MindMed Soars on FDA Breakthrough Therapy Designation for “Truly Remarkable” Anxiety Candidate, Announces Capital Raise
Mind Medicine Inc. (Nasdaq: MNMD) has been granted FDA Breakthrough Therapy Designation for its generalized anxiety disorder (GAD) treatment candidate, MM120 (lysergide d-tartrate). MindMed also announced this week that its Phase 2b study of MM120 in GAD met its key secondary endpoint, and 12-week topline data demonstrated clinically and statistically significant durability of activity.
The company’s share price soared almost 85% during Thursday’s trading session, before settling up 51.52% at the closing bell. The company gained a further 5.56% aftermarket.
David Feifel, MD, PhD, Professor Emeritus of Psychiatry at the University of California, San Diego and Director of the Kadima Neuropsychiatry Institute in La Jolla, California and an investigator in the MM120 study commented on MM120’s potential, saying, “I’ve conducted clinical research studies in psychiatry for over two decades and have seen studies of many drugs under development for the treatment of anxiety. That MM120 exhibited rapid and robust efficacy, solidly sustained for 12 weeks after a single dose, is truly remarkable.”
MindMed plans to hold an End-of-Phase 2 meeting with the FDA in the first half of 2024 and initiate a Phase 3 clinical program in the second half of 2024.
Capital Raise
MindMed announced the pricing of an underwritten offering of 16,666,667 common shares at an offering price of $6.00 per common share. In addition, the Company has entered into share purchase agreements for a concurrent private placement of 12,500,000 common shares at a price of $6.00 per common share.
MindMed’s market cap stands at $372 million and 37.9 million shares changed hands during intraday trading on Thursday. The company’s average volume is 796,891 shares.
About MindMed
MindMed is a clinical stage biopharmaceutical company developing novel product candidates to treat brain health disorders. Our mission is to be the global leader in the development and delivery of treatments that unlock new opportunities to improve patient outcomes. We are developing a pipeline of innovative product candidates, with and without acute perceptual effects, targeting neurotransmitter pathways that play key roles in brain health disorders.
