MNMD - MindMed Inc.

Biotech Sector Stock Picks: MNMD

 

Episode 1 of Michael Pollan's "How to Change Your Mind" (available on Netflix) highlights the groundbreaking research being done by MindMed's partners at University Hospital Basel! Check out the trailer to learn more about the series: https://lnkd.in/dACxrnjX

 

Trailer to show:

 

MindMed Promo Video (new) 7-20-22

https://mindmed.co/wp-content/themes/mindmed/video/home-video.mp4

 

MindMed - Corporate Deck - July 2022

Download and Read Here: https://mindmed.co/wp-content/uploads/2022/07/MindMed_CorpDeck_July_2022_7.19_FinalOut.pdf

 

VIDEO - Michael Pollan: Psilocybin And MDMA Will Be Legal Therapeutic Drugs Within Five Years

 

Sector will wake up soon. Public awareness is spreading.

 

Michael Pollan on How Psychedelics Will Play a Bigger Role in American Life
‘There will be a medical industry providing psychedelic therapy,’ the author and professor predicts. Inside his morning routine.

https://www.wsj.com/articles/michael-pollan-psychedelics-interview-11657904916

 

MindMed Co-Founder Dr. Scott Freeman Proposes Value Enhancement Plan

https://www.prnewswire.com/news-rel...roposes-value-enhancement-plan-301604278.html

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FCM MM Holdings, LLC
Aug 11, 2022, 08:08 ET

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SHERIDAN, Wyo., Aug. 11, 2022 /PRNewswire/ -- Today, FCM MM HOLDINGS, LLC ("FCM") announced that it has sent a letter to the Board of Directors of Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) (the "Company" or "MindMed") calling on the Board to adopt a new strategic plan proposed by FCM including: refocusing on its core drugs, cutting cash burn, and terminating MindMed's at-the-money equity offering. FCM is directed and managed Dr. Scott Freeman, co-founder and former Chief Medical Officer of MindMed, who has offered to provide MindMed his expertise as a director on MindMed's board.

As detailed in the letter, FCM believes MindMed has underperformed—operationally, financially, and strategically—as a direct result of management's lack of focus on its core drugs: MM-110 (18-MC) and MM-120 (LSD). FCM contends that MindMed can bring MM-120 to market in four years rather than seven to eight years, by re-classifying MindMed's Phase IIb study on MM-120 to a Phase III study. FCM also proposes that the Company reduce costs from forty-five million dollars per year to under twenty-five million dollars and that the unnecessary and dilutive at-the-money offering should be eliminated. By executing these proposals, FCM believes that MindMed can unlock significant long-term value for MindMed's shareholders.

FCM's large economic stake in MindMed reflects its convictions regarding MindMed's potential and gives it a strong interest in the success of MindMed.

The full text of the letter is available and can be downloaded at mindmed.zone/letter

About FCM
FCM is managed by Dr. Scott Freeman and represents an investment of 5.6% of MindMed's shares outstanding. Dr. Freeman's investment in MindMed is in excess of nineteen million shares or 4.51% of MindMed's outstanding shares. FCM's letter is additionally signed by Chad Boulanger. Chad Boulanger has an investment in over four million shares of MindMed or 1% of MindMed's outstanding shares.

FCM additionally represents other early investors in MindMed who all have a strong interest in seeing the long-term success of MindMed.

For additional disclosure relating to public broadcast solicitations please see mindmed.zone/disclosure

Media Contact
Jake Freeman
Executive President
FCM MM HOLDINGS, LLC
30 N Gould St. Ste R
Sheridan, WY 82801
Phone: 908-308-2381
Email: [email protected]

SOURCE FCM MM Holdings, LLC

 

FCM MM HOLDINGS, LLC Letter to MNMD

August 11, 2022
Carol Vallone
Chairman of the Board of Directors Mind Medicine (MindMed) Inc.
One World Trade Center Suite 8500
New York, New York 10007

