Breaking News: MindMed has applied to list on the NASDAQ. Canaccord Genuity has been appointed to assess M&A opportunities and the viability of an up-listing.
Exclusive Snap Interview
We asked JR Rahn, Co-founder and CEO of MindMed, a few questions on this move:
PA: Why have you taken this step?
JR: Since we went public earlier this year, there has been significant interest in the psychedelic medicine industry, as evidenced by the recent, successful COMPASS IPO. We are interested in growing our company in line with that demand, and this will give us further access to U.S. capital markets.
PA: When do you expect to provide an update on this application?
JR: Completion of the uplisting is still subject to a review of the company and acceptance by NASDAQ, so we don’t have a more specific timeline to share at this time.
PA: What does this mean for existing shareholders?
JR: The opportunity to be an early investor in a company evaluating paths to expand long-term shareholder value.
Full Release below.
MindMed Submits Application For NASDAQ Up-Listing, Appoints Canaccord Genuity As Financial Advisor
NEW YORK, Sept. 21, 2020 /CNW/ — Mind Medicine (MindMed) Inc. (NEO: MMED)(OTCQB: MMEDF)(DE: MMQ), the leading drug development company for psychedelic inspired medicines, is evaluating an expanded United States investor base through an up-listing on the NASDAQ Capital Market (“NASDAQ”).
As part of this up-listing strategy in the United States, MindMed has submitted an application to list its subordinate voting shares on NASDAQ. The listing of MindMed’s shares on NASDAQ will be subject to a number of regulatory requirements, including review of the company and acceptance for listing by NASDAQ. There can be no assurance that NASDAQ acceptance will be granted.
MindMed has appointed Canaccord Genuity Corp. (“Canaccord Genuity”) as financial advisor to assess the viability of a potential up-listing to NASDAQ and also help to evaluate M&A opportunities available to the company.
MindMed Co-Founder and Co-CEO JR Rahn said “The psychedelic medicine industry is maturing and expanding rapidly, and we want to grow with it. We look forward to working with Canaccord Genuity to evaluate the opportunity for an up-listing on NASDAQ and help us navigate M&A opportunities now available to the company.”
Mind Medicine (MindMed) Inc. is a drug development company that discovers, develops, and deploys psychedelic inspired medicines to improve health, promote wellness, and alleviate suffering. The company is assembling a compelling drug development pipeline of innovative treatments through human clinical trials to help patients with mental and behavioral health issues, including substance use disorder. The MindMed executive team brings extensive biopharmaceutical industry experience to this groundbreaking approach to the development of next-generation psychedelic medicines. MindMed trades on the NEO Exchange under the symbol MMED. MindMed can also be traded in the US under the symbol OTC: MMEDF and in Germany under the symbol DE:MMQ. For more information: www.mindmed.co
MindMed Forward-Looking Statements
This press release includes forward-looking statements that involve risks and uncertainties relating to future events and performance of MindMed, and actual events or results may differ materially from these forward-looking statements. Words such as “anticipate,” “expect,” “intend,” “plan,” “believe,” “seek,” “estimate,” variations of such words, and similar expressions are intended to identify such forward-looking statements, although not all forward-looking statements contain these identifying words. These statements concern, and these risks and uncertainties include, among others, MindMed’s ability to obtain approval for listing on NASDAQ; MindMed’s and its collaborators’ ability to continue to conduct research and clinical programs, MindMed’s ability to manage its supply chain, product sales of products marketed by MindMed and/or its collaborators (collectively, “Products”), and the global economy; the nature, timing, and possible success and therapeutic applications of Products and Product candidates and research and clinical programs now underway or planned; the likelihood, timing, and scope of possible regulatory approval and commercial launch of Product candidates and new indications for Products; unforeseen safety issues resulting from the administration of Products and Product candidates in patients, including serious complications or side effects in connection with the use of MindMed’s Products and product candidates in clinical trials; determinations by regulatory and administrative governmental authorities which may delay or restrict MindMed’s ability to continue to develop or commercialize Products; ongoing regulatory obligations and oversight impacting Products, research and clinical programs, and business, including those relating to patient privacy; uncertainty of market acceptance and commercial success of Products and Product candidates and the impact of studies on the commercial success of Products and Product candidates; the availability and extent of reimbursement of Products from third-party payers, including private payer healthcare and insurance programs, health maintenance organizations, pharmacy benefit management companies, and government programs such as Medicare and Medicaid; competing drugs and product candidates that may be superior to Products and Product candidates; the extent to which the results from the research and development programs conducted by MindMed or its collaborators may be replicated in other studies and lead to therapeutic applications; the ability of MindMed to manufacture and manage supply chains for multiple products and product candidates; the ability of MindMed’s collaborators, suppliers, or other third parties (as applicable) to perform manufacturing, filling, finishing, packaging, labelling, distribution, and other steps related to MindMed’s Products and product candidates; unanticipated expenses; the costs of developing, producing, and selling products; the ability of MindMed to meet any of its financial projections or guidance and changes to the assumptions underlying those projections or guidance; the potential for any license or collaboration agreement to be cancelled or terminated without any further product success; and risks associated with intellectual property of other parties and pending or future litigation relating thereto, other litigation and other proceedings and government investigations relating to MindMed and its operations, the ultimate outcome of any such proceedings and investigations, and the impact any of the foregoing may have on MindMed’s business, prospects, operating results, and financial condition. Any forward-looking statements are made based on management’s current beliefs and judgment. MindMed does not undertake any obligation to update publicly any forward-looking statement.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities of the company will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), and may not be offered or sold within the United States or to, or for the account or benefit of U.S. persons except in certain transactions exempt from the registration requirements of the U.S. Securities Act)
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SOURCE Mind Medicine (MindMed) Inc.