MindMed Archives - Green Market Report

Debra BorchardtApril 28, 2021
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MindMed (NASDAQ: MNMD) shareholders have been taken on quite the trip over the last few days as the company uplisted from the Over The Counter Market to the big time at the NASDAQ. The stock jumped to over $5 a share in its last days at the OTC Markets, only to move to midtown Manhattan and see the shares plunge 29% in its debut. The stock closed at $4.02 on Tuesday. Some buyers look like they are jumping back in as early trading on Wednesday is seeing a 10% increase in price.

Last week, CEO J.R. Rahn said “The listing of our stock on the Nasdaq represents a significant milestone in our growth as a publicly-traded company. We believe this listing will increase our visibility in the marketplace, improve liquidity, broaden and diversify our shareholder base, and ultimately enhance long-term shareholder value. I would like to thank our employees, management, directors and our many collaborators for their hard work in making MindMed a member of the Nasdaq exchange, an important step that will help facilitate our mission to discover, develop and deploy psychedelic inspired medicines and therapies to address addiction and mental illness.”

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. MindMed will retain its listing on the Neo Exchange Inc. under the symbol “MMED”

NASDAQ Is Tripping

NASDAQ has always been a home to emerging biotech companies. It has now become the goal of many psychedelic-based biotech companies to call the marketplace home as well. Compass Pathways listed at the exchange in September 2020. That company listed at roughly $29 and was lately trading at $39.  Its largest shareholder is Atai Life Sciences, which owns 29% of the stock. Compass has five analysts covering the stock with an average price target of $70.

Atai Life Sciences will be joining its peers on the NASDAQ soon enough. The company is one of the earlier psychedelic medicine biggies that was founded in 2018 and is based in Berlin. To date, Atai has raised more than $362 million in private funding from a variety of investors with the most famous being Peter Thiel and his firm, Thiel Capital. Last week the company filed for a 4100 million offering and noted its plans to list on the NASDAQ using the symbol ATAI. Atai currently has no revenue and reported a net loss of $178.6 million last year. According to the company’s filing, operating costs have increased to $104.1 million. Atai said it had $97.2 million in cash at the end of last year.

 


StaffMarch 30, 2021
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Mind Medicine (MindMed) Inc. (OTCQB: MMEDF) announced its annual 2020 financial results for the year ended December 31, 2020. At this time the company had no revenue to report. The net and comprehensive losses were $35.1 million for the year ending December 31, 2020.

Its total assets as of December 31, 2020, were $85.6 million, including $80.1 million in cash. MindMed said its net cash used in operating activities or its total cash burn was $24.2 million for the year ended December 31, 2020. The company’s current cash balance is $161 million or C$203 million. MindMed plans on using the funds to advance its portfolio and build out its technology division.

An earnings call will be held Thursday, April 1, 2021 at 10:00 am ET.

Since the year ended, MindMed closed on a bought deal in January 2021 resulting in proceeds of C$72 million. In February the company acquired HealthMode in a deal valued at $31 million. Health Mode is a digital medicine and therapeutics startup that uses Artificial Intelligence (AI)-enabled digital measurement to increase the precision and speed of clinical research and patient monitoring. The acquisition will give MindMed access to HealthMode’s Intellectual Property, platforms for clinical drug trials, and its entire twenty-four-person digital medicine team. MindMed said it will incorporate HealthMode’s machine learning (ML) engineering, product development, and operations employees based in Silicon Valley, New York CityBratislava and Prague into its newly established digital medicine division, Albert. MindMed intends to establish Albert as a full-stack digital mental health platform, capable of launching and commercializing psychedelic-assisted therapies and medicines at scale for patients.

In March, Mindmed closed a private placement that generated proceeds of roughly $15 million. MindMed said the net proceeds 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 closing is expected to occur on or about March 9, 2021.


Debra BorchardtMarch 8, 2021
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Psychedelic medicine biotech company Mind Medicine (MindMed) Inc. (OTCQB: MMEDF)  has entered into an agreement with Canaccord Genuity Corp. to purchase for resale, on a bought deal private placement basis, an aggregate of 6,000,000 units of the Company at a price of C$3.25 per Unit for aggregate gross proceeds to the company of C$19,500,000 or roughly $15.4 million by today’s currency exchange. MindMed said that it is expected that the units will be primarily sold to one large institutional investor.

MindMed said the net proceeds 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 closing is expected to occur on or about March 9, 2021.

