Mind Medicine NEO:MMED
- 255,431,251 Shares outstanding as of Feb 2020
- $19.7 million in cash March 31, 2020
- Financing announced of just under 25 million units at 0.53 cents, with a half warrant at 0,79, forced conversion if the stock trades above 1.13 for 10 consecutive trading days.
Mind Medicine is not focused on psilocybin research, but rather creating new solutions for addiction, depression, anxiety, and ADHD with other various compounds derived from psychedelics. Cofounded by Stephen Hurst, and JR Rahn, the business began with the premise that mental health and addiction problems are likely to grow in the future, without adequate solutions to solve those problems. Previous stigmas associated with psychedelic drugs have started to be removed in modern society, and education, making 2020 the perfect time to gain a first mover advantage. There is undoubtedly an opportunity for a new approach to tackle the problem of mental health, with innovative solutions.
Mind medicine’s main focus in 2020 is a new drug derived from ibogaine, called 18-MC, which is being tested to potentially cure opioid addiction, and opioid withdrawal syndrome. It anticipates phase 2 trails with the FDA by the end of 2020. 18-MC is not a hallucinogen, and they claim to have removed the cardiac issues associated with ibogaine.
Mind Med’s second most advanced research study involves microdosing LSD for ADHD sufferers. Safety and toxicology research on LSD has been greatly improved in recent years. Anecdotal evidence of this potential use of LSD has been positive, and the company wishes to fast track the study to also begin phase 2 trials in 2020.
Additionally, Mind Med is exploring LSD macrodoses for anxiety, has interest in Ketamine research, and stated on May 29th, it intends to include MDMA in its research portfolio.
The mental health market, broken down into depression, addiction, alcoholism, ADHD, anxiety, and OCD, has been growing worldwide, but specifically in America. The United States is also likely beginning a Xanax and Valium crisis as a result of the Covid 19 pandemic, which should increase the market of mental health even further.
The financial capital needed to bring optimal drugs to market takes a lot of capital and expertise, and therefore there is a barrier to entry. That is, unless future legislation for recreational use is employed. That would be both a positive and a negative for companies who have invested millions in drug testing.
Mind med envisions administration of drugs in clinics, with patient experience under mind influencing drugs, their top priority.
Closing statement on Mind Med