Mind Medicine Inc., a psychedelics-based medicine startup closed a $24.2 million funding before to go public today through a reverse takeover of Broadway Gold Mining on the NEO Exchange, based in Toronto. Mindmed open this morning at $0.60 and closed at $0.405 with 13.65M volume.
Former Canopy CEO and board member of Mind Medicine Inc, Bruce Linton sees the opportunity for psychedelics as medicine as similar to the outlook for medicinal cannabis years ago, where regulations were starting to ease in some jurisdictions, opening the door for research.
“This is the next step in using cutting edge research, medicine and science to begin helping and curing people who have been affected by the opioid crisis,”– said Mindmed Co-Founder and CEO Stephen Hurst.
Mindmed finalized the acquisition of the 18-MC drug development program, an anti-addictive molecule that was previously funded by the National Institute on Drug Abuse (“NIDA”)
Mr. Rahn (co-CEO) says MindMed is developing what he hopes will become the “antibiotic for addiction,” based on a nonhallucinogenic derivative of ibogaine, a psychoactive compound that has been used for more than 50 years to treat addiction.
The market is at its very beginning and reminds the cannabis market before legalization. Investors will probably be there so as not to miss the huge opportunity ahead.
With more than 255 million shares issued, MindMed has a market value today of more than $102 million.
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