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Mind Medicine Inc. Launches First Of Its Kind Clinical Trials Using Synergistic Psychedelic Compounds

Sep 18, 2020 • 7:57 AM EDT
3 MIN READ  •  By Michael Berger
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After Champignon Brands was issued a cease trade order from the SEC, the entire psychedelic therapy sector came under pressure and this is a trend that we have been closely following.

Although we believe that investors need to conduct significant due diligence and be selective when it comes to the psychedelics sector, we are of the opinion that the industry represents an emerging opportunity and are focused on companies that are led by a management team that is actually executing on previously announced initiatives.

One of the high-profile psychedelic therapy companies to be negatively impacted by Champignon is Mind Medicine Inc. (MMED.NE) which is engaged in clinical development of psychedelic drugs. We believe that MindMed has been able to be differentiated itself as one of the few legitimate companies in the space and has a lead drug candidate (18-MC) that is considered is a non-substitute treatment for opioid use disorder (OUD).

Through a strategic relationship with the Liechti Lab at University Hospital Basel, MindMed has access to more than 10 years of psychedelics research and human psychedelics data. The relationship has played a crucial role in how the company has created the largest pipeline of psychedelic programs in the sector. MindMed is in the early innings of a major growth cycle as it relates to the relationship with Liechti and find this to be an important differentiator of the business.

Launches First Of Its Kind Trials

Mind Medicine and the University Hospital Basel’s Liechti Lab will combine MDMA and LSD in a groundbreaking Phase 1 clinical trial. The MDMA-LSD trial, the first-ever to combine both drugs, is scheduled to start in the fourth quarter in Basel, Switzerland, MindMed said in a statement Tuesday.

New York-based MindMed said that combined MDMA-LSD treatments have the potential to create next-generation psychedelic-assisted therapy paradigms.

When added to a psychedelic assisted therapy session, MDMA has the potential to reduce some known rare negative side effects that may occur while using LSD or other classic psychedelics on their own, MindMed noted.

A Psychedelics Leader To Be Watching 

18-MC could eventually be approved to be the first non-opioid approved for OUD and we believe that this would put MindMed in a league of its own. The company is focused on a broad spectrum of activity across all substance use disorders and we are favorable on the size of the total addressable market (TAM) of this.

From a capital standpoint, MindMed is well positioned and has more than $20 million of cash on hand. This amount of capital is expected to be sufficient for the next year and we expect to see MindMed raise additional capital. When compared to its peers, we expect the company to have an easier time at raising capital and find this to be a key part of the story.

As MindMed continues to execute on previously announced growth initiatives, we expect to see increased interest in the opportunity. We believe that the two most significant nearest-term value drivers that could attract a capital partner are the completion of the Phase 2a trials for anxiety and opioid withdrawal next year.

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Authored By

Michael Berger

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