MindMed to Be Added to the Nasdaq Biotechnology Index

Rhea-AI Summary

MindMed (MNMD) announced its upcoming addition to the Nasdaq Biotechnology Index (NBI), effective December 23, 2024. The company highlighted key 2024 achievements, including raising $250 million through equity financings, securing a new patent for MM120 orally disintegrating tablet (ODT) with protection through 2041, expanding their pipeline to include MM120 ODT for major depressive disorder, and launching Phase 3 Voyage study for generalized anxiety disorder. The NBI tracks biotechnology and pharmaceutical securities on Nasdaq, with companies meeting specific eligibility criteria including market capitalization, trading volume, and public company seasoning requirements.

Positive

• Secured inclusion in the Nasdaq Biotechnology Index (NBI)
• Successfully raised $250 million through equity financings in 2024
• Obtained new patent for MM120 ODT extending protection until 2041
• Launched Phase 3 Voyage study for generalized anxiety disorder

Negative

• None.

Insights

Financial Markets Expert

The addition to the Nasdaq Biotechnology Index represents a meaningful milestone for MindMed, potentially increasing visibility and liquidity for the stock. Inclusion in the NBI typically leads to increased institutional ownership through index funds and ETFs that track the benchmark. The company's recent $250 million capital raise and expanded intellectual property portfolio through 2041 strengthen its financial position and competitive moat. The Phase 3 trial launch for MM120 ODT in generalized anxiety disorder positions MindMed at a critical inflection point in its clinical development pipeline. Index inclusion often provides enhanced trading volume and price stability due to institutional portfolio rebalancing requirements. For a company with a market cap of $511 million, this visibility boost could help attract additional institutional investors and research coverage.

Biotech Industry Analyst

The patent extension for MM120 ODT through 2041 significantly enhances MindMed's market exclusivity potential. The company's strategic expansion into major depressive disorder (MDD) alongside generalized anxiety disorder (GAD) demonstrates pipeline diversification in high-value CNS indications. The launch of the Phase 3 Voyage study marks MindMed's transition into late-stage clinical development, a important milestone that typically correlates with increased institutional interest. The substantial capital raise provides runway for executing these advanced clinical programs. The ODT formulation could offer competitive advantages in patient compliance and absorption. This NBI inclusion validates the company's progress in developing novel therapeutics for brain health disorders and its alignment with established biotech industry standards.

NEW YORK--(BUSINESS WIRE)-- Mind Medicine (MindMed) Inc. (Nasdaq: MNMD), (the "Company" or "MindMed"), a clinical-stage biopharmaceutical company developing novel product candidates to treat brain health disorders, today announced that it will be added to the Nasdaq Biotechnology Index (NBI), effective at market open on Monday, December 23, 2024.

“2024 has been a transformational year for MindMed. We’ve successfully executed many important milestones, including raising approximately $250 million through two equity financings, obtaining a newly issued patent covering MM120 orally disintegrating tablet (ODT) and extending intellectual property protection through 2041, expanding our pipeline to include MM120 ODT for major depressive disorder, and most recently, launching Voyage, our Phase 3 study of MM120 ODT in generalized anxiety disorder,” said Rob Barrow, Chief Executive Officer of MindMed. “We are in a pivotal phase in our growth and the addition to the NBI further validates our potential in delivering long-term value to shareholders as we progress our pipeline and aim to deliver transformational innovation for people living with brain health disorders.”

The NBI is designed to track the performance of a set of securities listed on The Nasdaq Stock Market^® (Nasdaq^®) that are classified as either biotechnology or pharmaceutical according to the Industry Classification Benchmark (ICB). The NBI is calculated under a modified capitalization-weighted methodology. Companies in the NBI must meet eligibility requirements, including minimum market capitalization, average daily trading volume, and seasoning as a public company, among other criteria. Nasdaq selects constituents once annually in December.

For more information about the NBI, please visit https://indexes.nasdaqomx.com/Index/Overview/NBI.

About MindMed

MindMed is a clinical-stage biopharmaceutical company developing novel product candidates to treat brain health disorders. 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 product candidates, with and without acute perceptual effects, targeting neurotransmitter pathways that play key roles in brain health. MindMed trades on Nasdaq under the symbol MNMD.

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 includes, but is not limited to, statements regarding the Company’s anticipated inclusion in the Nasdaq Biotechnology Index following the annual reconstitution. 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; 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 in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2023 under headings such as "Special Note Regarding Forward-Looking Statements," and "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" and other filings and furnishings made by the Company with the securities regulatory authorities in all provinces and territories of Canada which are available under the Company's profile on SEDAR+ at www.sedarplus.ca and with the U.S. Securities and Exchange Commission on EDGAR at www.sec.gov. Except as required by law, the Company undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events, changes in expectations or otherwise.

View source version on businesswire.com: https://www.businesswire.com/news/home/20241219955108/en/

For Media: media@mindmed.co

For Investors: ir@mindmed.co

Source: Mind Medicine (MindMed) Inc.

FAQ

When will MindMed (MNMD) be added to the Nasdaq Biotechnology Index?

MindMed will be added to the Nasdaq Biotechnology Index (NBI) effective at market open on Monday, December 23, 2024.

How much capital did MindMed (MNMD) raise through equity financings in 2024?

MindMed raised approximately $250 million through two equity financings in 2024.

What is the patent protection period for MindMed's (MNMD) MM120 ODT?

The newly issued patent for MM120 orally disintegrating tablet (ODT) extends intellectual property protection through 2041.

What is the current development stage of MindMed's (MNMD) MM120 ODT for generalized anxiety disorder?

MindMed has launched Voyage, a Phase 3 study of MM120 ODT in generalized anxiety disorder.

What are the new therapeutic areas MindMed (MNMD) expanded into in 2024?

MindMed expanded its pipeline to include MM120 ODT for major depressive disorder in 2024.