Mind Medicine (MindMed) Inc (NASDAQ: MNMD) holds a cash balance of $160 million in Q1 2021. The company reported a loss of $14 million in Q1 2021. Its operational spending in Q1 2021 is $10 million.
Raises $19.5 million
MindMed raised $19.5 million through a private placement in Q1 2021. It also generated funds of $73 million.
Takes Over a digital medicine and therapeutics startup
MindMed took over a digital medicine and therapeutics startup, HealthMode on February 26, 2021, for CAD 0.286 million. The company also issued 81.497 multiple voting shares. HealthMode utilizes AI-based digital measurement tools to improve the speed and precision of patient monitoring and clinical research.
J.R. Rahn, MindMed’s CEO, said the purchase of HealthMode fulfills its ambition of becoming a comprehensive MHT (mental health technology) platform and develops psychedelic medicines.
Following the takeover, MindMed inducted HealthMode co-founder – Daniel R. Karlin as CMO of MindMed. It also inducted HealthMode’s co-founder – Bradford Cross as CTO of MindMed.
MindMed strengthened its scientific advisory board by recruiting Robert Malenka, Professor (Psychiatry and Behavioral Sciences) of Stanford University as Chair. He is a well-reputed neuroscientist.
Robert’s previous stints include counselor for the Society for NACN (Neuroscience and the American College of Neuropsychopharmacology). He also contributed to understanding the brain plasticity mechanism.
Robert also worked as an advisor at several biotechnology and pharmaceutical companies. Rahn commenting on the appointment said Robert has expertise in critical fields in which MindMed operates. He further said the company is pleased to welcome Robert into MindMed to help it to advance the development of efficacious and innovative remedies to enhance the mental health of several patients.
The scientific advisory board of MindMed comprises eminent personalities with experience in clinical development, neuroscience, and psychiatry.
MindMed commenced the study of its LSD neutralizer technology to halt LSD trip effects in a therapy session. It could be developed as an ‘Off-Switch’ to assist psychedelic-assisted therapies.
MindMed entered an alliance with MindShift Compounds AG, a psychedelic drug discovery startup based in Switzerland. The deal helps the company to expand its IP portfolio and development pipeline with next-generation empathogenic and psychedelic compounds.
MindMed also commenced the clinical study of a combination of LSD and MDMA in a pact with UHB Liechti Lab.