Dear Ms. Vallone,
We represent investors that together hold approximately 5.6% of the total shares outstanding in Mind Medicine (MindMed) Inc. (“MindMed” or the “Company”). We have seen the value of our investments in MindMed plummet as the stock has fallen from its highs of around $5.77 to $0.70 per share2. We are writing to express our concern about the Company’s strategic direction and present a plan to turn the Company around.
We believe that MindMed’s management has divided its attention among too many different projects resulting in the delayed development of MindMed’s core drugs. We continue to believe in the potential of these drugs, and that the Company can create significant value for shareholders by focusing on their development and reducing the Company’s cash-burn, among other steps. We have enclosed with this letter a detailed value enhancement plan (see Exhibit A) laying out the steps we believe the Company should take to improve the Company’s performance and benefit all shareholders. By following this plan, we believe that MindMed could significantly reduce the development time of MM-120 (LSD) and MM-110 (18-MC) and have a marketable drug within four years while reducing cash-burn by approximately fifty percent. Further, it would not require any harmful and unnecessary equity dilution of existing investments.
We desire to work hand-in-hand with the MindMed Board of Directors to unlock the Company’s full potential. Accordingly, we propose that Dr. Scott Freeman, co-founder and former Chief Medical Officer of MindMed, be appointed to the Board of Directors. We believe that Dr. Freeman’s extensive industry experience as described in detail in Exhibit B and his significant individual investment in the Company3 makes him a strong addition to the Board. We believe that time is of the essence and request that the Company meet with us and respond to our proposal by no later than August 31, 2022.
We hope to discuss our requests with the Board and work constructively and collaboratively on a path forward. However, if that does not happen, we will need to consider further action including requisitioning a shareholder meeting and placing these issues before MindMed’s shareholders.
Sincerely,
Scott Freeman, M.D.
Jake Freeman
Chad Boulanger
1 Consisting of shares held directly and through investment in Savant HWP Holdings, LLC and its affiliates.
2 On April 27, 2021, MNMD had a high of $5.77. On August 10, 2022, MNMD trades at $0.65.
3 Dr. Freeman has an investment in MindMed of 4.5% of MindMed’s shares outstanding as described in Footnote 1.
Exhibit A
MINDMED VALUE ENHANCEMENT PLAN
In our view, MindMed’s expansive side projects have come at the cost of cash and decreased focus on MindMed’s core drugs. Our plan centers around the deployment of cash to accelerate the development of MM-120 and MM-110 while drastically reducing current cash burn. The plan provides an in-depth proposal on how the Company should reduce its drug development time which we believe the Board should adopt immediately. Our plan to improve MindMed centers on the strategic deployment of cash on selected programs so core drugs are expediently progressing towards FDA approval, a reduction of unnecessary cash-burn, and a plan to raise capital in a manner that does not adversely affect the Company’s share price.
Strategic Plan Overview
The punchline of the strategic plan is simple: drastically cut development time of MindMed’s two original drugs and slash annual cash burn from forty-five million dollars to twenty-four million dollars. While we recognize that MindMed’s drug pipeline will be less diversified and its progress into digital medicine will not be monetized, in our view, MindMed’s key competitive advantage lies in its development of MM-110 and MM-120. We believe the implementation of the proposals will significantly increase MindMed’s share value, and MindMed will be in a significantly better position to navigate the current macroeconomic climate.
Strategic Drug Initiative
We believe MindMed’s strategy for drug development should focus on deploying capital to further the development of key drugs while drastically cutting non-essential research and development. We believe that the two key drugs for MindMed’s success are MM-120 (LSD) and MM-110 (18-MC).
In FY 2021 per MindMed’s SEC 10-K, MindMed spent $4.24 million in “external R&D collaborations” and an additional $6.107 million in payments to third-party companies for research and development of non-key drugs and just $11.590 million on payments to third-party companies with respect to the key drugs. Our strategic plan calls for these non-core expenditures to be eliminated in their entirety in order to conserve capital – as a result MindMed would reduce its cash-burn by approximately ten million dollars per year.
MindMed has twenty-two full time employees focused on research and development. Pro rating based on costs implies that eleven employees would be removed as a result of the strategic plan.
