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Mind Medicine (MindMed) Inc. (NASDAQ: MNMD) is a biopharmaceutical company based in New York, specializing in the development of psychedelic-inspired medicines and therapies, known as psychoplastogens. The company's core mission is to address major mental health issues like addiction and mental illnesses through innovative treatments.
MindMed is at the forefront of a growing industry, assembling a comprehensive drug development pipeline focused on psychoplastogens. These substances have shown great potential in treating brain health disorders, and MindMed is committed to rigorous scientific research to unlock their therapeutic benefits.
One of the company's most significant recent achievements is the positive data from its Phase 2b clinical trial of MM120 (lysergide d-tartrate) for treating generalized anxiety disorder (GAD). The trial results indicated a substantial improvement in participants, with 48% achieving remission and 65% showing clinically meaningful improvement four weeks after a single dose. This breakthrough has led the U.S. Food and Drug Administration (FDA) to designate MM120 for GAD as a breakthrough therapy, reflecting the significant unmet medical need in this area.
MindMed collaborates extensively with other organizations and clinical research sites, such as Numinus Wellness Inc., to advance its clinical trials. With a research network spanning 20 sites and involving 198 participants, MindMed ensures robust and reliable clinical data.
The company's approach is unique, focusing purely on the effects of its treatments without the interference of other medications or therapies. This has allowed for a clear understanding of the efficacy and potential of their psychedelic-inspired medicines.
Financially, MindMed is well-positioned to continue its pioneering work. The company leverages its partnerships and collaborations to support its research and development efforts, aiming to bring these novel treatments to market.
With a vision to transform mental health care, MindMed is leading the way in integrating psychedelic-assisted therapies into mainstream clinical practice. The company’s ongoing projects and positive clinical outcomes signal a promising future in addressing some of the most prevalent mental health disorders.
Mind Medicine (NASDAQ: MNMD) has launched a Phase 1 trial to compare the acute effects of R-MDMA, S-MDMA, and racemic MDMA in 24 healthy participants. The study, led by Prof. Dr. Matthias Liechti at University Hospital Basel, aims to investigate potential differences in subjective and physiological responses. Notably, preclinical studies suggest R-MDMA may have a better safety profile and enhanced prosocial effects compared to its counterparts. The trial will employ a randomized, placebo-controlled design, assessing various outcome measures.
FCM MM Holdings opposes MindMed's recent public offering due to concerns over shareholder value destruction. In a letter to the Board, FCM calls for the immediate termination of the dilutive offering announced on September 27, 2022. FCM, representing 6.1% of MindMed's shares, emphasizes its commitment to safeguarding shareholder interests, indicating potential activist actions against the Board's management. FCM's Chief Executive Manager, Jake Freeman, pledged to engage in a proxy campaign to hold the Board accountable for its decisions.
MindMed has announced the pricing of its underwritten public offering of 7,058,823 common shares at $4.25 each, including accompanying warrants. The gross proceeds from the offering are expected to be approximately $30 million, before deducting underwriting discounts. The offering is anticipated to close on or about September 30, 2022. The combined offering includes warrants exercisable for additional shares at the same price, expiring in five years. MindMed is focused on developing innovative treatments for brain health disorders.
Mind Medicine (MindMed) Inc. (NASDAQ: MNMD) has announced a proposed underwritten public offering of common shares and accompanying warrants, subject to market conditions. The offering will be conducted by MindMed, with RBC Capital Markets and Cantor serving as lead managers. The company filed a shelf registration statement with the SEC on May 4, 2022, which was declared effective on May 16, 2022. No sales will occur in Canada or to Canadian residents. The full prospectus will be available on the SEC and SEDAR websites.
Mind Medicine (MindMed) Inc. (NASDAQ: MNMD) announced the first patient has been dosed in a Phase 1 study evaluating the tolerability and pharmacokinetics of MDMA-like compounds, including MDA and prodrugs Lys-MDMA and Lys-MDA, against a placebo. The trial at University Hospital Basel aims to assess acute effects in 24 healthy subjects using various dosages. Key measures include subjective effects and plasma levels over 18 months. This investigation may enhance understanding of MDMA-related therapies, supporting MindMed's ongoing drug development for brain health disorders.
Mind Medicine (MindMed) Inc. (NASDAQ: MNMD) announced on Sept. 14, 2022, that it has regained compliance with Nasdaq's minimum bid price requirement of $1.00 per share, as advised by The Nasdaq Stock Market LLC. This compliance follows the completion of a reverse share split and enables the company to meet important corporate objectives, such as enhanced visibility in the investment community and increased liquidity of its shares. The matter is now considered closed by Nasdaq.
MindMed announced positive clinical data for its product candidate MM-120, targeting Generalized Anxiety Disorder (GAD), from a study at University Hospital Basel. The peer-reviewed publication outlines how LSD produced significant, long-lasting reductions in anxiety and depression symptoms in patients. The ongoing Phase 2b trial aims to enroll 200 participants. MindMed retains all clinical data and manufacturing rights for MM-120, which offers a unique commercial opportunity. The company emphasizes its robust intellectual property strategy, with multiple pending patents extending protection into the 2040s.
Mind Medicine (MindMed) Inc. (NASDAQ: MNMD) announced its participation in the H.C. Wainwright 24th Annual Global Investment Conference, with its presentation accessible from 7:00 a.m. ET on September 12, 2022. As a clinical stage biopharmaceutical company, MindMed focuses on developing innovative treatments for brain health disorders. The company aims to enhance patient outcomes through its drug candidates targeting serotonin, dopamine, and acetylcholine systems. A replay of the presentation will be available in the 'News & Media' section of MindMed's website.
Mind Medicine (MindMed) Inc. (NASDAQ: MNMD) announced a 1-for-15 reverse share split effective August 26, 2022. Common shares will begin trading on a split-adjusted basis on August 29, 2022. This move aims to meet Nasdaq's minimum bid price requirement and enhance the Company’s flexibility for future business needs. No fractional shares will be issued post-split; shares below half will be canceled while those at least half will convert to whole shares. The Company continues to trade under the symbols MNMD and MMED, with necessary adjustments made to outstanding options and warrants.
Mind Medicine (MindMed) Inc. (NASDAQ: MNMD) announced the first patient dosing in its Phase 2b trial of MM-120, a therapeutic form of LSD, targeting Generalized Anxiety Disorder (GAD). This trial is the largest of its kind for LSD, enrolling 200 participants to assess anxiety symptom reduction four weeks post-dosing. Positive topline data from previous studies supports the trial's potential. The results will influence future Phase 3 trials, aiming to deliver innovative treatments for GAD.
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