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MindMed Inc. (MMEDF)

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CompanyMindMed

Industry: Psychedelic Medicine / Digital Therapeutics / Biotechnology

Location: New York, NY / Toronto, Ontario

Flagship Products: 18-MC, Project LucyAlbert Digital Medicine

Treatment Focus: Addiction, ADHD, Anxiety, Depression, Headaches

Ticker: $MMEDF (OTC), $MMED (NEO), $MMQ (DAX)

Market Capitalization: $1.19B (As of 4/16/21)

Float: 209.25M

Average Volume (3 month average): 5.22M ($MMEDF)

Insider Ownership: 17.3%

Investor PresentationLink

Financial ReportsLink

SEC FilingsLink

SEDAR FilingsLink

Hallucinogen Research HistoryLink


TRADING STRATEGY

SHORT TERM TRADE:

In anticipation of a Nasdaq listing, and in response to rapidly growing interest in the psychedelic industry, I plan to increase my equity position in MMEDF, with the short term goal of closing the position at a profit. I will maintain my main equity position over the next several years. Speculatively speaking, I believe retail traders will shift to industries that have the potential to experience significant price action, similar to what we have seen in the cannabis industry. There are only a small number of psychedelic pure plays, so I expect the notable companies, such as MindMed, to receive the most attention.

LONG TERM SPECULATION:

For the reasons expressed in this summary, I continue to build a long term equity position in MindMed. I plan to hold this position for a minimum of one year, and I’ll reevaluate at that time.


HIGHLIGHTS

1. MindMed develops psychedelic based medications and treatment protocols for the treatment of mental health and neurological disorders.

2. Psychedelic based medicine is an emerging industry, with decades of anecdotal success.

3. A 2017 Global Drug Survey, cites psilocybin as the safest recreational drug.

4. Mental health awareness is increasing, while social stigmas are decreasing.

5. The World Health Organization estimates that mental health accounts for 10% of the global disease burden.

6. In 2014, it was reported that mental health and substance abuse services account for approximately $50 billion in annual revenue, and $300 billion when ancillary services are considered.

7. The global mental health market is expected to grow at a CAGR of 5.02%.

8. Venture capital funding for mental health startups is at an all time high indicating a significant shift in the industry.

9. MindMed maintains approximately $144.7M in cash on hand.

10. MindMed has at least five known catalysts expected to occur this year, including a Nasdaq listing that is imminent.

11. MindMed has six medications and treatment protocols currently in clinical trials, including treatments for opioid addiction, depression, anxiety, and headaches.

12. MindMed is backed by notable investors, including Shark Tank’s Kevin O’Leary and Canopy Growth Corp founder, Bruce Linton, who serves as a Board Director.

13. MindMed is the second largest holding in Horizons’ PSYK ETF, the world’s first psychedelic ETF.


COMPANY OVERVIEW

MindMed is an early stage biotechnology company founded in 2019, and headquartered in New York City. They are focused on discovering, developing and deploying psychedelic based medications and treatment protocols, primarily derived from Psilocybin, LSD, MDMA, DMT and Ibogaine. The company is led by Chief Executive Officer and Co-Founder, JR Rahn, a former Silicon Valley tech executive, and President and Board Director, Dr. Miri Halperin Wernli, a thirty year pharmaceutical and biomedical executive who previously served at several major pharmaceutical companies, such as Merck, Roche, and Actelion. Their pipeline is focused on treating a range of common mental health and neurological disorders, such as addiction, anxiety, depression, and headaches.


LEADERSHIP

Chief Executive Officer: JR Rahn

JR Rahn is a former Silicon Valley tech executive who previously worked in market expansion and operations at Uber. Subsequent to his work at Uber, he founded the Y Combinator backed fintech company, Upgraded Technologies, which is now partnered with Apple.

President and Chair of Technology Evaluation: Dr. Miri Halperin Wernli

Dr. Halperin Wernli is a thirty year pharmaceutical and biomedical veteran, with a history of executive leadership. In 2016, she co-founded Creso Pharma, a cannabis research and development company. Prior to founding Creso Pharma, Dr. Halperin Wernli worked in clinical psychiatry, and held senior leadership positions at major biotechnology companies, such as Merck, Roche, and Actelion.

