MindMed Closes Acquisition of HealthMode, a Leading Machine Learning Digital Medicine Company

Acquisition will help build a full stack digital mental health platform for psychedelic medicines; Ex-Pfizer Digital Medicine Executive Dr. Daniel R. Karlin and former Google AI/ML industry veteran Bradford Cross added to MindMed executive team

Mind Medicine (MindMed) Inc. (NEO: MMED, OTCQB: MMEDF, DE: MMQ) (" MindMed "), a leading psychedelic medicine biotech company, is pleased to announce that it has closed the previously announced acquisition of HealthMode, a digital medicine and therapeutics startup that uses Artificial Intelligence (AI)-enabled digital measurement to increase the precision and speed of clinical research and patient monitoring (the " Acquisition ").

Mindmed logo (PRNewsfoto/Mind Medicine, Inc. (Mindmed))

MindMed Co-Founder and CEO J.R. Rahn said: "The HealthMode acquisition marks the start of MindMed 2.0 as we seek to not only build a drug development company for psychedelic medicines, but also a comprehensive mental health technology platform to one day potentially launch these transformative medicines to patients in a scalable manner."

In consideration for the acquisition of HealthMode, MindMed has issued 81,497 multiple voting shares of MindMed (equivalent to 8,149,700 subordinate voting shares) and the payment of approximately CAD$286,000 in cash. All multiple voting shares issued pursuant to the Acquisition were issued at a price of CAD$385.87 , which is equivalent to CAD$3.8587 per underlying subordinate voting share.  The CAD$3.8587 market price was calculated using the five-day volume weighted average trading price of the subordinate voting shares of MindMed, as reported by the Neo Exchange Inc. ("NEO Exchange") as at the close of business on January 19, 2021 , which was the date on which the parties entered into a non-binding letter of intent.

As part of the Acquisition, MindMed has agreed to assume 7,891 outstanding HealthMode options at an exchange ratio of one HealthMode option for 4.260451 options of MindMed issuable under MindMed's stock option plan. Each MindMed option issued will be fully vested and be exercisable into one subordinate voting share at an exercise price of $0.02 per share (taking into account the exchange ratio).

In connection with the Acquisition, Dr. Daniel R. Karlin , Co-Founder of HealthMode, has been appointed as Chief Medical Officer of MindMed and Bradford Cross , Co-Founder of HealthMode, has been appointed as Chief Technology Officer of MindMed.

All shares issuable pursuant to the acquisition will be subject to a statutory hold period of four months and a day from the closing date, during which they may not be traded or sold by the recipients.  All shares issued will also be subject to limited, time-based escrow, based on the following release times: (1) for the convertible noteholders of HealthMode, 50% on July 1, 2021 and 50% on January 1, 2022 ; and (2) for all other equity holders of HealthMode, one-third on July 1, 2021 , one-third on January 1, 2022 and one-third on September 1, 2022 .

The acquisition of HealthMode has been accepted by the NEO Exchange.

About HealthMode

HealthMode drives progression to next-generation clinical trials by developing and delivering AI-enabled digital measurement methods for clinical trials. Its client partners represent a diverse set of stakeholders, from clinical researchers and drug developers at large pharmaceutical companies, to academic medical centers, to startups entering the space. HealthMode's measurement techniques improve understanding of phenotype; streamline and provide assurance for screening and eligibility; provide early detection and mitigation of adverse events; and serve as sensitive, specific, objective, and low participant burden efficacy endpoints. These measurements allow for meaningful integration of clinical trial data with real-world evidence, and provide the basis for movement toward patient-specific measures. Better measurement tools and the platforms to support them help HealthMode's partners make data informed decisions, reduce uncertainty around enrollment and outcomes, de-risk development, and increase the speed at which novel therapeutics reach patients in need.

About MindMed

MindMed is a 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 the company's groundbreaking approach to developing the next-generation of psychedelic inspired medicines and therapies.

