NEW YORK, Nov. 15, 2021 /CNW/ -- MindMed (Nasdaq:
MNMD, NEO: MMED, DE: MMQ), a leading biotech company developing
psychedelic-inspired therapies, has announced its quarterly
financial results for the quarter ended September 30, 2021.
Third Quarter 2021 Financial Highlights (in USD)
- Cash Balance. Total assets as of September 30, 2021 were $178.6 million, including $145.9 million in cash, as compared to
$85.6 million, including $80.1 million in cash, as of December 31, 2020
- Net Cash Used in Operating Activities. Net Cash Used in
Operating Activities of $10.8 million
and $31.9 million for the three and
nine months ended September 30, 2021,
as compared to $5.8 million and
$16.5 million for the three and nine
months ended September 30, 2020,
respectively
- Net Loss. Net and comprehensive loss of $24.3 million and $74.6
million for the three and nine months ended September 30, 2021, as compared to $8.6 million and $21.4
million for the three and nine months ended September 30, 2020
Third Quarter 2021 Business Highlights
- Announced the Appointment of Andreas
Krebs and Carol Vallone as
Board Directors and the Transition of Bruce
Linton
- Appointed three new members to its Scientific Advisory Board:
Dr. Maria Oquendo, Ruth Meltzer
Professor and Chairman of Psychiatry at University of Pennsylvania and
Psychiatrist-in-Chief at the Hospital of the University of Pennsylvania; Dr. Bob Dworkin, Professor of Anesthesiology and
Perioperative Medicine, Neurology, and Psychiatry, and Professor in
the Center for Health + Technology, at the University of Rochester School of Medicine and
Dentistry; and Dr. Bryan
Roth, University of North
Carolina Psychiatrist and Pharmacologist
- MindMed and Liechti Lab Provided Results from the Psilocybin
Research and Development (R&D) Collaboration
- Joined the Clinical Trials Transformation Initiative and
Critical Path Institute's Patient-Reported Outcome Consortium
- Announced a Strategic Research Collaboration with Sphere
Health
- MindMed and BioXcel Therapeutics Published an International
Patent Application Describing a System for Identifying Agitation
Episodes
- Announced Collaboration with Forian to Advance Development of
Personalized Psychiatry for Anxiety Disorders
Management Update & Earnings Call
Management will host an earnings call to review the third
quarter financials and business developments on Wednesday, November 17th, 2021, at 8:00 am EST. Details are below:
https://mindmed-co.zoom.us/webinar/register/WN_Tp--QUSPS9u17HCQwxlc4Q
Complete financial statements along with related management's
discussion and analysis can be found in the System for Electronic
Document Analysis and Retrieval (SEDAR), the electronic filing
system for the disclosure documents of issuers across Canada at www.SEDAR.com and on the Electronic
Data Gathering, Analysis, and Retrieval system (EDGAR), the
electronic filing system for the disclosure of documents of issuers
in the United States at
www.sec.gov.
About MindMed
MindMed is a clinical-stage biotech company that discovers,
develops, and deploys psychedelic inspired medicines and therapies
to address addiction and mental illness. The company is assembling
a compelling drug development pipeline of innovative treatments
based on psychedelic substances including psilocybin, LSD, MDMA,
DMT and an ibogaine derivative, 18-MC. The MindMed executive team
brings extensive biopharmaceutical experience to MindMed's approach
to developing the next generation of psychedelic inspired medicines
and therapies.
MindMed trades on the NASDAQ under the symbol MNMD and on the
Canadian NEO Exchange under the
symbol MMED. MindMed is also traded in Germany under the symbol MMQ. For more
information: www.mindmed.co
Forward-Looking Statements
Certain statements in this news release related to the Company
constitute "forward-looking information" within the meaning of
applicable securities laws and are prospective in nature.
Forward-looking information is not based on historical facts, but
rather on current expectations and projections about future events
and are therefore subject to risks and uncertainties which could
cause actual results to differ materially from the future results
expressed or implied by the forward-looking statements. These
statements generally can be identified by the use of
forward-looking words such as "will", "may", "should", "could",
"intend", "estimate", "plan", "anticipate", "expect", "believe",
"potential" or "continue", or the negative thereof or similar
variations. Forward-looking information in this news release
include, but are not limited to, statements regarding the start of
MindMed's Phase 1 clinical trial of dimethyltryptamine (DMT), the
business and the therapeutic potential of MindMed's product
candidates, the ability to successfully execute and delivery on the
R(-)-MDMA Program, the ability to achieve success with our
collaborations with Sphere Health and Forian, the successful
outcome of the Phase 1 clinical trial of DMT, the ability to
initiate a Phase 2 clinical trial of DMT, regulatory approvals, the
effects of DMT, subject enrollment and the administration method of
DMT. Although the Company believes that the expectations reflected
in such forward-looking information are reasonable, such
information involves risks and uncertainties, and undue reliance
should not be placed on such information, as unknown or
unpredictable factors could have material adverse effects on future
results, performance or achievements of the Company. There are
numerous risks and uncertainties that could cause actual results
and the Company's plans and objectives to differ materially from
those expressed in the forward-looking information, including
history of negative cash flows; limited operating history;
incurrence of future losses; availability of additional capital;
lack of product revenue; compliance with laws and regulations;
difficulty associated with research and development; risks
associated with clinical trials or studies; heightened regulatory
scrutiny; early stage product development; clinical trial risks;
regulatory approval processes; novelty of the psychedelic inspired
medicines industry; as well as those risk factors discussed or
referred to herein and the risks described under the headings "Risk
Factors" in the Company's filings with the securities regulatory
authorities in all provinces and territories of Canada which are available under the Company's
profile on SEDAR at www.sedar.com and with the U.S. Securities and
Exchange Commission on EDGAR at www.sec.gov. Should one or more of
these risks or uncertainties materialize, or should assumptions
underlying the forward-looking information prove incorrect, actual
results and future events could differ materially from those
anticipated in such information. Although the Company has attempted
to identify important risks, uncertainties and factors that could
cause actual results to differ materially, there may be others that
cause results not to be as anticipated, estimated or intended.
These and all subsequent written and oral forward-looking
information are based on estimates and opinions of management on
the dates they are made and are expressly qualified in their
entirety by this notice. Except as required by law, the Company
does not intend and does not assume any obligation to update this
forward-looking information.
Media Contact: mindmed@150bond.com
View original content to download
multimedia:https://www.prnewswire.com/news-releases/mindmed-announces-financial-results-for-the-third-quarter-2021-and-business-highlights-cash-balance-of-145-9-usd-185-4-cad-to-execute-on-diverse-clinical-pipeline-301423844.html
SOURCE Mind Medicine (MindMed) Inc.