MindMed becomes world's first psychedelic pharma company to go public

3 Mar 2020

The company’s immediate priority is to address the opioid crisis by developing a non-hallucinogenic version of the psychedelic ibogaine.

NEO has granted final approval to Mind Medicine (MindMed) a neuro-pharmaceutical company for psychedelic-inspired medicines, to make its global public markets debut.

MindMed becomes world's first psychedelic pharma company to go public

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 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.

Currently, MindMed is preparing 18-MC, its lead development drug development program, for a Phase II 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.

In addition, the company has established a psychedelics microdosing division. 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 that psychedelic medicines present an "opportunity to address large societal problems, such as the opioid crisis, and a public listing of MindMed could help accelerate the path to a cure”.

One early MindMed investor and advisor describes psychedelics as being "under-researched and stigmatized by society".

“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,” commented Jos Schmitt, President and CEO of NEO.

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 II LSD microdosing clinical trial for adult ADHD, expected to begin later this year.

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