Adjusting for stock compensation and amortization of intellectual property, this would result in an approximate cash savings of $1.85 million per year4.
MM-120
MindMed’s primary goal for the MM-120 drug is to help treat anxiety. MindMed’s current trial is a five-arm Phase II dose finding study as a prelude to initiating a Phase III trial. Previously, MindMed stated at its 2021 Annual Shareholders Meeting that it would take two years to complete. In our view, this timeline is extremely optimistic given that a typical five-arm study cannot be done in less than three years and usually takes four years to complete. According to MindMed’s latest SEC filing, MindMed has not started the foregoing study, and thus, implementation of our strategic plan would not result in any lost progress.
There are several Phase II studies that show that LSD has a positive effect on anxiety. MindMed collaborator Professor Liechti recently published a randomized placebo control study regarding LSD and anxiety which showed a 99.993% confidence in the result56. In addition, Professor Liechti has performed several dose finding studies to assess LSD safety which have successfully identified an effective dose to safely treat anxiety. This allows MindMed to leverage its collaboration with Dr. Liechti to potentially skip the Phase IIb phase in its entirety.
Our strategic plan calls for the immediate development of a proposal to approach the FDA to change the Phase II dose finding study to a Phase III registration study. We believe this could bring MM-120 to market in four years rather than the seven-eight years contemplated under MindMed’s current plan.
MM-110
MindMed’s primary market for MM-110 is the treatment for opioid addiction. To be effective it likely requires patients to be using MM-110 for at least thirty days. MindMed reported at its 2021 Annual Meeting a Phase I study for a seven-day dosing over two and a half years. Despite the use of significant money and time, the only market available for seven-day dosing is to treat opioid addicted patients during withdrawal to alleviate their symptoms. There are already several drugs in this space, and it is a small total addressable market. Our strategic plan will refocus on treating opioid addiction as a whole which is a significantly larger market. Our plan calls for MindMed
4 Source MindMed 10-K. Internal Costs for MindMed’s Research and Development were $12.85 million. MindMed disclosed that internal costs increased by $11.1 million related to $6.6 million in stock-based compensation and $2.6 million of amortization of developed technology. The remaining costs are assumed to be salary and other related expenses.
5 Liechti ME. et al. Acute dose-dependent effects of lysergic acid diethylamide in a double-blind placebo-controlled study in healthy subjects.
6 Sourced from MindMed’s press release “MindMed Collaborators Prof. Liechti and Dr. Holze Announce Positive Topline Data from Phase 2 Trial Evaluating LSD in Anxiety Disorders.”
to immediately begin processes to find a thirty-day dose for MM-110 and start an opioid addiction study to obtain FDA approval for this large market segment.
Compensation
Under our proposed plan, cash executive compensation would be significantly reduced. Executives received a total of over two million dollars in salary and bonuses as the stock price dropped approximately 60% from February 10, 2022, to August 9, 2022. Our strategic plan calls for the reduction in all aggregate cash based executive compensation by 50% – saving MindMed close to a million dollars per year in cash-burn.
We also believe that the compensation structure for Board members does not create the correct economic incentives to maximize shareholder value. To help align directors’ economic interests with shareholders, we believe that directors should receive half of their compensation in restricted stock and the other half in options. We believe that the options should have a strike commensurate with the growth that we believe MindMed is capable of and should have a term of approximately five to seven years.
In addition to these compensation realignments, we call for executives and directors to be required to own and maintain (excluding stock options and stock grants) four times their total compensation in terms of the market value of their shares. We believe that this will better help to align executive and directors with the interests of shareholders.
If appointed to the Board, Dr. Freeman (see Exhibit B for details regarding qualifications), has agreed to forego any salary, retainer, stock grants, or stock options for the first two years on the Board and/or as MindMed’s Chief Medical Officer. Due to his significant investment in MindMed, Dr. Freeman has a strong interest in improving and unlocking shareholder value and does not require cash or equity compensation.
HealthMode