Chief Development Officer: Robert Barrow

Robert Barrow is a vetaran pharmaceutical executive and clinical pharmacologist. Previously, Mr. Barrow served as Director of Drug Development And Discovery at Usona Institute a non-profit research organization focused on the therapeutic effects of psilocybin and other psychedelics. Prior to Usona, Mr. Barrow served as Chief Operating Officer of Olatec Therapeutics, a biopharmaceutical company that develops treatments for chronic inflammatory diseases.

Chief Scientific Officer: Dr. Donald Gehlert, PhD

Dr. Gehlert is a pharmacology and neuroscience expert, who previously served as a research fellow at Lilly Pharmaceuticals, where he helped introduce 19 molecules into the Lilly pipeline, and deliver proof of concept studies in the areas of ADHD, obesity, depression, pain and migraine. He is a co-author on 182 publications and a co-inventor on 15 issued and pending patents.

Notable Board Director: Bruce Linton

Mr. Linton is the co-founder and former Chief Executive Officer of Canopy Growth Corp, one of the largest cannabis companies in the world, with a market cap of $15.17B.


RECENT EVENTS

1. On February 11th, 2021, MindMed signed a research and development partnership with Swiss startup, MindShift Compounds AG

2. On January 27th, 2021, Horizons ETFs Management launched the world’s first psychedelic focused Index ETF, PSYK, of which MindMed is the second largest holding.

3. On January 20th, 2021, MindMed announced the first ever clinical trial evaluating the combinational use of MDMA and LSD. The trial will be conducted at the University Hospital Basel Liechti Lab, in Switzerland.

4. On January 14th, MindMed hired Robert Barrow as Chief Development Officer. “Mr. Barrow previously served as Director of Drug Development and Discovery at the Usona Institute. At Usona, Mr. Barrow was responsible for launching the Phase 2 clinical program for psilocybin in the treatment of Major Depressive Disorder and for obtaining Breakthrough Therapy Designation for the program at the FDA.”

5. On January 12th, MindMed announced a randomized placebo-controlled study further evaluating the effects of LSD microdosing. “The study will be conducted in collaboration with Dr. Kim Kuypers of Maastricht University in the Netherlands”

For a comprehensive list of press releases, please visit this link.


CATALYSTS

 

2. FDA IND for LSD Therapy anticipated in Q2, 2021.

3. Phase 2a LSD Microdosing anticipated in Q2, 2021.

4. Top line results from 18-MC’s Phase 2a trial anticipated in Q4, 2021.

5. Phase 2b LSD Anxiety Disorder anticipated to begin in Q4, 2021.

6. Strategic Pharmaceutical Partner for 18-MC, estimated for Q2, 2022.

7. Reverse Stock Split (Purely Speculative and Unsubstantiated)

Nasdaq up-listing anticipated in Q1, 2021.


ADDRESSABLE MARKETS

Total Market: Estimated $100+ billion global total addressable market for psychedelics. Eight Capital

Depression: The global antidepressants market is expected to grow from $14.3 billion in 2019 to about $28.6 billion in 2020. Global News Wire.

ADHD: The global ADHD market is expected to reach $24.9 billion by 2025. Grand View Research

Drug Addiction: The global drug addiction treatment market is expected to reach $31.17 billion by 2027. Reports and Data

Global Impact: “Globally, an estimated 264 million people suffer from depression, one of the leading causes of disability, with many of these people also suffering from symptoms of anxiety.” World Health Organization


PRODUCTS AND SERVICES
 

MindMed engages in the research and development of medications and treatments derived from LSD, Psilocybin, MDMA, DMT, and Ibogaine.

18-MC: 18-Methoxycoronaridine is a novel derivative of Ibogaine, a naturally occurring psychoactive substance found in plants, which has demonstrated promising results in treating drug, alcohol, and nicotine addiction. 18-MC has a significantly improved safety profile, and is shown to be neither psychoactive nor psychedelic. At MindMed, 18-MC is currently entering Phase 2A trials for the treatment of opioid addiction.

