MindMed Closes Upsized Financing of CAD $28.75m With Strong Institutional Demand for Psychedelic Medicines

 
 

  Post-Financing Cash Reserves of CAD $50.1m (USD $37.8m ) to Enable Continued Advancement of Diverse and Growing Clinical Trial Pipeline of Psychedelics  

 

  NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES   

 

Mind Medicine (MindMed) Inc. (NEO: MMED, OTCQB: MMEDF) (" MindMed " or the " Company ") is pleased to announce that it has closed its previously announced bought deal short form prospectus offering, including the exercise in full of the underwriter's over-allotment option (the " Offering "). In connection with the Offering, the Company issued 27,381,500 units of the Company (the " Units ") at a price per Unit of $1.05 (the " Issue Price ") for gross proceeds of $28,750,575 . Canaccord Genuity Corp. acted as sole bookrunner and underwriter in the Offering.

 

 

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

 
 

Each Unit comprises one subordinate voting share of the Company (a " Subordinate Voting Share ") and one-half of one Subordinate Voting Share purchase warrant (each whole warrant, a " Warrant "). Each Warrant entitles the holder thereof to purchase one Subordinate Voting Share at an exercise price of $1.40 until October 30, 2023 . The Warrants will be listed for trading on the facilities of the NEO Exchange Inc. (the " NEO ") under the symbol "MMED.WS", subject to the final approval of the NEO.

 

MindMed Co-Founder & Co-CEO, J.R. Rahn said "The strong institutional investor interest for this oversubscribed financing demonstrates the vast appetite for companies pursuing clinical trials of psychedelic medicines with the FDA and other regulatory bodies. With our sights set on a NASDAQ up-listing, this fresh funding will further assist the MindMed team in our mission to build the most diverse development pipeline of psychedelic inspired medicines and experiential therapies for patients."

 

Post-financing the Company now has cash reserves of CAD $50.1m (USD $37.8m ) to enable continued progress of its clinical trial pipeline of psychedelic inspired medicines and experiential therapies.

 

The Company intends to use the net proceeds of the Offering for investment in its research and clinical development initiatives, including its 18-MC addiction treatment program derived from the psychedelic ibogaine, lysergic acid diethylamide (LSD) microdose program for Adult ADHD, Project Lucy focused on LSD experiential therapy for anxiety disorders, University Hospital Basel Liechti Lab research and development collaboration, its partnership with NYU Langone Health for a Psychedelic Medicine Research Training Program, and for general working capital and corporate development purposes.

 

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful. The securities being offered have not been, nor will they be, registered under the United States   Securities Act of 1933 , as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the United States   Securities Act of 1933 , as amended, and applicable state securities laws.

 

  About MindMed  

 

MindMed is a psychedelic medicine biotech company that discovers, develops and deploys psychedelic inspired medicines and experiential 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 team brings extensive biopharmaceutical experience to the Company's groundbreaking approach to developing the next generation of psychedelic inspired medicines and experiential therapies.

 

MindMed trades on the Canadian NEO Exchange 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:     https://www.mindmed.co/   

 

  Forward-Looking Statements  

 

Certain statements in this news release related to the Company are forward-looking statements and are prospective in nature. Forward-looking statements are 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 "may", "should", "could", "intend", "estimate", "plan", "anticipate", "expect", "believe" or "continue", or the negative thereof or similar variations. Forward-looking statements in this news release include statements regarding the intended use of proceeds of the Offering, the listing of the Warrants on the NEO,  the Company's cash reserves and the effects thereof, the Company's proposed NASDAQ up-listing, and the Company's intended future business plans and operations, including the development of psychedelic inspired medicines and experiential therapies. There are numerous risks and uncertainties that could cause actual results and MindMed's plans and objectives to differ materially from those expressed in the forward-looking information. Actual results and future events could differ materially from those anticipated in such information. 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 to update these forward-looking statements.

 

  Media Contact:    mindmed@crosscutstrategies.com   

 

 

 
 
 

SOURCE Mind Medicine (MindMed) Inc.

 
 

News Provided by Canada Newswire via QuoteMedia

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