At the beginning of FY 2021, MindMed acquired HealthMode Inc. (“HealthMode”) for $27.50 million in an attempt to expand its market offering under the banner of digital medicine. Given the adverse market conditions and that HealthMode does not align with our strategic plan, we call for the divestiture of HealthMode and its constituent employees. We believe that HealthMode could be sold for approximately $10-15 million. HealthMode’s primary costs are the salaries of its employees. Although MindMed does not break out the costs related to HealthMode, MindMed has six employees working in the digital medicine space, and thus, we believe it can be reasonably inferred that HealthMode related expenses are approximately two million dollars per annum7.
7 Based on the assumption that each employee has related costs of approximately $330 thousand.
Personnel
MindMed currently has twelve general and administrative personnel. The strategic plan focuses MindMed’s development activities and thus certain positions will not be required. As HealthMode’s former CEO, we anticipate that Daniel Karlin will continue with HealthMode after its divestiture. We believe that Dr. Freeman is the best choice for MindMed’s Chief Medical Officer. Dr. Freeman’s significant experience working with MM-110 combined with his strong relationship with Dr. Liechti would allow him to implement the foregoing plan in an efficient and expedient manner. Additionally, Dr. Freeman is heavily invested in seeing the success of MindMed’s drugs as it is a culmination of over a decade of research and work. Our review of the positions in MindMed indicate that our strategic plan could result in cash savings of approximately two million dollars.
Financing Activities
MindMed is currently attempting to raise one hundred million in an at-the-market equity offering which suppresses MindMed’s stock price. Given the current valuation of the Company, in our view this is an inefficient manner to raise capital and is extremely harmful to its market price. We do not believe MindMed is in need of cash at this time, and thus, we formally request that the at- the-money offering be terminated. In support of this position and in accordance with Canadian law, we have requested that the NEO exchange prohibit the at-the-money registration.
As of the most recent quarter, MindMed’s cash balance of one hundred and twenty million only generated a mere twenty-thousand dollars in interest income (an effective annual interest rate of
.06%). Although MindMed was founded during a low interest rate environment with short term US Treasury bills currently yielding 3%, it is imperative for management to not immediately place these funds in money market funds or other short-term investments. By engaging in this practice, we believe MindMed can generate around four million dollars annually8.
Based on our analysis, our strategic plan would significantly cut MindMed’s cash burn from forty- five million per year to under twenty-five million per year, provide ten to fifteen million in additional cash through the sale of HealthMode, and earn additional income from interest payments. Following our plan, we believe that MindMed would be able to deploy its $120 million cash reserve adequately over the next three years while substantially investing in their key drugs. In the future, when MindMed needs to raise additional funding, we believe that a preferred stock offering would be an efficient manner to raise capital without incurring dilution or the risk of bankruptcy.
8 Based on $120 million in cash reported on MindMed quarter 1 filing and an interest rate of approximately 3.33%.
Exhibit B SCOTT FREEMAN, M.D.
Scott Freeman, M.D. has extensive experience in running clinical trials and obtaining FDA regulatory approval for pharmaceutical products. As co-founder and Chief Medical Officer of MindMed, Dr. Freeman was the primary investigator behind the National Institutes of Health (NIH) grant in bringing 18-MC (now called MM-110) to IND and led its first-in-human clinical trial. Previously, he served as Vice President of Clinical Development at Onyx Pharmaceutical and was head of both the clinical development and operations groups, which led to FDA approval of Nexavar for the treatment of kidney and liver cancer. At MindMed, Dr. Freeman established a highly productive collaboration with Professor Liechti which resulted in significant progress in LSD research. Dr. Freeman has managed over a dozen clinical trials (Phase I, Phase II, and Phase III) in a number of different therapeutic areas in the pharmaceutical industry. He has also created a number of clinical development strategies and has worked with the FDA to obtain drug approval. Dr. Freeman was an Associate Professor at Tulane University and a guest researcher at the NIH in both basic and clinical research. Dr. Freeman earned his BA from the University of Colorado and received his MD from the University of Nevada.

