TORONTO--(BUSINESS WIRE)--NEO is pleased to announce it has granted final approval to Mind Medicine (MindMed) Inc. (“MindMed”), the leading neuro-pharmaceutical company for psychedelic-inspired medicines, to make its global public markets debut. MindMed will begin trading today 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 $24.2m USD in a pre-public funding round.
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.
MindMed Co-Founder and Co-CEO JR Rahn said: “Today marks a significant step forward in our ability to access further institutional capital to fund our ground-breaking clinical trials and mission to build the most compelling pipeline of psychedelic inspired medicines. NEO provided a clear, efficient path to go public on their institutional-grade main-board stock exchange. Psychedelic medicines present an opportunity to address large societal problems, like the opioid crisis, and a public listing of MindMed could help accelerate the path to a cure.”
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.
“Psychedelics have been under-researched and stigmatized by society,” said Kevin O’Leary, an early MindMed investor and advisor. “As an investor, I am attracted to MindMed because they are solving health problems through federally authorized clinical trials, and have no interest in recreational use.”
Investors can trade shares of NEO:MMED through their usual investment channels, including discount brokerage platforms and full-service dealers.
“Today, MindMed sits at the tipping point of doing things differently by realizing the untapped potential of psychedelics-derived medicine to find treatments to neurological disorders. As a stock exchange, we also do things differently by always putting the best interest of investors and capital-raising companies first in everything we do,” commented Jos Schmitt, President and CEO of NEO. “We are honoured to be MindMed’s global go-public partner. Their decision to list with us is a testament to our values and innovation that deliver tangible solutions and results. MindMed’s listing on NEO will enable their ability to access investor interest around the world.”
The NEO Exchange is now home to close to 100 corporate and ETF listings, and consistently facilitates 12 per cent of all Canadian trading volume. Click here for a complete view of all NEO-listed securities.
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. The MindMed executive team brings extensive biopharmaceutical industry experience to this ground-breaking approach to the development of next-generation psychedelic medicines. More: www.mindmed.co.
About NEO Exchange
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, NEO puts investors first and provides access to trading all Canadian-listed securities on a level playing field. 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. For more information, please visit: NEOstockexchange.com