MindMed trades on the Canadian exchange NEO under the symbol MMED . MindMed is also traded in the United States under the symbol MMEDF and in Germany under the symbol MMQ . For more information:

MindMed Forward-Looking Statements

This press release includes forward-looking statements that involve risks and uncertainties relating to future events and performance of Mind Medicine (MindMed) Inc. ("MindMed"), and actual events or results may differ materially from these forward-looking statements. Words such as "anticipate," "expect," "intend," "plan," "believe," "seek," "estimate," variations of such words, and similar expressions are intended to identify such forward-looking statements, although not all forward-looking statements contain these identifying words. These statements concern, and these risks and uncertainties include, among others, MindMed's and its collaborators' ability to continue to conduct research and clinical programs, MindMed's ability to manage its supply chain, product sales of products marketed by MindMed and/or its collaborators (collectively, "Products"), and the global economy; the nature, timing, and possible success and therapeutic applications of Products and Product candidates and research and clinical programs now underway or planned; the likelihood, timing, and scope of possible regulatory approval and commercial launch of Product candidates and new indications for Products; unforeseen safety issues resulting from the administration of Products and Product candidates in patients, including serious complications or side effects in connection with the use of MindMed's Products and product candidates in clinical trials; determinations by regulatory and administrative governmental authorities which may delay or restrict MindMed's ability to continue to develop or commercialize Products; ongoing regulatory obligations and oversight impacting Products, research and clinical programs, and business, including those relating to patient privacy; uncertainty of market acceptance and commercial success of Products and Product candidates and the impact of studies on the commercial success of Products and Product candidates; the availability and extent of reimbursement of Products from third-party payers, including private payer healthcare and insurance programs, health maintenance organizations, pharmacy benefit management companies, and government programs such as Medicare and Medicaid; competing drugs and product candidates that may be superior to Products and Product candidates; the extent to which the results from the research and development programs conducted by MindMed or its collaborators may be replicated in other studies and lead to therapeutic applications; the ability of MindMed to manufacture and manage supply chains for multiple products and product candidates; the ability of MindMed's collaborators, suppliers, or other third parties (as applicable) to perform manufacturing, filling, finishing, packaging, labelling, distribution, and other steps related to MindMed's Products and product candidates; unanticipated expenses; the costs of developing, producing, and selling products; the ability of MindMed to meet any of its financial projections or guidance and changes to the assumptions underlying those projections or guidance; the potential for any license or collaboration agreement to be cancelled or terminated without any further product success; and risks associated with intellectual property of other parties and pending or future litigation relating thereto, other litigation and other proceedings and government investigations relating to MindMed and its operations, the ultimate outcome of any such proceedings and investigations, and the impact any of the foregoing may have on MindMed's business, prospects, operating results, and financial condition. Any forward-looking statements are made based on management's current beliefs and judgment. MindMed does not undertake any obligation to update publicly any forward-looking statement.

Media Contact:

Cision View original content to download multimedia:

SOURCE Mind Medicine (MindMed) Inc.

Cision View original content to download multimedia:

News Provided by Canada Newswire via QuoteMedia

The Conversation (0)
Lobe Sciences Appoints Baxter Phillips III, MBA as Chief Operating Officer

Lobe Sciences Appoints Baxter Phillips III, MBA as Chief Operating Officer

Phillips also named President of Altemia & Co., a Lobe Sciences Company

lobe sciences ltd. (CSE: LOBE) (OTCQB: LOBEF) ("Lobe" or the "Company"), a biopharmaceutical company focused on developing transformative medicines to treat rare diseases today announced the appointment of Baxter Phillips III, MBA, to the newly created position of Chief Operating Officer (COO) effective immediately. The position was created to provide additional executive leadership as Lobe Sciences continues its strategic transition to a diversified, fully integrated biopharmaceutical company preparing to launch its first commercial product, Altemia™, a medical food designed for patients with sickle cell anemia. Mr. Phillips will also serve as President, Altemia and Company, LLC, a Lobe Sciences wholly owned subsidiary focused on treatments and support for patients with sickle cell anemia. Phillips will report directly to Chairman and Chief Executive Officer Philip J. Young. In October of 2022, Mr. Phillips was appointed to Lobe Sciences' Board of Directors, where he will also continue to serve the Company.

News Provided by Business Wire via QuoteMedia

Keep reading...Show less

COMPASS Pathways' key patents upheld by the US Patent and Trademark Office

  • PTAB rejects two requests for rehearing of the USPTO's decision denying institution of post-grant review (PGR) of U.S. patent numbers 10,947,257 (‘257 Patent) and 10,954,259 (‘259 Patent).

  • In June 2022, the PTAB denied institution of the PGRs finding the challenger failed to establish that any of the claims of ‘257 Patent and ‘259 Patent are unpatentable.