 

Just as a note -We don't want FCM invovled.

 

MindMed Board of Directors Approves Reverse Share Split



NEWS PROVIDED BY

Mind Medicine (MindMed) Inc.
Aug 04, 2022, 17:30 ET

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  MNMD), (NEO: MMED), (the "Company" or "MindMed"), a clinical stage biopharmaceutical company developing novel products to treat brain health disorders, today announced that its Board of Directors has approved a ratio of 1-for-15 reverse share split of its common shares. As a result of the reverse share split, there will be approximately 28.4 million shares of common shares issued and outstanding1. Post reverse share split, the common shares will continue to trade under the symbols "MNMD" on the Nasdaq and "MMED" on the Neo Exchange Inc. but the common shares will be assigned a new CUSIP number.
  
  The listed warrants will continue to trade on the Neo Exchange Inc. under the symbols "MMED.WA", "MMED.WR" and "MMED.WS", as applicable, but will be assigned new CUSIP numbers, respectively, following the reverse share split. The listed warrants will be adjusted to reflect the reverse share split pursuant to the terms of their respective indentures and certificates, as applicable. All options, restricted share units, performance share units and deferred share units of the Company outstanding immediately prior to the reverse share split will be adjusted to reflect the reverse share split in accordance with the terms of their respective plans, as applicable.
  
  The reverse share split is intended to enable the Company to achieve several important corporate objectives, give the Company greater flexibility in considering and planning for future potential business needs, and to address the Nasdaq minimum bid price requirement. In accordance with the Business Corporations Act (British Columbia), no fractional shares of common shares will be issued as a result of the reverse share split. Each fractional common share remaining upon the reverse share split that is less than 1/2 of a common share will be canceled and each fractional common share that is at least 1/2 of a common share will be changed to one whole common share. Subject to completion of all required regulatory reviews and approvals, the reverse share split is expected to take effect after the close of business on August 26, 2022, with trading expected to begin on a split-adjusted basis on the Nasdaq and the Neo Exchange Inc. at market open on August 29, 2022.
  
  Information for MindMed Shareholders
  
  MindMed has chosen its transfer agent, Computershare Investor Services Inc., to act as exchange agent for the reverse share split. Shareholders owning shares via a bank, broker or other nominee will have their positions automatically adjusted to reflect the reverse share split, and will not be required to take further action in connection with the reverse share split, subject to brokers' particular processes. For those shareholders holding physical share certificates, Computershare will send a letter of transmittal providing instructions for exchanging those certificates for share certificates or direct registration advice representing the post-split number of shares.
  
  About MindMed
  
  MindMed is a clinical stage biopharmaceutical company developing novel products to treat brain health disorders, with a particular focus on psychiatry, addiction, pain and neurology. Our mission is to be the global leader in the development and delivery of treatments that unlock new opportunities to improve patient outcomes. We are developing a pipeline of innovative drug candidates, with and without acute perceptual effects, targeting the serotonin, dopamine and acetylcholine systems.
  
  MindMed trades on NASDAQ under the symbol MNMD and on the Canadian NEO Exchange under the symbol MMED.
  
  For Media: [email protected]
  For Investors: [email protected]
  

 

MindMed Reports Second Quarter 2022 Financial Results and Business Highlights



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Mind Medicine (MindMed) Inc.
Aug 11, 2022, 16:06 ET

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  MNMD), (NEO: MMED), (the "Company" or "MindMed"), a clinical stage biopharmaceutical company developing novel products to treat brain health disorders, today reported its financial results for the quarter ended June 30, 2022.
  
  "In the second quarter, we took important steps to advance our ongoing development programs, which was highlighted by the progression of our Phase 2b dose-optimization trial of MM-120 for the treatment of generalized anxiety disorder (GAD), one of the largest well-controlled studies of LSD ever conducted. This trial builds on encouraging positive data generated in the LSD-Assist Study, a Phase 2 placebo-controlled investigator-initiated clinical trial of LSD in the treatment of anxiety disorders and decades of evidence of the therapeutic potential of LSD in anxiety, depression and beyond. During the quarter, we also announced positive safety and tolerability results for our MM-110 program, for the treatment of opioid withdrawal, that provide important insight into the design for future studies for the clinical program for individuals undergoing supervised opioid withdrawal," said Robert Barrow, Chief Executive Officer and Director of MindMed.
  
  "As we continue to sharpen our efforts on our key strategic priorities for the near-term, we remain primarily focused on directing our resources towards advancing our MM-120 program in psychiatric indications, and our MM-402 program in autism spectrum disorder. We intend to continue further development for our MM-110 program subject to successful pursuit of non-dilutive sources of capital and/or collaborations with third parties. We believe that this strategy represents a cost-effective approach to advancing the programs in our pipeline that we believe have the highest probability to generate near-term value for our shareholders. With our sharpened focus and strengthened leadership team, we look forward to providing additional updates on our progress as we advance our clinical pipeline."
  