HealthMode

Last month, MindMed said it would acquire HealthMode in a deal valued at approximately C$41,254,180 and the payment of approximately C$300,000 in cash.

MindMed Co-Founder and CEO J.R. Rahn said at the time, “Our mission is to make MindMed as much a digital medicine company as a drug development company. With the addition of Dan and Bradford’s team of engineers and product experts, our digital medicine division, Albert, is now the Special Ops of digital medicine, applying machine learning to drug development and patient care. The future of modern mental healthcare and psychedelic medicine ultimately will rely on improving infrequent, self-reported and observed measures for mental health to a paradigm where the continual digital measurement of our mind and body is as vital as the drug treatment itself. In effect, we see a future mental health treatment paradigm where potential drug products such as our LSD experiential therapy might be prescribed right alongside software application programming interfaces (APIs) to prepare the patient for treatment and optimally monitor the after-care of one’s anxiety disorder.”

Project Lucy

Project Lucy is MindMed’s commercial drug development program for the treatment of anxiety disorders. The company said Project Lucy will initiate a Phase 2b human efficacy trial that will focus on experiential doses of LSD, administered by a therapist. This is the first experiential, psychedelic-assisted therapy to be added to the company’s drug development pipeline.

With the launch of Project Lucy, MindMed is now preparing a total of three Phase 2commercial drug trials based on psychedelic-inspired medicines, making it one of the most advanced and largest drug development pipelines in the psychedelics industry.


Debra BorchardtFebruary 18, 2021
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Psychedelic medicine biotech company MindMed (OTCQB: MMEDF) will acquire HealthMode, a digital medicine and therapeutics startup that uses Artificial Intelligence (AI)-enabled digital measurement to increase the precision and speed of clinical research and patient monitoring.

MindMed said it will acquire HealthMode through the issuance of 82,508 multiple voting shares of MindMed (equivalent to 8,250,836 subordinate voting shares which, at yesterday’s closing price of CAD $5.13, puts the value of HealthMode at approximately CAD $41,254,180) and the payment of approximately CAD $300,000 in cash.

MindMed Co-Founder and CEO J.R. Rahn said: “Our mission is to make MindMed as much a digital medicine company as a drug development company. With the addition of Dan and Bradford’s team of engineers and product experts, our digital medicine division, Albert, is now the Special Ops of digital medicine, applying machine learning to drug development and patient care. The future of modern mental healthcare and psychedelic medicine ultimately will rely on improving infrequent, self-reported and observed measures for mental health to a paradigm where the continual digital measurement of our mind and body is as vital as the drug treatment itself. In effect, we see a future mental health treatment paradigm where potential drug products such as our LSD experiential therapy might be prescribed right alongside software application programming interfaces (APIs) to prepare the patient for treatment and optimally monitor the after-care of one’s anxiety disorder.”

What HealthMode Brings

The acquisition will give MindMed access to HealthMode’s Intellectual Property, platforms for clinical drug trials, and its entire twenty-four-person digital medicine team. MindMed said it will incorporate HealthMode’s machine learning (ML) engineering, product development, and operations employees based in Silicon Valley, New York CityBratislava and Prague into its newly established digital medicine division, Albert. MindMed intends to establish Albert as a full-stack digital mental health platform, capable of launching and commercializing psychedelic-assisted therapies and medicines at scale for patients.

MindMed will add pharmaceutical veteran Daniel R. Karlin M.D. M.A. and AI/ML expert Bradford Cross to the MindMed executive team. Cross, who will become the Chief Technology Officer of MindMed, was a founding partner at deep tech venture capital fund, Data Collective (DCVC) and also founded Prismatic, a personalized AI-driven news feed that became part of the IP underlying Linkedin’s newsfeed and content classification.

HealthMode Co-Founder Dan Karlin said, “Through the tech we have built at Healthmode, we aim to potentially rapidly increase the value of MindMed’s asset portfolio by advancing more drugs against more indications at a faster pace with high scientific and technical rigor.”

Co-Founder Bradford Cross added: “At HealthMode, our technical motto has always been ‘better science faster’ because we always try to think about what our tech can do to answer real scientific questions by capturing more and better data from increasing patient populations at higher frequency and at a larger scale. Now we’ll apply that playbook to accelerate research on one of the most promising targets in psychiatry and ultimately help launch these psychedelic-assisted therapies to patients at scale.”


