exclusive worldwide rights to data, compounds and patent rights associated with the Liechti laboratory’s research with LSD and other psychedelic compounds, including data from preclinical studies and over 15 completed and 9 ongoing clinical trials.
    • In March 2022, the peer-reviewed publication of a double-blind placebo-controlled comparative study of LSD and psilocybin was published in Neuropsychopharmacology. The study demonstrated that the key differences between LSD and psilocybin are dose-dependent rather than substance-dependent. These findings have the potential to assist with dose-finding, trial design and inform future studies evaluating the therapeutic utility of psychedelics.
    • In November 2021, the peer-reviewed publication of a randomized, double-blind, placebo-controlled study evaluating the interacting effects of an SSRI and psilocybin in healthy volunteers was published in Clinical Pharmacology and Therapeutics. The study suggests psilocybin is safe to take in combination with an SSRI.
  • Nextage Therapeutics Ltd: The Company entered into a collaboration with Nextage Therapeutics in April 2021 to explore the therapeutic potential of noribogine in a proprietary brain targeted liposome drug delivery technology system to mitigate risks of peripheral adverse effects. 
  • MindShift Compounds AG: The Company continued to progress its collaborative research and development activities with MindShift Compounds AG in Basel, Switzerland, focusing on the discovery and optimization of next generation compounds, including those with and without acute perceptual effects.
  • The Chopra Foundation: The company ultimately did not reach a definitive agreement for a potential collaboration and discontinued the engagement. 

Director & Officer Appointments 

  • In December 2021, Robert Barrow was appointed as Chief Executive Officer and as a member of the Board of Directors. Mr. Barrow previously served as interim Chief Executive Officer and Chief Development Officer of MindMed and brings strategic expertise and deep industry insight to his role.
  • In December 2021, Cynthia Hu, JD was appointed as Chief Legal Officer and Corporate Secretary.  
  • In November 2021, Carrie Liao, CPA was appointed as VP, Corporate Controller and Principal Accounting Officer. 
  • In September 2021, Carol Vallone and Andreas Krebs were appointed to the Board of Directors and were subsequently appointed as chair and vice chair, respectively.
  • In May 2021, Sarah Vinson, MD was appointed to the Board of Directors.
  • In February 2021, Daniel Karlin, MD, MA was appointed as Chief Medical Officer. 

Scientific Advisory Board Appointments

  • Over the course of 2021, we made significant additions to our Scientific Advisory Board (SAB), including:
    • Robert C. Malenka, MD, PhD (Professor, Stanford University) – SAB chair
    • Maurizio Fava, MD (Psychiatrist-In-Chief, Mass General Hospital; Associate Dean and Professor of Psychiatry, Harvard Medical School)
    • Peter Bergethon, MD (President, Symmetry Research; formerly Vice President, Biogen) 
    • Robert Dworkin, PhD (Professor, Rochester University; Director, ACTTION public-private partnership)
    • Bryan Roth, MD, PhD (Professor, University of North Carolina; Director, NIMH Psychoactive Drug Screening Program) 
    • Maria Oquendo, MD, PhD (Chair and Professor of Psychiatry, University of Pennsylvania; Past President, American Psychiatric Association)

2021 Financial Results

Cash Balance. As of December 31, 2021, MindMed had cash totaling $133.5 million compared to $80.1 million as of December 31, 2020. MindMed believes its available cash and cash equivalents will be sufficient to meet its operating requirements beyond its key development milestones in 2023 and into 2024.

Net Cash in Operating Activities. The net cash used in operating activities was $45.8 million for the year ended December 31, 2021, compared to $23.6 million for the same period in 2020. 

Research and Development (R&D). R&D expenses were $34.8 million for the year ended December 31, 2021, compared to $18.6 million for the year ended 2020. The increase was primarily due to an increase of $2.7 million in expenses related to our MM-120 clinical research, $2.3 million in expenses related to our MM-110 clinical research, $3.5 million in expenses related to preclinical and other research programs, offset by a $3.5 million decrease of expense in connection with various external R&D collaborations. Internal costs increased $11.1 million primarily related to an increase in non-cash expenses of $6.6 million of stock-based compensation expenses and $2.6 million of amortization of our developed technology. 

General and Administrative (G&A). G&A expenses were $59.1 million for the year ended December 31, 2021, compared to $14.4 million for the year ended 2020. The increase was primarily due to an increase of $28.9 million in non-cash stock-based compensation expenses of which $21.9 million related to the modification of stock options and RSUs. Other contributors to the increase included higher professional services including accounting, audit, legal, compliance, director and officer insurance, and investor and public relations and personnel costs to support the growth of the company.

