On March 3, 2020, Neo Exchange Inc. (NEO) announced it had granted final approval to Mind Medicine Inc. (MindMed), a neuro-pharmaceutical company for psychedelic-inspired medicines, to make its global public markets debut. MindMed will begin trading on March 3 on the NEO Exchange under the symbol NEO:MMED, and is expected to become the world’s first publicly traded psychedelic pharmaceutical company. The company recently raised $24.2 million USD in a pre-public funding round. Investors can trade shares of NEO:MMED through their usual investment channels, including discount brokerage platforms and full-service dealers.
MindMed develops medicines derived from psychedelics to address significant unmet medical needs. It is initially targeting a solution to address the opioid crisis and other forms of addiction. In addition, the company has established a psychedelics microdosing division, which leverages rigorous science and clinical trials performed under government regulatory supervision, to evaluate the efficacy of microdosing. Going public will allow MindMed to continue developing clinical trials and to access additional institutional capital to further build its pipeline of clinical trials for psychedelic-inspired medicines.
At present, MindMed is preparing 18-MC, its lead development drug development program, for a Phase 2 clinical trial, planned to begin in the fourth quarter. 18-MC is a non-hallucinogenic drug candidate, based on the psychedelic substance ibogaine, which in extensive preclinical research has shown promise for helping to curb addictions. The United States National Institute on Drug Abuse previously awarded a $6.8m USD grant to advance the project to the point of clinical testing. MindMed is also preparing to conduct a Phase 2 LSD microdosing clinical trial for adult ADHD, expected to begin later this year.
Mind Medicine (MindMed), Inc. is a neuro-pharmaceutical company that discovers, develops and deploys psychedelic inspired medicines to improve health, promote wellness and alleviate suffering. The company’s immediate priority is to address the opioid crisis by developing a non-hallucinogenic version of the psychedelic ibogaine.
Neo Exchange Inc. is a progressive stock market that brings together investors and capital raisers within a fair and transparent environment. Fully operational since June 2015, the NEO Exchange lists senior companies and investment products who want a stock exchange that enables investor trust, quality liquidity and broad awareness, including unfettered access to market data.
This was reported by NEO Exchange Inc. on March 3, 2020.
Contact information: NEO Exchange Inc., 155 University Avenue, Suite 400, Toronto, Ontario, M5H 3B7; 416-933-5900; Website: www.aequitasneo.com