Project Lucy: This program intends to develop and commercialize psychedelic assisted therapies for the treatment of anxiety disorder. Experimental doses of LSD will be evaluated under supervision, and in coordination with ongoing patient therapies. In December of 2020, MindMed announced the successful completion of a Pre-IND meeting with the FDA for Project Lucy, as well as preparations to open an Investigational New Drug (IND) in August of 2021, with a Phase 2B clinical trial for LSD assisted therapy.

Albert Digital Medicine: Digital therapeutics are evidence based interventions guided by software for the treatment and prevention of diseases and disorders. These digital tools include wearable devices, machine learning, and AI systems. Albert is an early stage platform intended to develop a comprehensive toolset focused on delivering psychedelic based treatments and therapies in combination with digital therapeutics. Dr. Miri Halperin Wenli, MindMed’s President and Head of Chair of Technology Evaluation, is currently designing an experimental clinical trial that pairs psychedelic inspired medicines, such as LSD, with digital therapeutics to track, engage, and influence patient behavior.


DEVELOPMENT AND COMMERCIALIZATION

MindMed’s pathway to commercialization is a standard three stage process of Discovering, Developing, and Deploying. Initially, research will focus on acquiring and discovering new chemical products and treatment protocols. These compounds and protocols will enter FDA regulated clinical trials, with an effort to secure partnerships with major pharmaceutical companies. Finally, strategic affiliations with research centers, hospitals, pharmaceutical companies, and insurers will enable the licensing of medications and protocols. It is important that we monitor how their commercialization strategy develops, because psychedelic inspired treatments are new products, and it’s unclear how well they can be monetized.


SUCCESS STORIES: WHY SPRAVATO’S FDA APPROVAL MATTERS

On August 3rd, 2020, The Janssen Pharmaceutical Companies of Johnson & Johnson announced that the FDA had approved SPRAVATO (eskatamine), the first prescription nasal spray, for the treatment of depressive symptoms in adults with major depressive disorder, and treatment-resistant depression.

Spravato is a potent sterioisomer of ketamine, a psychedelic substance used in anesthesia, pain management, depression, and seizures. Spravato is significant for two important reasons. It represents the first FDA approved drug for depression that does not work directly on monoamines, and it is the first psychedelic drug approved by the FDA for a psychiatric condition. This demonstrates the utility of psychedelic substances, and supports the need for further research and development.


PARTNERSHIPS

MindMed currently maintains several clinical and research partnerships.

1. Partnership with Swiss psychedelic drug discovery startup, Mindshift Compounds AG, for the purpose of developing and patenting next-generation psychedelic compounds.

2. Partnership with New York University Langone Medical Center, for the purpose of launching a clinical training program focused on psychedelic assisted therapies and medications.

3. Partnership with Liechti Lab, a psychopharmacological research center based in Switzerland, for the purpose of research and development into the effects and state of consciousness induced by psilocybin and LSD.

4. Partnership with Maastricht University, based in the Netherlands, for the purpose of conducting clinical trials for the use of LSD in adult patients with ADHD.


FINANCIALS

Since inception, MindMed has raised $187M, including warrants. Funding has occurred over six rounds, with four bought deal offerings, one pre-public offering, and one seed round. Notable investors include Canaccord Genuity Group, venture capitalist and Shark Tank host Kevin O’Leary, Velos Partners founder James Bailey, and Canopy Growth Corporation founder, Bruce Linton.

On January 7th, 2021, MindMed announced the closing of a $72.7M offering, increasing cash on hand to $144.4M.

On October 30th, 2021, MindMed announced the closing of a $22.7M offering. Co-Founder and CEO, J.R. Rahn stated, “The strong institutional investor interest for this oversubscribed financing demonstrates the vast appetite for companies pursuing clinical trials of psychedelic medicines with the FDA and other regulatory bodies.”

On October 30th, 2021, MindMed announced Q3, 2020 financial results, citing total assets as of September 30th, 2020 of $23.7 million, including $18.2M in cash. Net and comprehensive loss of $8.6 million for the three months ended Sep 30,2020, and $21.4 million for the nine months ended September 30, 2020.