  Recent Highlights and Anticipated Upcoming Milestones:
  
  MM-120 (LSD D-tartrate): a proprietary, pharmaceutically optimized form of lysergic acid diethylamide (LSD) that is primarily being developed for the treatment of generalized anxiety disorder (GAD).
  
  • The Company remains on track for patient dosing in the Phase 2b dose-optimization study of MM-120 for the treatment of GAD, with topline results expected in late 2023.
  • In May 2022, MindMed collaborators at University Hospital Basel (UHB), presented results from a Phase 2 placebo-controlled investigator-initiated clinical trial of LSD in the treatment of anxiety disorders (LSD-Assist Study), at London's PSYCH Symposium.
    • Topline results in 46 patients with clinically significant anxiety demonstrated the significant, rapid, durable, and beneficial effects of LSD and its potential to safely mitigate symptoms of anxiety and depression.
    • LSD was well tolerated and at a dose of 200 µg resulted in significant and strong reductions of global state trait anxiety inventory or "STAI-G" scores 16 weeks after treatment in the between-subjects analysis with a statistically significant improvement from baseline compared to placebo.
  • The Company intends to prioritize and focus its current development efforts and resources on MM-120 in psychiatric indications.
  MM-402 or R(-)-MDMA: a synthetic R-enantiomer of 3,4-Methylenedioxymethamphetamine
  
  (MDMA) that the Company is developing for the treatment of core symptoms of autism spectrum disorder.
  
  • IND-enabling studies are currently ongoing and initiation of a Phase 1 clinical trial of MM-402 is planned in 2023.
  • Through the Company's collaboration with the University Hospital Basel in Switzerland, a Phase 1 pharmacokinetic/pharmacodynamic investigator-initiated trial of R(-)-MDMA, S(+)-MDMA and (+)- MDMA in healthy volunteers is expected to commence in Q3 2022.
  MM-110 (zolunicant HCl or 18-MC): a non-hallucinogenic proprietary congener of ibogaine that the Company is developing for the treatment of opioid withdrawal. MM-110 is an α3β4 nicotinic cholinergic receptor antagonist that has been tested in preclinical models of withdrawal and substance use disorders.
  
  • In May 2022, the Company reported positive topline results from the Phase 1 placebo-controlled trial designed to assess the safety, tolerability, pharmacokinetics and neurocognitive effects of MM-110 in 108 healthy volunteers. The Company intends to continue further clinical development for our MM-110 program through the pursuit of non-dilutive sources of capital and/or collaborations with third parties.
  Digital Medicine Initiatives
  
  • MindMed Session Monitoring System (MSMS):technological platform and product that provides the foundation for the development and implementation of a suite of regulated and unregulated products for use by clinicians and patients during treatment sessions that may also include the use of consciousness altering medications. Clinical studies have progressed with the completion of data collection to evaluate sensory data during a consciousness-altering therapeutic session.
  • Anxiety Digital Diagnoses for Precision Psychiatry (ADDAPT): study being run via a newly developed mobile application to support the study is currently in private beta, enrolling by invitation.
  • Quantifying the Processes and Events of Psychotherapy at Scale (QPEPS): study has completed part 1 of its data collection period and is entering an interim analysis phase.
  Leadership Additions and Corporate Updates
  
  • In May 2022, Schond L. Greenway was appointed as Chief Financial Officer. Mr. Greenway comes to MindMed with over 20 years of experience in investment banking, finance and corporate advisory, and investment analysis in the life sciences sector.
  • On August 4, 2022, the Board of Directors approved a ratio of 1-for-15 reverse share split of the Company's common shares. The reverse share split is expected to take effect after the close of business on August 26, 2022, with trading expected to begin on a split-adjusted basis on the Nasdaq and the Neo Exchange Inc. at market open on August 29, 2022.
  • On August 11, 2022, the Company appointed Drs. Suzanne Bruhn and Roger Crystal as independent members of its Board of Directors in order to provide valuable insights and guidance to the leadership team's development and commercialization efforts for its novel treatments for brain health disorders. Miri Halperin Wernli retired from the Board of Directors to focus on her executive role as the Company's Executive President leading the Company's research and clinical collaborations.
  • On August 11, 2022, Cynthia Hu transitioned from her role as Chief Legal Officer & Corporate Secretary. Ms. Hu will transition to an advisory role and continue to support the Company with its key objectives.
  Second Quarter 2022 Financial and Other Recent Highlights
  
  Cash Balance. As of June 30, 2022, MindMed had cash and cash equivalents totaling $105.7 million compared to $133.5 million as of December 31, 2021. MindMed believes its available cash and cash equivalents will be sufficient to meet its operating requirements beyond its key development milestones in 2023 and into 2024.
  