Debra BorchardtDecember 15, 2020
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Mind Medicine (MindMed) Inc. (NEO: MMED) (OTCQB: MMEDF) entered into an agreement with Canaccord Genuity Corp. to purchase, on a bought deal basis an aggregate of 11,364,000 units of the company at a price of C$4.40 per unit for gross proceeds of C$50 million. the company said the net proceeds will be used for investment in Project Lucy, Albert (the company’s digital medicine division), additional microdosing research and development, Project Layla (18-MC) as well as general working capital.

MindMed also announced the successful completion of a pre-IND (Investigational New Drug) meeting with the U.S. Food and Drug Administration (FDA) regarding the development of lysergic acid diethylamide (LSD) assisted therapy for anxiety disorder. This FDA meeting is an important milestone for the company and provides regulatory clarity and confidence as MindMed advances its lead clinical development program in the U.S. The psychedelic drug company also said it plans to open the IND with the FDA in August 2021, with a Phase 2b clinical trial evaluating experiential doses of LSD in an anxiety disorder.

MindMed Co-Founder & Co-CEO J.R. Rahn said “The FDA is one of the most impactful organizations for regulated drug development globally. We look forward to working through the FDA pathway on psychedelic-assisted therapies in strict compliance with their proven drug development guidelines and commencing our Phase 2b trial for Project Lucy in 2021.”

While Project Lucy focuses on LSD, Project Layla has been tagged as an addiction treatment program evaluating the ibogaine derivative 18-MC. The preliminary data from the Phase 1 Multiple Ascending Dose (MAD) and Single Ascending Dose (SAD) study has shown that the drug is safe and well-tolerated at the doses tested to date and that no serious side effects have been reported.

MindMed’s clinical team and 18-MC’s Medical Director, Dr. Judy Ashworth, have decided to continue dose escalation in the study to gather higher dosing data. The company has said that once that additional data has been reviewed, MindMed will directly thereafter initiate the Phase 2a proof of concept study. A meeting with the FDA has been confirmed to continue discussions regarding the 18-MC clinical development plan.

Latest Offering

In addition to raising C$50 million, each unit shall consist of one subordinate voting share and one-half of one Subordinate Voting Share purchase warrant of the company. The statement said that each Warrant shall be exercisable to acquire one Subordinate Voting Share at an exercise price of C$5.75 per Subordinate Voting Share for a period of 3 years from the closing of the Offering, 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 NEO Exchange is greater than C$9.00 per Subordinate Voting Share for the preceding 5 consecutive trading days.


StaffDecember 9, 2020
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Mydecine Innovations

Mydecine Innovations Group (CSE: MYCO) (OTC: MYCOF) announced that it has completed its first commercial harvest of 20 kilograms of psilocybin mushrooms at its research and cultivation facility in Jamaica. The company said it is now preparing to export the harvest to its Canadian cGMP Facility which has a Health Canada schedule 1 Dealer’s License attached to it, allowing for legal import.

“We are pleased to announce the completion of our first commercial harvest of natural psilocybin mushrooms,” said Joshua Bartch, CEO and Chairman of Mydecine. “There is more research needed on these compounds in order to better understand the entourage effect experienced by patients which has shown dramatically effective results compared to single-molecule synthetic psilocybin in preliminary studies. As the industry grows, the need for naturally occurring psilocybin and access to large quantities of these molecules will be paramount and we are excited to be the first to advance this movement at scale.”

Mydecine said that its final product will be made available for purchase by other licensed institutions and companies conducting clinical research into the efficacy of these compounds to treat various health conditions including anxiety, addiction, depression and PTSD. Portions of the harvest will also be used for Mydecine’s proprietary genetic, pharmacology, and clinical research. The clinical use will be for the studies and developing protocols of psilocybin-assisted psychotherapy to treat PTSD in veterans and other frontline workers.

MindMed

Mind Medicine Inc. (NEO: MMED) (OTCQB: MMEDF) has filed a final short form prospectus with the securities commissions or similar authorities in each province of Canada, other than Québec with regards to a previously announced bought deal. The company’s underwriters have agreed to purchase 15,800,000 units of MindMed, on a “bought deal” basis, at a price per Unit of $1.90 for gross proceeds of $30,020,000.

The company said it has also granted the Underwriters an over-allotment option to purchase up to an additional 15% of the Units at the Issue Price, exercisable in whole or in part, at any time on or prior to the date that is 30 days following the closing of the Offering. If this option is exercised in full, an additional $4,503,000 will be raised pursuant to the Offering and the aggregate proceeds of the Offering will be $34,523,000.The Offering is scheduled to close on or about December 11, 2020.

