Neuropharmaceutical company Mind Medicine (MindMed) Inc. (NEO: MMED) (OTC:MMEDF) made history Tuesday when it began trading on the NEO Exchange under the ticker MMED, making it the world’s first publicly traded psychedelic pharmaceutical company.
“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,” said MindMed co-founder and co-CEO JR Rahn. “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.”
The company began trading on the NEO Exchange just days after announcing that it had completed a reverse takeover transaction with Madison Metals Inc. and Broadway Delaware Subco.
Prior to that, MindMed raised an impressive US$24.2 million in a pre-public funding round that included a number of high-profile investors like Shark Tank’s Kevin O’Leary, former Canopy Growth CEO Bruce Linton, Velos Partners founder James Bailey, and Toms Shoes founder Blake Mycoskie.
MindMed Becomes World’s First Public Psychedelic Pharmaceutical Company
It’s no surprise these investors are interested in MindMed if you consider what the company is setting out to achieve. The company is focused on developing medicine derived from psychedelics like ibogaine, LSD, and psilocybin (magic mushrooms) to address unmet medical needs.
MindMed is initially working on a solution to combat the opioid crisis, which cost the United States US$631 billion last year and claimed the lives of roughly 70,000 people. This initiative is what piqued Kevin O’Leary’s interest in the company and led him to invest.
“This could save lives, cure depression, help alcoholism, get people off opioids—why wouldn’t I want to be invested?” O’Leary told Fast Company.
O’Leary explained that psychedelics have been stigmatized by society and under-researched. He was attracted to MindMed because the company is “solving health problems through federally-authorized clinical trials, and have no interest in recreational use.”
The company’s lead drug, 18-MC, is a non-hallucinogenic drug candidate based on the psychedelic substance ibogaine. Extensive preclinical research has already shown a lot of promise for 18-MC helping to curb drug addictions, and the drug is heading into Phase 2 clinical trials in the fourth quarter.
MindMed Commences Trading on the NEO Exchange
MindMed began trading on the NEO Exchange Tuesday morning and saw some significant trading activity. The company opened up the market at C$0.60 and saw a whopping 46,943,960 total trade volume its first day.
MindMed’s share price dropped down its first day and closed at C$0.40, but the price began to pick back up on Wednesday. By 1:30 pm EST, the company’s stock was up 35.8% to C$0.55 with a trading volume of over 11 million.
“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,” said NEO President and CEO Jos Schmitt. “We are honored 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.”
Investors who are interested in MindMed can trade shares of the company through their usual investment channels.
Featured Image: MindMed
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