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Friday, June 18, 2021

Psychedelic Boom; Albert Clinical Trials and Up-listing; the Fascinating Story of Mind Medicine (MindMed) Inc (OTCMKTS: MMEDF) (FRA: MMQ)

Mind Medicine (MindMed) Inc (OTCMKTS: MMEDF) (FRA: MMQ) is taking the markets by storm and making a huge move to the upside as the Company closes another financing bringing its cash reserves of CAD $85m (USD $66.4m) to enable development of its digital medical division Albert and continued progress of its clinical trial pipeline of psychedelic inspired medicines and experiential therapies. Mindmed is developing a robust IP and drug development pipeline focusing on many underserved and large markets. MindMed recently announced its intention of up-listing its shares to the NASDAQ; to that end the Company has submitted its application to NASDAQ Capital Markets and has appointed Canaccord Genuity Corp as financial advisor. The Company also has strong partnerships with fantastic institutions and is backed by Kevin O’Leary of Shark Tank fame and Bruce Linton, former CEO of Canopy Growth.

The powerful rise of MindMed comes on the heels of Compass Pathways historic $100 million initial public offering on the NASDAQ Psychedelic medicine is getting noticed by investors since famed Silicon Valley billionaire investor and PayPal co-founder Peter Thiel led an $80 million round of funding for psychedelic-focused biotech company Compass Pathways. The psychedelic space projected to be worth at least $6.9 billion by 2027. Several clinical trials including one by the US military are underway in the United States and worldwide to investigate the therapeutic effects of psilocybin, and there is hope for treating such debilitating disorders as depression, anxiety, post-traumatic stress disorder, anorexia, obsessive-compulsive disorder, and addiction.

MindMed Marches To Unicorn StatusMind Medicine (MindMed) Inc (OTCMKTS: MMEDF) (FRA: MMQ) is a psychedelic medicine biotech company that discovers, develops and deploys psychedelic inspired medicines and experiential 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 team brings extensive biopharmaceutical experience to the Company’s groundbreaking approach to developing the next generation of psychedelic inspired medicines and experiential therapies. MindMed trades on the Canadian NEO Exchange under the symbol MMED. MindMed is also traded in the United States under the symbol MMEDF and in Germany under the symbol MMQ.

MindMed’s clinical team under the leadership of President and Head of Clinical Dr. Miri Halperin Wernli is designing an experimental clinical trial that pairs non-hallucinogenic psychedelic inspired medicines such as microdoses of LSD with digital therapeutics to track, engage and influence patient behavior. MindMed intends to announce full details of this clinical trial once MindMed and its scientific collaborators finalize the protocol design for submission to relevant health regulators.

MindMed and the University Hospital Basel’s Liechti Lab are combining MDMA and LSD in a groundbreaking Phase 1 clinical trial, scheduled to start in Q4 of this year in Basel, Switzerland. Combined MDMA-LSD treatments have the potential to create next-generation psychedelic assisted therapy paradigms.  MindMed recently received approval from the ethics committee at the University Hospital Basel to undertake an interim readout and analysis of the Phase 2a study using LSD assisted therapy for anxiety disorders being conducted in Switzerland by Dr. Matthias Liechti and Dr. Peter Gasser. MindMed in partnership with the Liechti Lab will conduct this interim analysis of the Phase 2a clinical trial data in Q1 2021.

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On December 11 MindMed announced it has closed its previously announced bought deal short form prospectus offering, including the exercise in full of the underwriter’s over-allotment option. In connection with the Offering, the Company issued 18,170,000 units of the Company at a price per Unit of CAD $1.90 for gross proceeds of CAD $34,523,000. The Offering was conducted by Canaccord Genuity Corp., as lead underwriter, and Eight Capital. Since the founding of Mind Medicine Inc. in May 2019, MindMed has now raised a total of CAD $121.4m (USD$94.8m) in investment capital before fundraising and deal expenses.

The Company intends to use the net proceeds of the Offering for investment in its digital medicine division, additional microdosing research and development as well as general working capital and corporate purposes, including to further fund its ongoing programs. Post-financing, the Company now has cash reserves of CAD $85m (USD $66.4m) to enable development of its digital medical division Albert and continued progress of its clinical trial pipeline of psychedelic inspired medicines and experiential therapies.

With Albert, the Company aims to build an integrated digital platform to improve patient safety, outcomes, and clinical trial design. By pairing digital tools, such as wearables and the latest in machine learning, with psychedelic assisted therapies, MindMed can optimize and better understand the patient journey and therapeutic outcomes from pre-care through to after-care.

MindMed Co-Founder & Co-CEO, J.R. Rahn said, “The COVID-19 pandemic has made it clearer than ever that the current global mental healthcare system demands more comprehensive solutions to address multiple mental health and addiction crises around the world. This successful upsized financing from investors offers further validation that psychedelic medicines are being viewed as a promising new frontier in mental health treatments. As we advance and design this new treatment paradigm in mental health and addiction, we believe that interlacing digital therapeutics alongside regulated psychedelic drug development through rigorous science at the FDA and other regulatory bodies will be integral to advancing the potential healing of millions of patients globally.”

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Mind Medicine (MindMed) is taking the markets by storm and making a huge move to the upside as the Company closes another financing bringing its cash reserves of CAD $85m (USD $66.4m) to enable development of its digital medical division Albert and continued progress of its clinical trial pipeline of psychedelic inspired medicines and experiential therapies. Mindmed is developing a robust IP and drug development pipeline focusing on many underserved and large markets. MindMed recently announced its intention of up-listing its shares to the NASDAQ. The Company also has strong partnerships with fantastic institutions and is backed by Kevin O’Leary of Shark Tank fame and Bruce Linton, former CEO of Canopy Growth. MindMed has successfully submitted a pre-IND briefing package to the FDA for its Project Lucy, a potential Phase 2b Efficacy Trial evaluating LSD Assisted Therapy in anxiety disorders. In addition, the company has now reached an agreement with University Hospital Basel Liechti Lab to conduct an interim analysis anticipated in Q1 2021 for its Phase 2a clinical trial of LSD assisted therapy for anxiety disorders currently ongoing in Switzerland. MindMed and the University Hospital Basel’s Liechti Lab also recently announced they are combining MDMA and LSD in a groundbreaking Phase 1 clinical trial, scheduled to start in Q4 of this year in Basel, Switzerland. The run on Mind Medicine comes on the heels of Compass Pathways historic $100 million initial public offering on the NASDAQ. Microcapdaily has been reporting on MindMed since the stock was pennies. We will be updating on MindMed when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with MindMed.

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Disclosure: we hold no position in MindMed either long or short and we have not been compensated for this article.

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