MindMed IPO on Nasdaq: Becomes Second Public Psychedelic Company
The MindMed IPO is making waves in the news. It will be the second psychedelics company to go public in the U.S. after the Compass Pathways (Nasdaq: CMPS) IPO last year. Although MindMed stock is available on foreign exchanges, this is the first time the company is trading on the U.S. markets.
Here’s everything you need to know…
MindMed IPO: The Business
MindMed is a clinical-stage psychedelic medicine and therapy company. It discovers and develops medicines to help patients with mental illnesses and addictions. This includes anxiety and ADHD.
On its website, the company shows the different phases its clinical trials are in. It also shows some of the top issues MindMed hopes to resolve with its therapies. Some of the psychedelic substances used by MindMed are LSD, MDMA, Psilocybin and DMT.
Currently, MindMed has no revenue. This is often typical of a clinical-stage company as none of their therapies are ready for commercial use. You can look at MindMed management’s discussion of its 2020 finances to get a better idea where the company is financially.
But MindMed is a global leader in the psychedelic industry. And the company recently published data of the first study on MDMA dosing.
Personalized MDMA Dosing
MDMA is a synthetic drug. Commonly known as Ecstasy or Molly, it can alter mood and perception of your surroundings. It’s similar to stimulants and hallucinogens. According to the National Institute on Drug Abuse, MDMA can produce increased energy, emotional warmth and distorts senses and time perception.
The study took place at the University Hospital Basel Liechti Lab in Basel, Switzerland. It’s the first study to provide scientific data for predicting responses to MDMA. And the results could help optimize dosing to reduce adverse reactions.
Study Highlights
The data includes 194 MDMA administrations over ten randomized controlled trials. Some of the study highlights include…
- The dose can be optimized using predictors such as body weight, sex, age, genetics, personality traits and mood before drug administration. The dose per kg body weight best predicted MDMA concentrations in the body.
- Genetic testing for the metabolizing enzyme CYP2D6 helps with dose adjustments. People with a low level can experience greater effects and can benefit from a reduced dose.
- People with the personality trait of “openness to a new experience” usually showed more positive effects from MDMA. On the other hand, people with the opposite personality traits, such as anxiety, were more likely to experience fear and lose control.
- Lastly, men and women show comparable effects, if weight is considered in dosage.
MindMed Executive President Dr. Miri Halperin Wenli stated…
With the promise of advances in psychedelic medicine we are aiming to step away from the rather rigid and inflexible drug centric approach of ‘one size fits all’ and start leveraging data and machine learning to help health professionals and patients engage new personalized therapies in the treatment paradigms. We are building unique biomarker profiles of individuals across genetics, phenotypes, personality traits, and cognitive states that will allow us to best predict which therapy framework configurations will be most effective. The analysis will also include set and setting related variables, therapy, post-therapy integration, and longitudinal follow-ups. Our work focuses on applying the concepts of personalized medicine, AI, and cross disciplinary cutting-edge research to better understand and predict how individual biological phenotypes, genetics, and mental states correlate and interact with responses to the new psychedelic intervention paradigms.
With that in mind, here’s what happened with the MindMed IPO.
MindMed Stock IPO Hits Nasdaq
On April 27, 2021, MindMed announced stock started trading on The Nasdaq Capital Market. MindMed stock trades under the ticker symbol MNMD on the Nasdaq. However, the company remains listed on the Neo Exchange under the symbol MMED. Subordinate shares on the OTCQB will change from ticker symbol MMEDF to MNMD.
The MindMed Nasdaq IPO announcement sent stock soring in the days leading up to it. After the announcement April 23 that the company got approved to list, stock jumped 65%. And the following Monday, it gained over 37%. This resulted in double its normal trading volume and a new 52-week high.
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As a leader in the industry, MindMed is also leading the way for psychedelic stocks in the U.S and Canada markets. And to celebrate the MindMed IPO, the company will have a live bell ringing ceremony on Thursday during opening bell. The link can be found in the company’s trading announcement.
About Amber Deter
Amber Deter has researched and written about initial public offerings (IPOs) over the last few years. After starting her college career studying accounting and business, Amber decided to focus on her love of writing. Now she’s able to bring that experience to Investment U readers by providing in-depth research on IPO and investing opportunities.