Net Loss. The net and comprehensive loss for the year ended December 31, 2021 was $92.3 million, compared to $33.7 million for the year ended 2020. 

Conference Call and Webcast Reminder

MindMed management will host a conference call at 8:30 AM EDT today to provide a corporate update and review the Company’s fiscal year 2021 financial results. Individuals may participate in the call via telephone by dialing (877) 407-0789 (domestic) or (201) 689-8562 (international) and using conference ID 13728028. The webcast can be accessed live here or on MindMed’s Investor Resources webpage. The webcast will be archived on the Company’s website for at least 30 days after the conference call.

About MindMed

MindMed is a clinical-stage biopharmaceutical company developing novel products to treat brain health disorders, with a particular focus on psychiatry, addiction, pain and neurology. Our mission is to be the global leader in the development and delivery of treatments that unlock new opportunities to improve patient outcomes. We are developing a pipeline of innovative drug candidates, with and without acute perceptual effects, targeting the serotonin, dopamine and acetylcholine systems.

MindMed trades on NASDAQ under the symbol MNMD and on the Canadian NEO Exchange under the symbol MMED. 

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, but are not limited to, statements regarding anticipated upcoming milestones and studies, results and timing of clinical studies, expected growth and developments of drugs and technologies, continuing collaborations and partnerships, and the availability of cash and cash equivalents. 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 and with the U.S. Securities and Exchange Commission on EDGAR at www.sec.gov.

For Media: media@mindmed.co

For Investors: ir@mindmed.co

MindMed Announces Transition of CFO

MindMed Announces Transition of CFO

NEW YORK, March 25, 2022 — Mind Medicine (MindMed) Inc. (NASDAQ: MNMD), (NEO: MMED) (the “Company” or “MindMed”), a clinical stage biopharmaceutical company developing novel products to treat brain health disorders, today announced that its Chief Financial Officer, David Guebert, will be retiring from his position on March 31, 2022. 

“On behalf of the Board of Directors and Executive team, I would like to thank Dave, who was essential to the founding and early growth of our organization,” said Robert Barrow, Chief Executive Officer and Director of MindMed. “As we advance our robust drug development and digital medicine programs, we continue to identify leaders who will guide MindMed through this critical stage in our growth. Dave leaves us well positioned financially and strategically to create long-term value for shareholders and to deliver on our commitment to patients in need of novel treatment options.”

MindMed has retained an executive search firm to assist the Company’s Board of Directors in identifying a new Chief Financial Officer with expertise and experience in the US biotech market.

About MindMed

MindMed is a clinical stage biopharmaceutical company developing novel products to treat brain health disorders, with a particular focus on psychiatry, addiction, pain and neurology. Our mission is to be the global leader in the development and delivery of treatments that unlock new opportunities to improve patient outcomes. We are developing a pipeline of innovative drug candidates, with and without acute perceptual effects, targeting the serotonin, dopamine and acetylcholine systems.

MindMed trades on NASDAQ under the symbol MNMD and on the Canadian NEO Exchange under the symbol MMED. 

For Media: media@mindmed.co

For Investors: ir@mindmed.co

MindMed to Host Earnings Call to Discuss Full-Year 2021 Financial Results and Provide Business Update

MindMed to Host Earnings Call to Discuss Full-Year 2021 Financial Results and Provide Business Update

NEW YORK, March 21, 2022 /PRNewswire/ — Mind Medicine (MindMed) Inc. (NASDAQ: MNMD), (NEO: MMED), a clinical stage biopharmaceutical company developing novel products to treat brain health disorders, today announced that it will host its earnings call on Monday, March 28, 2022, at 8:30 a.m. EDT to discuss its financial results for the full year ended December 31, 2021 and provide a business update.

Individuals may participate via telephone by dialing (877) 407-0789 (domestic) or (201) 689-8562 (international) and using conference ID 13728028. The webcast can be accessed live here or on MindMed’s Investor Resources webpage. The webcast will be archived on the company’s website for at least 30 days after the conference call.

About MindMed

MindMed is a clinical-stage biopharmaceutical company developing novel products to treat brain health disorders, with a particular focus on psychiatry, addiction, pain and neurology. Our mission is to be the global leader in the development and delivery of treatments that unlock new opportunities to improve patient outcomes. We are developing a pipeline of innovative drug candidates, with and without acute perceptual effects, targeting the serotonin, dopamine and acetylcholine systems.

MindMed trades on NASDAQ under the symbol MNMD and on the Canadian NEO Exchange under the symbol MMED.

For Investors: ir@mindmed.co

For Media: media@mindmed.co

SOURCE Mind Medicine (MindMed) Inc.

