Toronto-based MindMed, a neuro-pharmaceutical company for psychedelic-inspired medicines, has secured US$6.2 million in funding. The investors included Bruce Linton, ex-CEO and founder of cannabis company Canopy Growth, Canadian businessman and “Shark Tank” co-host Kevin O’Leary, Compass Pathways and James Bailey, a partner at Bail Capital. In addition to the funding, Linton will join MindMed’s board.
TORONTO, Ontario (September 25, 2019) – Mind Medicine Inc. (“MindMed”), the neuro-pharmaceutical company for psychedelic inspired medicines, has closed a strategic investment round of US$6.2 million. The top private medical investors and venture capitalists include Bruce Linton (the former co-CEO and founder of leading cannabis company Canopy Growth), Kevin O’Leary (Canadian businessman and host of ABC’s Shark Tank) and James Bailey (a partner at Bail Capital and early investor in GW Pharmaceuticals, Compass Pathways and Eaze). Linton will also join the MindMed Board of Directors.
“Psychedelics have been governed by unfounded bias and prohibition. I believe they may hold as much or more therapeutic promise as cannabis,” said Linton. “It is very clear that psychedelics need to be regulated by the FDA, and I believe MindMed has both the team and strategy to conduct the necessary trials and create next-generation psychedelics.”
MindMed, which already boasts a team of top researchers and drug developers, is primarily focused on developing 18-MC, a molecule based on the psychedelic ibogaine, to treat opioid addiction. The company is now preparing its next-generation, psychedelic inspired medicine for a Phase II FDA clinical trial targeting opioid use disorder. To make 18-MC, MindMed has successfully removed the hallucinogenic effects of ibogaine while still maintaining its anti-addictive medicinal benefits.
“The opioid crisis is affecting millions of American families and it is costing the country $500 billion a year. We owe it to those families to explore all options and find a solution,” said O’Leary. “I invested in MindMed because they are approaching psychedelics through rigorous science and FDA trials. The psychedelics space is vastly different than cannabis and legalized recreational use will never happen; psychedelics need to be approved as FDA drugs.”
The National Institute on Drug Abuse (“NIDA”), a United States federal-government research institute, previously granted US$6.7 million in funding, which supported the development of MindMed’s 18-MC drug development program as an anti-addictive treatment.
MindMed’s strategy is to focus on the medicinal benefits of non-hallucinogenic psychedelics. The company is unique in that it synthesizes psychedelics to be non-hallucinogenic medicines that can still offer therapeutic benefits to patients. MindMed envisions that its medicines will be prescribed by physicians and dispensed to patients by pharmacies under the traditional pharmaceutical model.
“With Bruce joining our board and a very strong team in place, we are focused on developing a diverse pipeline of drugs derived from psychedelics to leverage their unique medicinal properties and benefits,” said MindMed Co-Founder and Director JR Rahn. “Since the 1960s, psychedelics have been thought of as hippie drugs, but there are a lot of important medical uses that can come from their components. Our strong team of drug developers and research scientists are rethinking them and designing next-generation psychedelics that we believe will be powerful medicines.”
MindMed will be further evaluating and growing the company’s pipeline of psychedelic inspired medicines through proprietary discovery programs, acquisitions, joint ventures and collaborative development agreements.
ABOUT MIND MEDICINE:
Mind Medicine, Inc. is a neuro-pharmaceutical company that discovers, develops and deploys psychedelic inspired medicines to improve health, promote wellness and alleviate suffering. The company’s immediate priority is to address the opioid crisis by developing a non-hallucinogenic version of the psychedelic ibogaine. The MindMed executive team brings extensive biopharmaceutical industry experience to this groundbreaking approach to the development of next-generation psychedelic medicines.