COMPASS Pathways plc (Nasdaq: CMPS), a mental health care company dedicated to accelerating patient access to evidence-based innovation, announced today that the US Patent Trial and Appeal Board (PTAB) reaffirmed decisions to uphold ‘257 Patent and ‘259 Patent, key patents covering COMP360 crystalline psilocybin polymorph A, the polymorph being used in the Company's phase 3 clinical trials. The decision can be found on the USPTO website at: https:developer.uspto.govptab-web#searchdocuments?proceedingNumber=PGR2022-00018.

Kabir Nath, COMPASS Pathways Chief Executive Officer, stated, "COMPASS is pleased with the PTAB's decision to uphold two important US patents covering the Company's crystalline psilocybin polymorph A. Patents are a key element of our overall commercial protection of COMP360, which is central to our work in developing innovative treatments for therapeutic areas of significant unmet medical need, including our lead program in treatment-resistant depression."

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Mike Arnold, founder and CEO of Silo Wellness

Silo Wellness CEO Sees Market Traction for Psychedelic Healing

If recent social media and news trends are any indication, psychedelics-based healing may increasingly be getting into mainstream consciousness, according to Silo Wellness (CSE:SILO,OTCQB:SILFF) CEO and Founder Mike Arnold.

“If you just look at the conversations out in public or on social media, and compare that to news articles about this particular space, about psychedelic healing, you'll see an exponential increase since 2018. And you have more and more people being exposed, which means more and more people are feeling something they haven't felt for a really long time, or maybe ever,” Arnold said.

Silo Wellness offers luxury psychedelic retreats in Jamaica. These retreats are supervised by healthcare practitioners — including a doctorate of nursing and a pharmacologist — who are involved in the process from the beginning of a participant’s journey, Arnold explained.

Keep reading...Show less

COMPASS Pathways' Co-Founder Ekaterina Malievskaia to Step Down as Chief Innovation Officer

COMPASS Pathways plc (Nasdaq: CMPS) ("COMPASS"), a mental health care company dedicated to accelerating patient access to evidence-based innovation, today announced that Co-founder and Chief Innovation Officer Dr. Ekaterina Malievskaia will step down from her executive role effective June 16, 2023. She will remain a member of the COMPASS Pathways Board of Directors, while her executive responsibilities will be carried forward by the existing executive team.

Together with George Goldsmith and Lars Wilde, Katya co-founded COMPASS Pathways in 2017, determined to bring much needed innovation to the field of mental health care. She helped oversee the growth of COMPASS and provided critical executive leadership to the company both before and after its initial public offering in 2020. During her tenure, she oversaw the development and execution of the groundbreaking phase 2b trial of COMP360 psilocybin for patients with treatment-resistant depression, started and helped build critical functions such as R&D, Digital Health, AI and Machine Learning, and Clinical Care Innovation. She also developed the company's psychological support model and built its network of trained therapists.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less

COMPASS Pathways to participate in upcoming Jefferies Healthcare Conference


COMPASS Pathways plc (Nasdaq: CMPS), a mental health care company dedicated to accelerating patient access to evidence-based innovation in mental health, announced today that management will present at the Jefferies Healthcare Conference at 3:30 pm ET on June 8, 2023.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less

Data Demonstrating Long-Term Improvement in Depression in Cancer Patients Following Single Dose of COMP360 Psilocybin Therapy to be Presented at ASCO 2023

  • More than half of the patients demonstrated remission of depression at 18 months, after a single dose of 25mg investigational COMP360 psilocybin with psychological support
  • Open label phase 2 study, conducted by Sunstone Therapies and scheduled to be presented at the ASCO annual meeting on June 5, is believed to be the longest clinical study of psilocybin ever conducted

COMPASS Pathways plc (Nasdaq: CMPS) ("COMPASS"), a mental health care company dedicated to accelerating patient access to evidence-based innovation in mental health, today announced that new long-term efficacy data of investigational COMP360 psilocybin in cancer patients with major depressive disorder will be presented at the Annual Meeting of the American Society of Clinical Oncology (ASCO).

More than half of the patients (16/28) treated with a single dose of 25mg COMP360 psilocybin with psychological support remained in remission from their depression at 18 months post administration. The investigator-initiated study, led by Manish Agrawal, MD, at Sunstone Therapies , is believed to be the longest study of psilocybin therapy ever conducted.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less

Latest Press Releases

Related News