MindMed to Participate in March Investor Conferences

MindMed to Participate in March Investor Conferences

NEW YORK, March 9, 2022 — Mind Medicine (MindMed) Inc. (NASDAQ: MNMD), (NEO: MMED), a clinical-stage biopharmaceutical company developing novel products to treat brain health disorders, today announced that Robert Barrow, Chief Executive Officer and Director, will participate in the following upcoming investor conferences in March:

34th Annual Roth Conference

Format: Panel – Psychedelics: “Immunotherapy” for the Mind

Date: Tuesday, March 15 at 10:00 AM PST / 1:00 PM EST

Webcast Link: Click Here 

Oppenheimer Virtual Annual Healthcare Conference

Format: Corporate Presentation

Date: Thursday, March 17 at 12:40 PM EST

Webcast Link: Click Here 

Maxim Virtual Growth Conference

Format: Corporate Presentation

Date: March 28-30, 2022

Further Info: Click Here

A replay of the webcasts will be available in the “Investors” section of MindMed’s website for 30 days following each of the presentations.

About MindMed

MindMed is a clinical-stage biopharmaceutical company developing novel products to treat brain health disorders, with a particular focus on psychiatry, addiction, pain and neurology. Our mission is to be the global leader in the development and delivery of treatments that unlock new opportunities to improve patient outcomes. We are developing a pipeline of innovative drug candidates, with and without acute perceptual effects, targeting the serotonin, dopamine and acetylcholine systems.

MindMed trades on the NASDAQ under the symbol MNMD and on the Canadian NEO Exchange under the symbol MMED.

For Investors: ir@mindmed.co

For Media: media@mindmed.co

LSD and psilocybin have the same effects, apparently

MindMed Announces Publication of Study Comparing the Acute Effects of Lysergic Acid Diethylamide and Psilocybin in Healthy Subjects

MindMed’s latest study compared the experiences of LSD and psilocybin in high and low doses. 

Subjects were assessed on a scale that measures changes in consciousness like feelings of unity and bliss, ego dissolution, auditory and visual sensations, spiritual experiences, and insightfulness.

Researchers found “no evidence of qualitative differences in altered states of consciousness”  between the substances, except that LSD lasted longer. Any other differences could be attributed to the dose, not the substance.

They found that 20 mg psilocybin is equivalent to 100 µg LSD (a 1:200 ratio), and that body weight had no influence on the concentration of the drugs in blood plasma.

MindMed Converts Multiple Voting Shares to Subordinate Voting Shares

MindMed Converts Multiple Voting Shares to Subordinate Voting Shares

– Automatic conversion to be effective March 14, 2022 –

NEW YORK, February 23, 2022 — Mind Medicine (MindMed) Inc. (NASDAQ: MNMD), (NEO: MMED), (DE: MMQ) (the “Company”), a clinical-stage biopharmaceutical company developing psychedelic-inspired therapies for the treatment of brain-based disorders, announced today  that all the Company’s issued and outstanding multiple voting shares (the “Multiple Voting Shares”) will undergo a mandatory conversion into subordinate voting shares (the “Subordinate Voting Shares”) (the “Conversion”), in accordance with the Company’s Articles. The Conversion will be effective March 14, 2022 (the “Effective Date”). 

The Company’s transfer agent will provide requisite notice to each holder of Multiple Voting Shares (the “MVS Holders”). On the Effective Date, the Multiple Voting Shares will automatically, without any action on the part of MVS Holders, be converted into Subordinate Voting Shares on the basis of one Multiple Voting Share for 100 Subordinate Voting Shares, and in the case of fractions of Multiple Voting Shares, such number of Subordinate Voting Shares as is determined by multiplying the fraction by 100.

Pursuant to the Conversion, there will be no Multiple Voting Shares issued and outstanding, and the Company will have a single class of shares, the Subordinate Voting Shares, issued and outstanding. 

“This conversion reflects an important step that solidifies our transformation into a primarily U.S. based company, and an opportunity to simplify our capitalization structure for the benefit of existing and new shareholders,” said Robert Barrow, Chief Executive Officer and Director of MindMed. “We are rapidly maturing and look forward to providing additional updates on our progress as we continue to drive our business and the psychedelic industry forward.” 

About MindMed

MindMed is a clinical-stage 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 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. 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 and with the U.S. Securities and Exchange Commission on EDGAR at www.sec.gov.

For Media: media@mindmed.co

For Investors: ir@mindmed.co

First commercial study of LSD in 40 years

FDA Clears MindMed IND for MM-120 in Treatment of Generalized Anxiety Disorder

MindMed’s LSD-based compound received FDA clearance, allowing the company to proceed with a trial that will be the first commercial study of LSD in over 40 years.

The study will assess 200 patients with generalized anxiety disorder to find the optimal dose of the formulation. 