IN THE MEDIA

”Could the Embrace of Psychedelics Lead to a Mental-Health Revolution?”Vogue

”Psychedelics-Drug Startup Raises $24 Million Ahead of IPO”Wall Street Journal

”Silicon Valley’s psychedelic wonder drug is almost here”Fast Company

”Psychedelic drug company MindMed applies for nasdaq up-listing”Forbes

”Psychedelic drugs may transform mental health care. And big business is ready to profit from the revolution”Fortune

”A startup that wants to use psychedelics to treat addiction just raised $6.2 million from the host of Shark Tank and the architect behind the world’s biggest cannabis grower”Business Insider

”New York is getting its first psychedelic-medicine center, with the help of a startup called MindMed, which develops hallucinogens to treat mental illness and addiction, and is funding an institute at N.Y.U. Langone Medical Center”The New Yorker

”MindMed surges, putting it at the forefront of psychedelic euphoria”Bloomberg


HISTORY AND PARALLELS

The history of psychedelic discovery, use and regulation is flush with politics, propaganda, and anecdotes. Although hallucinogens have reportedly been used for centuries, it was not until the late 1930’s and 1950’s that LSD and psilocybin were isolated in a laboratory setting. In 1968, the United States government passed legislation banning the possession of LSD and psilocybin, which restricted the use of these substances in clinical research. In most developed countries, with the exception of a few, such as Brazil, Jamaica, the Netherlands, possession remains illegal. In 2000, the Psychedelic Research Group at Johns Hopkins received U.S. regulatory approval to reinitiate psychedelic based research.

As we have seen with cannabis reform, culture and politics are shifting, and substances that were previously illegal are gaining renewed support for both medicinal and recreational use. In 2012, Colorado and Washington became the first two states to legalize the recreational use of cannabis, following the passage of Amendment 64 and Initiate 502. Since then, we have seen significant efforts from additional states to either decriminalize or legalize the use of cannabis.

For additional information on the history of psychedelic substances and the regulatory milestones they achieved, please refer to this summary, posted in r/speculator.


FURTHER EDUCATION

On February 18th, 2021, Horizons will hold a webinar dedicated to investment opportunities in the psychedelic industry.

Topics will include,

What are psychedelics?

How are they currently regulated?

What is the medical market opportunity?

Which companies are leading research in this space?

What’s the best way to invest in the emerging psychedelics marketplace?


FIVE YR.

 


DISCLAIMER

I hold a long term equity position in MMEDF. I plan to increase this position in anticipation of upcoming catalysts and growing sentiment, with the intention to close this temporary position at a profit in the near term, while maintaining my primary equity stake.

This content of this post is for informational purposes only, and should not be construed as legal, tax, investment, financial, or other advice. Investing comes with inherent risks, and all parties should conduct their own due diligence.

