MindMed Shifting Mental Health Paradigms & More
Mind Medicine (MindMed) Inc (NASDAQ:MNMD, NEO:MMED) recently became the second public psychedelics company on a major US stock exchange. But from our discussions with CEO JR Rahn, MindMed have no intention of sitting in second place. MindMed sees a massive opportunity by having a diverse psychedelic pipeline. Rather than focusing on a single compound, MindMed’s multi-drug pipeline has the ability to treat various illnesses.
Mindmed’s uplisting and recent positive momentum is a response to the misallocation of capital to mental health. 2020 and the continuation of the pandemic into this year has driven mental illness and addiction to all-time highs. 40% of the US has some form of mental illness and/or addiction. It’s a travesty, but that’s a pretty large total addressable market (TAM) that MindMed hopes to start solving. Not just relieving but fixing the underlying reason for such illnesses.
It is widely known there is an opioid crisis running rampant in the United States. It costs the US $500 billion per year and is only masking the symptoms patients experience. Similarly, drugs like Xanax only temporarily relieve anxiety. MindMed is trying to understanding if their psychedelic compounds could create a new paradigm for dealing with pain and anxiety/depression.
MindMed operates using a three-stage approach: discover, develop, and deploy.
Currently, the biotech company is discovering and developing novel forms of psychedelics – either new formulations or administration processes. Once there is proven success, those compounds/techniques can then be translated over to a commercial development program through the FDA.
Complete start-to-finish drug development to deployment has an 8-12 year horizon. That’s why MindMed has focused on trying to take substances with previous clinical evidence and history to market their drugs as soon as possible.
A great example of this is the company’s Lucy Project focused on LSD experiential therapy for anxiety disorders. MindMed intends to initiate a Phase 2b human efficacy trial that will focus on experiential doses of LSD, administered by a therapist. With the launch of Project Lucy, MindMed is now preparing a total of three Phase 2 commercial drug trials based on psychedelic inspired medicines, making it one of the most advanced and largest drug development pipelines in the psychedelics industry.
On top of this, MindMed is still discovering new forms of LSD, masculine, and MDMA for advanced treatments for a variety of mental illnesses in the future.
Looking into the future, shareholders can look forward to MindMed continuing to pursue clinical trials and scaling up projects. The next step for MindMed is establishing briefing packages for IND’s (Investigational New Drugs) with the Food and Drug Administration (FDA).
So what about actual drug deployment and MindMed’s timeline to commercial success?
Watch the full interview to learn about the technological infrastructure MindMed is building into the companies DNA in order to launch and scale drugs for commercial success. I mean it’s not as if you will ever find LSD on a shelf at Walgreens next to the toothpaste. But it’s looking like we will soon see MindMed as a top-shelf company alongside other big biotech names.