Havn Life

Havn Life Sciences Inc. (CSE:HAVN)  has signed a Memorandum of Agreement with the international veteran’s organization, Heroic Hearts Project. Heroic Hearts is a registered 501(c)(3) nonprofit organization founded in the United States that connects military veterans struggling with mental trauma, to psychedelic therapy options including ayahuasca, psilocybin, and ketamine. Heroic Hearts also provides support and professional counseling to these veterans throughout the process. These veterans typically have tried all the available resources offered by the Department of Veteran Affairs with limited success leaving them with very few options. Heroic Hearts currently has branches across the United States, Canada, and the United Kingdom.

“This collaboration between Havn Life and Heroic Hearts has the potential to make an extraordinary impact on the mental health and wellness of military veterans,” said Susan Chapelle, EVP of Research and Development at Havn Life. “Under the agreement, Havn Life will supply products and compounds to be used in Heroic Hearts’ future clinical studies that will investigate the effects of low-dosage psychedelic compounds on veterans suffering from emotional trauma and PTSD. This progressive research will help develop clinical trial formulations to aid in the recovery of PTSD and other trauma-related disorders. We look forward to working closely with veterans and others with military backgrounds.”


Debra BorchardtOctober 27, 2020
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Mind Medicine (MindMed) Inc.  (OTCQB: MMEDF) has filed a final short form prospectus with the securities commissions or similar authorities in each province of Canada, other than Québec. Pursuant to the underwriting agreement with Canaccord Genuity Corp., the Underwriter has agreed to purchase, as sole bookrunner and underwriter, 23,810,000 units of the company on a “bought deal” basis, at a price per Unit of $1.05 CAD  for gross proceeds of $25,000,500. The offering is expected to close on or about October 30. The shares are currently selling forC$1.14.


Debra BorchardtAugust 25, 2020
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Mind Medicine (MindMed) Inc. (NEO: MMED)(OTCQB: MMEDF)announced that it is working with the University Hospital Basel’s Liechti Lab on a combination MDMA and LSD in Phase 1 clinical trial. The Phase 1 MDMA-LSD trial is scheduled to start in Q4 of this year in Basel, Switzerland.

“A new treatment paradigm combining MDMA and LSD may enhance the positive effects of LSD by inducing a positive psychological state with MDMA which is an empathogen to help counteract some known negative or less positive aspects of LSD or psilocybin,” said President of MindMed, Dr. Miri Halperin Wernli. “With this innovative treatment paradigm, we are looking to bring the participants outside the bounds of their everyday perceptions, bringing their mind into a very flexible state of mind facilitating new states of consciousness. This will provide the opportunity to step outside their usual sense of self and experience themselves from a radically different and new perspective.”

Psychedelic-assisted Therapy

The company said that combined MDMA-LSD treatments have the potential to create next-generation psychedelic-assisted therapy paradigms. When added to a psychedelic-assisted therapy session, MDMA has the potential to reduce some known rare negative side effects that may occur while using LSD or other classic psychedelics on their own. So it seems the theory here is that the MDMA may work towards lessening a “bad trip.”

Classic psychedelics such as psilocybin and LSD can sometimes induce short-term unpleasant effects for patients during a psychedelic-assisted therapy session. These symptoms may include negative thoughts, rumination, panic and paranoia or what is commonly called a “bad trip.”

According to the study description, MDMA is known to acutely induce feelings of increased well-being and trust. By combining LSD and MDMA within the same session, the Liechti Lab and MindMed are evaluating if the combination produces greater overall positive acute effects when compared to LSD or MDMA on their own. MDMA may reduce some of the negative mood effects of LSD and make the patient more comfortable during psychedelic-assisted therapy.

“The potential of MDMA-LSD is to create a psychological state that may have the benefits of both substances and have longer-lasting effects than standalone psilocybin or LSD,” said University Hospital Basel’s Liechti Lab’s Dr. Matthias Liechti. “Inducing an overall primarily positive acute response during psychedelic-assisted therapy is critical because several studies showed that a more positive acute experience is linked to a greater therapeutic long-term effect in patients.”

Phase 1 Trial Details

The Phase 1 Clinical Trial is intended to take around one year to complete. It is expected that 24 people will enroll in the study, which is expected to begin in January 2021. The study is expected to be completed in January 2022.

MindMed said that if it finds the results promising, the company may decide to undertake further studies with treatments combining MDMA and LSD and prepare patient trials for various indications.


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