SHERIDAN, Wyo., Aug. 11,
2022 /PRNewswire/ -- Today, FCM MM HOLDINGS, LLC
("FCM") announced that it has sent a letter to the Board of
Directors of Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) (the
"Company" or "MindMed") calling on the Board to adopt a new
strategic plan proposed by FCM including: refocusing on its core
drugs, cutting cash burn, and terminating MindMed's at-the-money
equity offering. FCM is directed and managed Dr. Scott Freeman, co-founder and former Chief
Medical Officer of MindMed, who has offered to provide MindMed his
expertise as a director on MindMed's board.
As detailed in the letter, FCM believes MindMed has
underperformed—operationally, financially, and strategically—as a
direct result of management's lack of focus on its core drugs:
MM-110 (18-MC) and MM-120 (LSD). FCM contends that MindMed can
bring MM-120 to market in four years rather than seven to eight
years, by re-classifying MindMed's Phase IIb study on MM-120 to a
Phase III study. FCM also proposes that the Company reduce costs
from forty-five million dollars per
year to under twenty-five million
dollars and that the unnecessary and dilutive at-the-money
offering should be eliminated. By executing these proposals, FCM
believes that MindMed can unlock significant long-term value for
MindMed's shareholders.
FCM's large economic stake in MindMed reflects its convictions
regarding MindMed's potential and gives it a strong interest in the
success of MindMed.
The full text of the letter is available and can be downloaded
at mindmed.zone/letter
About FCM
FCM is managed by Dr. Scott Freeman and represents an investment of
5.6% of MindMed's shares outstanding. Dr. Freeman's investment in
MindMed is in excess of nineteen million shares or 4.51% of
MindMed's outstanding shares. FCM's letter is additionally signed
by Chad Boulanger. Chad Boulanger has an investment in over four
million shares of MindMed or 1% of MindMed's outstanding
shares.
FCM additionally represents other early investors in MindMed who
all have a strong interest in seeing the long-term success of
MindMed.
For additional disclosure relating to public broadcast
solicitations please see mindmed.zone/disclosure
Media Contact
Jake
Freeman
Executive President
FCM MM HOLDINGS, LLC
30 N Gould St. Ste R
Sheridan, WY 82801
Phone: 908-308-2381
Email: jake@mindmed.zone
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SOURCE FCM MM Holdings, LLC