  Net Cash in Operating Activities. The net cash used in operating activities was $28.0 million for the six months ended June 30, 2022, compared to $21.2 million for the same period in 2021.
  
  Research and Development (R&D). R&D were $9.3 million for the three months ended June 30, 2022, compared to $8.1 million for the three months ended June 30, 2021, an increase of $1.2 million. The increase was primarily due to $2.8 million of external costs related to the LSD research program and the commencement of R(-)-MDMA study . This increase was primarily offset by a decrease in external costs of $1.0 million related to the completion of our 18-MC study in 2021. For the six months ended June 30, 2022, research and development expenses were $19.6 million, compared to $14.9 million for the six months ended June 30, 2021. The increase was primarily due to $2.9 million of internal costs related to compensation costs for additional headcount and an increase of $1.0 million of stock-based compensation expense.
  
  General and Administrative (G&A). G&A were $7.6 million for the three months ended June 30, 2022, compared to $37.1 million for the three months ended June 30, 2021, a decrease of $29.5 million. The decrease was primarily due to $24.4 million in additional non-cash stock-based compensation expenses relating to the modification of stock option awards and RSUs. For the six months ended June 30, 2022, general and administrative expenses were $15.9 million, compared to $44.2 million for the six months ended June 30, 2021. The decrease was primarily due to an decrease of $24.4 million in non-cash stock-based compensation expenses relating to the modification of stock option awards and Restricted Stock Units.
  
  Net Loss. The net and comprehensive loss for the three months ended June 30, 2022 was $17.1 million, compared to $44.5 million for the same period in 2021. For the six months ended June 30, 2022 was $35.6 million compared to $58.2 million for the same period in 2021.
  

 

MindMed Strengthens Board with Appointment of Two New Independent Directors



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Mind Medicine (MindMed) Inc.
Aug 12, 2022, 07:30 ET

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  MNMD), (NEO: MMED), (the "Company"), a clinical stage biopharmaceutical company developing novel products to treat brain health disorders, today announced the appointment of Dr. Suzanne Bruhn and Dr. Roger Crystal, effective August 11, 2022 as independent members of its Board of Directors.
  
  "We are pleased to welcome both Dr. Bruhn and Dr. Crystal to our Board. Their collective life sciences experience will be invaluable as we advance through several key product development inflection points in the coming year and we look forward to their immediate contributions to our Company's success," said Robert Barrow, Chief Executive Officer and Director of MindMed.
  
  "We are delighted to welcome these two executives with broad experiences and strategic vision to the MindMed Board of Directors," said Carol Vallone, Chair of the Board of Directors of MindMed. "Their deep experience in development and commercialization will serve as a valuable resource to our directors and executive leadership team as we execute our strategy to advance our brain health disorder product candidates through clinical development and potential commercialization."
  
  • Suzanne Bruhn, PhD is an accomplished life sciences executive and brings expertise in R&D, commercialization, and executive leadership to this role. Dr. Bruhn is the president and CEO, and Director of Tiaki Therapeutics, a privately held biotech company with a platform focused on identifying drug targets for neuroinflammation in neurodegenerative diseases. Before that, she served as president and CEO of Proclara Biosciences, a clinical-stage company pioneering a novel approach to treat disorders of protein misfolding including Alzheimer's and Parkinson's Disease, as well as orphan amyloidosis. Prior to that she served as president and CEO of Promedior, Inc., a clinical-stage immunotherapy company developing targeted therapeutics to treat fibrosis. Prior to Promedior, she spent 13 years at Shire Human Genetic Therapies (HGT), a division of Shire PLC, specializing in the development and commercialization of treatments for orphan diseases, where she held a series of positions of increasing responsibility before serving as senior vice president of strategic planning and program management. During her tenure at Shire HGT, Dr. Bruhn was responsible for establishing the program management function, driving strategic planning and portfolio management, and for global regulatory affairs. Prior to her time at Shire, Dr. Bruhn held various positions at Cytotherapeutics, Inc., a biotechnology company. Dr. Bruhn currently sits on the board of directors of Pliant Therapeutics, Travere Therapeutics and Vigil Neuroscience. Dr. Bruhn holds a Bachelor's degree in chemistry from Iowa State University, a Ph.D. in chemistry from the Massachusetts Institute of Technology and was a postdoctoral fellow in the Department of Human Genetics at Harvard Medical School.
    
