MIND MEDICINE + KEVIN O'LEARY + BRUCE LINTON (MMED) MMEDF)
Channel: RICH TV LIVE
Date: 01/04/2020

MIND MEDICINE + KEVIN O'LEARY + BRUCE LINTON (MMED) MMEDF) - RICH TV LIVE - MARCH 31, 2020 -  Mind Medicine (MindMed) Inc. (NEO: MMED OTC: MMEDF), the leading neuro-pharmaceutical company for psychedelic inspired medicines, today announced the release of its audited consolidated financial statements (the “Financial Statements”) and accompanying management’s discussion and analysis (the “MD&A”) for the period from May 30, 2019, date of incorporation, to December 31, 2019 (the “period ended December 31, 2019”). All financial figures contained herein are expressed in U.S. dollars (“USD”) unless otherwise noted.

For readers of the Financial Statements and MD&A, it is important to note that on February 27, 2020, Mind Medicine, Inc. (“MindMed Delaware”), a private Delaware corporation and now a wholly-owned subsidiary of MindMed, completed a reverse takeover transaction with Broadway Gold Mining Ltd. (“Broadway”) to form Mind Medicine (MindMed) Inc.  MindMed Delaware is deemed to be the acquirer in the reverse takeover transaction and therefore MindMed Delaware’s audited consolidated financial statements for the period ended December 31, 2019 are deemed to be those of MindMed and are the Financial Statements released today.  Please see Note 16 “Subsequent Events” of the Financial Statements for more information.

Fourth Quarter and 2019 Highlights and Subsequent Events

·       MindMed was founded in May 2019, and completed a number of capital raises for aggregate proceeds of US$30,377,027, including US$19,573,441 after period end, making it very well capitalized in the psychedelic medicine industry.

·       MindMed acquired the rights to 18-MC drug development program in the period ended December 31, 2019 and established an addiction drug development program focused on addressing the U.S. opioid crisis.

·       MindMed secured a leading team of pharmaceutical industry veterans and advisors with deep experience of psychedelics over the course of 2019, solidifying its position as a leader in the psychedelic medicines industry.

·       MindMed further assembled the infrastructure in the period for its unique drug development platform to discover, develop and deploy psychedelic inspired medicines. As part of this process, the Company actively pursued its strategy to further grow its clinical trial collaborations and intellectual property (IP) acquisitions during this period.

The Company established a psychedelics microdosing division and began preparing a Phase 2 trial for microdosing of LSD for the treatment of adult ADHD.
Outlook and Update

MindMed continues advancing the development of its 18-MC drug development program through further human safety studies and is targeting to begin its Phase 2 trial of 18-MC by the end of the year.
MindMed is actively pursuing new collaborations, acquisitions of IP and clinical trials to build the most compelling pipeline and portfolio of psychedelic inspired medicines.

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