NEW YORK, May 5, 2021 /PRNewswire/ -- Mind Medicine
(MindMed) Inc. ("MindMed" or the "Company") (NASDAQ: MNMD) (NEO:
MMED), (DE: MMQ), a leading psychedelic-inspired medicine company
announces the launch of its Project Angie to advance the
development of psychedelics, including LSD, to treat pain
conditions. MindMed is currently exploring two primary clinical
indications for the treatment of pain.
For the commencement of Project Angie, MindMed will initiate a
study of LSD in a severe pain indication. MindMed is currently
preparing a pre-IND briefing package for this Phase 2a Proof of
Concept study which it plans to submit to the FDA in the second
half of 2021. In addition, the Company is also evaluating a second
indication in a common, often debilitating, chronic pain
syndrome.
Patients experiencing chronic pain represent a large and growing
segment of the population and, according to IQVIA, the global
market for analgesics is expected to grow over $31 billion by 2030. At the same time,
overuse of opioids in the treatment of pain has contributed to the
opioid epidemic in the United
States and around the world. There has been little
innovation in the pain market in decades and the treatment paradigm
is still dominated by opioids and nonsteroidal anti-inflammatory
drugs (NSAIDs).
Preliminary evidence, including a clinical study co-authored by
MindMed collaborating researchers Prof. Dr. Matthias Liechti and Dr. Kim Kuypers, suggests that psychedelics may
offer an entirely novel mechanism of action for treating pain,
which could ultimately offer patients a new treatment option. The
exact mechanisms by which psychedelics may carry out their
analgesic effect have not been fully characterized but may involve
direct effects on endogenous pain modulation pathways. This
mechanism is particularly relevant as altered function, or
dysfunction, of these pain modulation pathways has been implicated
in a range of pain syndromes.
"Evidence dating back to the 1950s suggests that LSD and other
psychedelics may have analgesic effects, but this treatment area
remains largely untapped by companies studying psychedelics, with
the majority of research focusing solely on psychiatric
indications" said MindMed Chief Development Officer, Rob Barrow.
MindMed CEO & Co-Founder J.R.
Rahn said "With the launch of Project Angie, we seek to
align closely with MindMed's core mission to improve mental health
and combat substance use for the many patients in need. If we can
help to develop a new paradigm to treat pain, it may have the
potential to greatly reduce the use of addictive medicines such as
opioids currently ravaging society and its mental health."
Additional details about MindMed's planned clinical trials in
pain will be forthcoming.
About MindMed
MindMed is a clinical-stage psychedelic
medicine 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.
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 Company's plans and the timing of such
plans related to its study of LSD in a severe pain indications, the
potential benefits associated with psychedelics as a pain treatment
option generally and compared to other currently available
treatment options ability and the Company's other intended future
business plans and operations. 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
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SOURCE Mind Medicine (MindMed) Inc.