The curse of the name MindMed / Mind Medicine
It doesn’t really which side of the Pacific you are on with this name it seems everything is going south!
MindMed drops its proprietary ibogaine for opioid addiction research amidst an ongoing shakeup. What is going on with this psychedelics company?
Over the past two weeks, some major changes were announced by MindMed (Nasdaq: MNMD, NEO: MMED). It started on August 4th, when the psychedelic medicines company announced that they would be conducting a 1-for-15 reverse share split. And on August 12th, MindMed appointed two new members to its board. But the truly momentous news came the day before, during the company’s quarterly conference call: MindMed is putting their 18-MC program on ice.
18-MC, also known as MM-110, is a next-generation psychedelic that MindMed had hoped to use to treat Opioid Use Disorder. Modeled on the extremely hallucinogenic ibogaine, 18-MC was modified so that it would not cause a hallucination. One of the company’s first public programs, the excitement surrounding the potential of 18-MC attracted many early investors —myself included.
With the program on indefinite hold, along with further cuts that will be explained in this article, it’s time to take another look at the company and the stock. In this article, I will explain MindMed’s given reasons for the major shakeup, and then provide my thoughts and analysis.
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MindMed Shelves 18-MC for Opioid Use Disorder and Further Cuts Pipeline