Shares of MNMD spiked 30% following the announcement 💰

PDF of article

MindMed Enrolls First Participant in a Study of its Session Monitoring System

MindMed Enrolls First Participant in a Study of its Session Monitoring System

NEW YORK, Jan. 18, 2021 – Mind Medicine (MindMed) Inc. (NASDAQ: MNMD), (NEO: MMED), (DE: MMQ) (the “Company”), a clinical-stage biopharmaceutical company developing psychedelic-inspired therapies for the treatment of mental health and addiction, today announced that it has enrolled the first subjects into its Session Monitoring System (SMS-01) study evaluating the passive collection of sensory data during a consciousness-altering therapeutic session. SMS-01 utilizes MindMed’s Session Monitoring System (MSMS), which it believes could have therapeutic applications in the treatment of psychiatric disorders.

MindMed recently consulted with the U.S. Food and Drug Administration’s (FDA) Center for Devices, Radiological Health (CDRH) and Center for Drug Evaluation and Research (CDER) and received positive feedback supporting the planned development strategy. The objective of the meeting was to review the devices Indications for Use (IFU) statement, discuss the study design and facilitate early communication and guidance through the regulatory submission process.

“We have welcomed FDA input throughout the device development process, giving us a clear roadmap for the success and adoption of MSMS,” said Daniel R Karlin, MD MA, Chief Medical Officer of MindMed. “The launch of this study is an important milestone for MindMed and for the future development of regulated devices and software-as-medical-devices (SaMD) products designed to support novel analyses of multimodal data in the delivery of psychiatric care. By refining the techniques used to capture, model and map these outputs, we aim to improve the experience of clinicians and outcomes for patients in the delivery of psychedelic and other perception-altering substances.”

“Our team has worked incredibly hard to advance this product into the clinic and we remain dedicated to rolling out these novel approaches to improving mental health outcomes,” said Todd M. Solomon, PhD, Head of Digital Psychiatry at MindMed. “We look forward to leveraging data from this study, and as we continue to advance our product development efforts, I would sincerely like to sincerely thank our team, study investigators, partners and most importantly the subjects who have agreed to participate in this study.”

About MindMed Session Monitoring System (MSMS)

MindMed Session Monitoring System (MSMS) is a technological platform and product that provides the foundation for the development and implementation of a suite of regulated and unregulated products for use by clinicians and patients during treatment sessions that may also include the use of consciousness altering medications. 

About MindMed

MindMed is a clinical-stage biopharmaceutical company developing the next generation of psychedelic-inspired therapies for the treatment of mental health and addiction. MindMed leverages rigorous drug development principles and advanced digital therapeutics to address these highly pressing, unmet patient needs. MindMed’s differentiated pipeline features innovative treatments based on psychedelic substances including psilocybin, LSD, MDMA, DMT and an ibogaine derivative, 18-MC. Led by an executive team with extensive pharmaceutical industry experience, MindMed has forged strategic collaborations with leading research and academic institutions to accelerate new medicines to patients as quickly as possible. MindMed is headquartered in New York City. For more information, please visit https://mindmed.co/.

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.

Media Contact: media@mindmed.co

Investor Contact: ir@mindmed.co

Stephen Hurst Resigns from MindMed Board of Directors

Stephen Hurst Resigns from MindMed Board of Directors

NEW YORK, January 7, 2022 — Mind Medicine (MindMed) Inc. (NASDAQ: MNMD), (NEO: MMED), (DE: MMQ) (the “Company”), a leading biotech company developing psychedelic-derived therapies, announces the resignation of Stephen Hurst from his role as a Director of the Company’s Board of Directors.

“On behalf of MindMed, the Board of Directors, and the Executive team, I thank Steve for his significant contributions and strategic guidance in bringing the Company to this stage of development,” said Robert Barrow, Chief Executive Officer and Director of MindMed. “The co-founders and early leadership of MindMed have been instrumental in establishing the Company and its strong foundation. Their work, vision, and the programs that they initiated will continue to serve as the basis for our execution of the Company’s mission. As we approach important milestones across our clinical development programs, we are extremely grateful for Steve’s effort to enable this progress.” 

Mr. Hurst added “MindMed is the culmination of my career and more than a decade of work to bring the benefits of psychedelic-inspired medicines to patients struggling with addiction and mental illness. With the recent appointment of two seasoned Directors and a brilliant Chief Executive Officer, I have the greatest confidence in the team’s ability to guide the Company through this next phase of continued progress toward the realization of our highest aspirations.”

About MindMed

MindMed is a clinical-stage biotech company that seeks to discover, develop and deploy psychedelic-inspired medicines and therapies to address mental health and addiction. 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.

For Media: media@mindmed.co

For Investors: ir@mindmed.co