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MMEDF News: MindMed acquiring machine learning company HealthMode in $32.5M deal 02/18/2021 10:01:05 AM
MMEDF News: Hope on the Horizon: Psychedelics Offer Potential for Transforming Mental Health Treatments 12/16/2020 08:45:00 AM
MMEDF News: OTC Stocks That Could Skyrocket 12/10/2020 12:30:12 PM
MMEDF News: Multi-Billion-Dollar Market Forecast in Psychedelic Therapeutics 10/14/2020 08:45:00 AM
PostSubject
#3081  Sticky Note Reddit DD Post - https://www.reddit.com/r/MindMedInvestorsClub/ r/MindMedInvestors PyroStocks 02/08/21 08:19:07 PM
#1917  Sticky Note MindMed Announces Successful Completion of Pre-IND Meeting with WebSlinger 12/14/20 07:50:51 AM
#1210  Sticky Note https://microsmallcap.com/mind-medicine-inc/mmed-1/kevin-oleary-betting-on-psych KILLAZILLA 11/09/20 11:26:11 PM
#3534   So why not just be honest and say septmike09 03/03/21 07:33:26 PM
#3533   I agree we could still see some sub Sonata 03/03/21 07:27:16 PM
#3532   Who Cares? septmike09 03/03/21 03:32:37 PM
#3531   You left out one out and IT happens Wolf-man jack 03/03/21 03:29:04 PM
#3530   A stock is a stock. And it's outperforming septmike09 03/03/21 03:06:06 PM
#3529   You cannot and should not compare apples with Wolf-man jack 03/03/21 03:03:07 PM
#3528   The last time the Nasdaq was at 13,000 septmike09 03/03/21 02:45:53 PM
#3527   Exactly. Spot On. A higher probability of sideways Wolf-man jack 03/03/21 02:32:16 PM
#3526   OK But you hope you are wrong. septmike09 03/03/21 02:21:19 PM
#3525   Yep...Next stop 5.00...As soon as we are uplisted Sonata 03/03/21 02:18:41 PM
#3523   I don't understand the part where you are septmike09 03/03/21 02:01:05 PM
#3522   That's right. What part of that statement don't Sonata 03/03/21 01:49:15 PM
#3520   Who cares what the current price is? You septmike09 03/03/21 01:36:06 PM
#3519   I'll be here alot longer than you and Sonata 03/03/21 01:22:41 PM
#3518   Thanks for the laugh PyroStocks 03/03/21 01:10:26 PM
#3517   Im ok with holding and not chasing. PyroStocks 03/03/21 01:10:12 PM
#3516   You are claiming something won't happen that already septmike09 03/03/21 11:43:25 AM
#3515   BLAH...BLAH...BLAH...BLAH...BLAH... Sonata 03/03/21 11:15:23 AM
#3514   And one more thing. If MindMed has a septmike09 03/03/21 11:05:15 AM
#3513   BLAH...BLAH...BLAH...BLAH...BLAH.. Ha Ha Ha. It's already been over 4.0 septmike09 03/03/21 10:28:20 AM
#3512   BLAH...BLAH...BLAH...BLAH...BLAH... Sonata 03/03/21 10:26:12 AM
#3511   I am mot rationalizing. The Nasdaq is down septmike09 03/03/21 10:19:09 AM
#3509   It might but again I believe it's because septmike09 03/03/21 10:16:35 AM
#3508   I still say it stays under 4.00 until Sonata 03/03/21 10:14:50 AM
#3507   I don't know which is more tiring. Waiting septmike09 03/03/21 10:06:00 AM
#3506   I think what we are seeing is nobody septmike09 03/03/21 10:03:47 AM
#3505   It's coming... :) PyroStocks 03/03/21 09:25:12 AM
#3504   UPLIST SOON!!! Jack Torrance 03/03/21 08:40:56 AM
#3503   If you would have said market conditions would septmike09 03/03/21 08:04:42 AM
#3502   Happy Birthday MindMed PyroStocks 03/03/21 06:48:50 AM
#3501   I understand. I am confident it will be Sonata 03/02/21 11:19:19 PM
#3500   Really excited about the possibility that this will LORTAP KCOTS 03/02/21 06:05:12 PM
#3498   No prob, and it did seem more thorough DarthYoda 03/02/21 04:45:27 PM
#3497   A surprisingly thorough Wikipedia entry. Thanks for sharing Thinman13 03/02/21 04:35:01 PM
#3495   I don't think there should be any concern septmike09 03/02/21 03:49:53 PM
#3494   So should we be concerned? I can't see Sonata 03/02/21 03:47:08 PM
#3493   Yeah they first applied back in Sept. But septmike09 03/02/21 03:40:41 PM
#3492   Do you know when they first applied? I Sonata 03/02/21 03:39:27 PM
#3491   The only thing that can be holding them septmike09 03/02/21 03:36:08 PM
#3490   I see now that Lambarene is actually mentioned DarthYoda 03/02/21 03:36:05 PM
#3489   Is there anything specific we are waiting for Sonata 03/02/21 03:14:44 PM
#3488   Oh wow, ok, then I'm glad to have DarthYoda 03/02/21 03:06:45 PM
#3487   Yeah low volume means we are vulnerable to LORTAP KCOTS 03/02/21 03:02:07 PM
#3486   I did not know it had been commercialized Thinman13 03/02/21 02:56:09 PM
#3485   Interesting reddit post... DarthYoda 03/02/21 02:51:28 PM
#3484   Can the volume be any lower? Need that septmike09 03/02/21 02:35:32 PM
#3483   Here Thinman, I just learned something new... DarthYoda 03/02/21 02:25:00 PM
#3482   I’d reach out to them LORTAP KCOTS 03/02/21 01:26:27 PM
#3481   Nope. Some people got theirs already and I septmike09 03/02/21 11:54:20 AM
#3480   Mine just shipped PyroStocks 03/02/21 11:16:07 AM
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