    
  • Roger Crystal, MD brings more than 15 years of experience as a healthcare business executive and clinician. He currently serves as President, Chief Executive Officer and Director for Opiant Pharmaceuticals (NASDAQ: OPNT) and is the lead inventor of the NARCAN® Nasal Spray, holding several issued patents around this product and led its development towards FDA approval. Mr. Crystal previously served as the Chief Business Officer for ImaginAb, a venture capital-backed biotechnology company, leading the company's efforts in immuno-oncology and managing its pharmaceutical company partnerships and licensing deals. He began his business career with roles at Goldman Sachs, A.T. Kearney, and GE Healthcare. He holds a BMedSci in Physiology and an MD from the University of Birmingham, UK and an MBA from the London Business School. Prior to his business career, Dr. Crystal worked for several years as a surgeon, specializing in ear, nose, and throat, head and neck surgery at leading institutions including Imperial College Healthcare, London and was awarded Membership of The Royal College of Surgeons of England (MRCS). He was also an Honorary Research Fellow at University College London and has authored a number of peer-reviewed scientific articles. Mr. Crystal serves on the Board of Directors of the Biotechnology Innovation Organization (BIO) and is also a member of the Young Presidents' Organization, Santa Monica Bay Chapter.
  "With MindMed leading the effort to develop innovative solutions for brain health disorder patients coupled with its growth prospects makes this an exciting time to join the board of directors," stated Dr. Sue Bruhn. "I look forward to working with the Company leadership and board members to expand MindMed's opportunities for growth and help achieve their strategic objectives."
  
  "MindMed is at a key inflection point as the Company executes its development strategy to bring forth therapeutics for those patients with the greatest need," stated Dr. Roger Crystal. "I am thrilled to have the opportunity to join the MindMed team as a board member and look forward to working with the directors and the executive team to maximize the potential of the Company's very promising product development pipeline."
  
  In connection with the addition of Drs. Bruhn and Crystal, Dr. Halperin Wernli has retired from her position as a Board member but will continue to serve as President of the Company playing a key leadership role across all of the Company's organizational and research and development initiatives.
  
  Carol Vallone, Chair of the Board of Directors of MindMed commented "On behalf of the Board, we thank Miri for her visionary leadership, valuable contributions, and service on the board as she continues in her role working with the executive team to lead the Company forward at this important inflection point, as we expand our critical efforts to focus on our most promising drug candidates, drive increased operating efficiency and successfully navigate the current macro environment. We have a full agenda for over the coming period, and I am pleased to have a proven leader of Miri's caliber to guide our research efforts as we invest for future growth.
  
  Dr. Miri Halperin Wernli, Executive President of MindMed commented, "I look forward to continuing to work alongside my executive colleagues and the Board as we drive our ongoing development programs to critical clinical milestones over the coming year and strive to potentially bring much needed medicines to patients."
  
  About MindMed
  
  MindMed is a clinical stage biopharmaceutical company developing novel products to treat brain health disorders, with a particular focus on psychiatry, addiction, pain and neurology. Our mission is to be the global leader in the development and delivery of treatments that unlock new opportunities to improve patient outcomes. We are developing a pipeline of innovative drug candidates, with and without acute perceptual effects, targeting the serotonin, dopamine and acetylcholine systems.
  
  MindMed trades on NASDAQ under the symbol MNMD and on the NEO Exchange under the symbol MMED.
  
  For Media: [email protected]
  
  For Investors: [email protected]
  

 

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