MindMed is a clinical stage psychedelic medicine biotech company. This biotech company specifically focuses on the discovery and development of innovative therapies and medicines that target psychological and mental illness like an addiction. The pipeline of the company includes the development of psychedelic substances which include 18-MC, Dimethyltryptamine (DMT), MDMA, Lysergic acid Diethylamide, Psilobycin and Ibogaine derivative. The team is using the experience for its biopharmaceutical background and integrating it into the market of psychedelic-based medicines and therapies.
MindMed is enlisted on the NASDAQ as “MNMD”
On 27th April 2021, MindMed announced that it has initiated trading on The Nasdaq Capital Market and this trading started on the same day of the announcement. The symbol under which it will trade in the NASDAQ capital market is “MNMD”.
The company has also given a reminder stating that the company will still exist on the Neo Exchange Inc. listing by the symbol “MMED” and will also trade in Germany by “MMQ”. Trading initiation will switch the company’s subordinate shares from the symbol “MMEDF” to “MNMD” from the OTC Markets Group which is a mid-tier OTC equity market; MindMed was initially a penny stock.
Initial stock performance on NASDAQ
On the first day of the trading on Nasdaq, the MNMD shares fell by more than 25% albeit seeing on the Over the Counter Exchange (OTCQB) market a significant rise on Monday of up to 33%. However these initial trading days on the Nasdaq something that is too early to dictate the direction of the MNMD stock’s performance metrics. JR Rahn, CEO of MindMed said that the MNMD stock has 180,000 shareholders.
The company believes that this is a milestone achieved in the sense of expanding the investor’s portfolio and giving them the opportunity to invest in the growing psychedelics industry. The company wishes to expand its clinical trial studies, focusing on psychedelic substances like LSD, MDMA, and others. These studies will be gateways to strategies and innovative designs for entering the market. Obviously, the main goal is to go through FDA approvals and clearances.
MindMed is expanding in the psychedelic market
Prior to the news about enlisting in Nasdaq, MindMed focused on the expansion of its operations which included acquisitions and assisting in the legalization of certain psychedelic drugs for medical uses. In February, MindMed acquired HealthMode which is a medicine and therapeutics startup based on aAI/digital operations model. The transaction took place in the form of cash and stock for a total value of $32.5 million.