NEW YORK, May 14, 2021 /PRNewswire/ -- Mind Medicine
(MindMed) Inc. ("MindMed'' or the "Company") (NASDAQ: MNMD) (NEO:
MMED) (DE: MMQ), a leading psychedelic medicine biotech company,
has announced its quarterly financial results for the quarter ended
March 31, 2021.
Q1 2021 Financial Highlights (in USD)
- Total assets as of March 31, 2021
were $201 million, including
$160 million in cash
- Net Cash Used in Operating Activities (Total Cash Burn) of
$10 million for the quarter ended
March 31, 2021
- Net and comprehensive loss of $14
million for the three months ended March 31, 2021
Q1 2021 Business Highlights
- MindMed closed its acquisition of HealthMode, a leading machine
learning digital medicine company, adding Bradford Cross as Chief Technology Officer to
lead Albert and Dr. Daniel R Karlin as Chief Medical Officer
- MindMed began the first-ever clinical trial combining MDMA and
LSD in collaboration with UHB Liechti Lab
- MindMed closed an upsized financing of $92 million CAD ($73
million USD)
- MindMed closed a subsequent private placement of $19.5 million CAD ($15.4
million USD)
- MindMed expanded its Microdosing Division adding a
groundbreaking study evaluating LSD Microdosing through next-gen
digital clinical markers
- MindMed added Chief Development Officer, Robert Barrow, with FDA Phase 2 Psilocybin
clinical trial experience
- MindMed signed partnership with Swiss psychedelic drug
discovery startup MindShift Compounds AG, expanding its development
pipeline and IP portfolio with next-gen psychedelic and
empathogenic compounds
- MindMed's LSD neutralizer study began in collaboration with UHB
Liechti Lab
- MindMed added Stanford University
Pritzker Professor of Psychiatry and Behavioral Sciences, Dr.
Robert Malenka as Chair of its
Scientific Advisory Board
- MindMed announced Its Inclusion in FTSE Russell Indexes
Breakdown of Operating Activities
- Net cash provided through financing activities - $90 million
- Net cash used in operating activities - $10 million
- Net cash used for the acquisition of HealthMode - $0.5 million (primarily a stock deal)
Management Update & Earnings Call
Management will provide updates on its clinical pipeline status
and a review of its Q1 2021 financials. The call will be held
Monday, May 17th, 2021 at
9:00 am ET. Details are
below:
https://mindmed-co.zoom.us/webinar/register/WN_VUKpc-t5RxCtomkh86GCTw
Complete financial statements along with related management's
discussion and analysis can be found in the System for Electronic
Document Analysis and Retrieval, the electronic filing system for
the disclosure documents of issuers across Canada at www.SEDAR.com
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 statements regarding the Company's pursuit of strategic
initiatives and its future business plans and operations, including
the development of psychedelic inspired medicines and experiential
therapies. 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 each of the Base Shelf Prospectus and annual
information form for the year ended December
31, 2020 filed with the securities regulatory authorities in
all provinces and territories of Canada and available under the Company's
profile on SEDAR at www.sedar.com and as described in the
Registration Statement filed with the SEC 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:http://www.prnewswire.com/news-releases/mindmed-announces-2021-q1-financial-results-cash-balance-of-160m-usd-194m-cad-to-execute-on-diverse-clinical-pipeline-301291646.html
SOURCE Mind Medicine (MindMed) Inc.