For readers of the Financial Statements and MD&A, it is important to note that on
Fourth Quarter and 2019 Highlights and Subsequent Events
- MindMed was founded in
May 2019 , and completed a number of capital raises for aggregate proceeds ofUS$30,377,027 , includingUS$19,573,441 after period end, making it very well capitalized in the psychedelic medicine industry. - MindMed acquired the rights to 18-MC drug development program in the period ended
December 31, 2019 and established an addiction drug development program focused on addressing theU.S. opioid crisis. - MindMed secured a leading team of pharmaceutical industry veterans and advisors with deep experience of psychedelics over the course of 2019, solidifying its position as a leader in the psychedelic medicines industry.
- MindMed further assembled the infrastructure in the period for its unique drug development platform to discover, develop and deploy psychedelic inspired medicines. As part of this process, the Company actively pursued its strategy to further grow its clinical trial collaborations and intellectual property (IP) acquisitions during this period.
- The Company established a psychedelics microdosing division and began preparing a Phase 2 trial for microdosing of LSD for the treatment of adult ADHD.
Outlook and Update
- MindMed continues advancing the development of its 18-MC drug development program through further human safety studies and is targeting to begin its Phase 2 trial of 18-MC by the end of the year.
- MindMed is actively pursuing new collaborations, acquisitions of IP and clinical trials to build the most compelling pipeline and portfolio of psychedelic inspired medicines.
Financial Results
Overview
Since inception, we have incurred losses while advancing the research and development of our products. Net loss for the period ended
Research and Development
Research and development expenses by program for the period ended
18-MC program(1) | $ | 645,192 |
LSD program (Note 1) | 863,414 | |
Non-program specific (Note 1) | 540,438 | |
Total | $ | 2,049,044 |
Note: | ||
(1) | Research and development expenditures in the above table include all direct and indirect costs for the programs, personnel costs, intellectual property. |
General and Administrative
General and administrative expenses for the period ended
Our cash and working capital at
Cash flows from operating activities
Cash used in operating activities of
Cash flows from financing activities
Cash provided by financing activities totaled
- In
July 2019 , we issued 35,000,000 Class B common shares at a price ofUS$0.0001 per share for gross proceeds ofUS$3,500 . - In
September 2019 , we completed a non-brokered private placement financing of common shares, selling 45,972,630 Class C common shares ("ClassC Shares ") at a price ofUS$0.10 per share for gross proceeds ofUS$4,597,263 . Additionally, we settled an outstanding loan ofUS$100,000 and interest owing ofUS$2,104 through the issuance of 1,021,041 ClassC Shares to a member of the board of directors. - In
September 2019 , we sold 10,000,000 Class D common shares ("ClassD Shares ") to two members of the board of directors, at a price ofUS$0.10 per share yielding gross proceeds ofUS$1,000,000 . - In
December 2019 , we completed the first tranche of a brokered private placement as well as a concurrent non-brokered private placement, issuing a total of 18,771,897 ClassD Shares at a price ofCAD$0.33 ($0.25 ) per share for gross proceeds ofUS$4,727,106 , before deducting cash share issuance costs ofUS$442,921 . On closing of the first tranche, we issued the agent 313,472 broker warrants ("Broker Warrants") and paid a cash advisory fee ofCAD$178,295 and issued 1,000,561 advisory warrants (together with the Broker Warrants, the "Compensation Warrants") to the agent. Each Compensation Warrant is exercisable to acquire one ClassD Share at a price ofCAD$0.33 per share expiringMarch 3, 2021 .
Appointment of Interim Chief Financial Officer
MindMed also announced the retirement of
Fourth Quarter and Year End 2019 Results Webcast
MindMed will be hosting a conference call and webcast on
Webcast and call-in details are as follows:
Topic: MindMed Year-End Results and Corporate Update
Date of call: Wednesday, April 1, 2020
Time of call: 11:00a.m. ET
Conference ID: 2176839
Participant Toll Free Dial-In Number: (866) 497-6293
Participant International Dial-In Number: (825) 312-2348
Webcast URL: https://event.on24.com/wcc/r/2253341/3F84DD7CA57EC079F5387A5D2E5101DD
A replay of the webcast will be available at www.mindmed.co.
About MindMed
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
Cautionary Statements and Disclaimer: This news release contains "forward-looking information", which may include, but is not limited to, statements with respect to anticipated business plans or strategies of MindMed, the anticipated date of completion of micro-dosing studies, the timing of any drug trials, the success of its clinical trials and the ability to enter into acquisitions or collaborations to enhance its drug development platform. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of MindMed to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Forward-looking statements contained herein are made as of the date of this press release and MindMed disclaims, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management's estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.
Neither the Neo Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Neo Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Media Contact: Anna Walsh
E: mindmedpr@pacepublicrelations.com
P: 212-254-4730
Investor Relations: invest@mindmed.co
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