MindMed
| Company type | Public |
|---|---|
| Industry | Biotechnology, Pharmaceutical |
| Founded | May 2019 |
| Founder | Stephen Hurst, Jamon Rahn |
| Headquarters | New York , United States |
Key people | Robert Barrow (CEO), Daniel Karlin MD (Chief Medical Officer) |
| Products | Psychedelic and psychoplastogenic compounds for clinical and therapeutic use |
| Website | mindmed |
Mind Medicine (MindMed) Inc., based in New York, operates as a biotechnology firm focused on creating clinical and therapeutic solutions utilizing psychedelic and psychoplastogenic compounds.
History
Established in May 2019 by Stephen Hurst and Jamon Rahn, MindMed initially concentrated on developing treatments for opioid withdrawal and opioid use disorder through 18-MC, a non-hallucinogenic derivative of ibogaine. In June 2019, the company acquired the 18-MC drug development program, which had previously received funding from the National Institute on Drug Abuse, and commenced preparations for Phase I clinical trials under FDA oversight.
MindMed distinguished itself as the first psychedelic pharmaceutical entity to become publicly traded, debuting on the Canadian NEO Exchange in March 2020 via a reverse merger with Broadway Gold Mining. The company later uplisted to Nasdaq under the ticker MNMD in April 2021.
In June 2021, Jamon Rahn resigned from his roles as CEO and director, with Robert Barrow—formerly Chief Business Development Officer—assuming the CEO position.
Earlier, in February 2021, MindMed expanded its capabilities by acquiring HealthMode, a digital health startup. Daniel Karlin MD, HealthMode’s CEO, was appointed as MindMed’s Chief Medical Officer following the acquisition.
On August 25, 2022, the firm administered the initial dose in a Phase 2b clinical trial of MM-120 targeting generalized anxiety disorder (GAD), enrolling a total of 198 subjects. The trial results demonstrated statistically significant improvements in most participants, leading to authorization for several Phase 3 studies.
Research
In March 2020, MindMed collaborated with NYU Langone to establish a clinical training program aimed at psychiatrists specializing in psychedelic therapies. Committing $5 million to this initiative, the program emphasizes advancing treatments such as 18-MC and psilocybin-assisted therapy for alcohol use disorder.
The following month, MindMed entered a long-term collaboration with University Hospital Basel’s Liechti Lab, gaining access to over a decade of research data on LSD, MDMA, and other psychedelics. The partnership supported the development of an innovative compound designed to shorten or terminate LSD experiences to improve therapeutic outcomes. In 2020, clinical trials began involving DMT—the active ingredient in ayahuasca—as well as combinations of MDMA and LSD. A comparative investigation into the altered states induced by psilocybin versus LSD commenced in August 2020. Subsequently, a Phase 1 study examining dose-dependent effects of LSD was conducted at the Liechti Lab and published in Neuropsychopharmacology. In September 2021, Matthias Liechti presented findings indicating that a 100 mcg dose of LSD elicited acute perceptual effects comparable to those produced by 20 mg of psilocybin. Additionally, psilocybin was confirmed safe following two weeks of antidepressant administration and demonstrated reductions in anxiety and blood pressure without compromising its efficacy.
In December 2020, MindMed partnered with Maastricht University to conduct a Phase 1 trial evaluating the effects of low-dose LSD on mood regulation, sleep quality, and neuroplasticity.
By March 2024, based on clinical trial evidence showing substantial symptom improvement in nearly half of participants with generalized anxiety disorder, the FDA awarded breakthrough therapy designation to MindMed’s LSD-based formulation (MM120).
Current clinical studies
- MM120 ODT (Lysergide D-tartrate) – Phase 3 study in progress for Generalized Anxiety Disorder (GAD).
- MM120 ODT (Lysergide D-tartrate) – Phase 3 study scheduled for Major Depressive Disorder (MDD) in the first half of 2025.
- MM402 (R(-)-MDMA) – Phase 1 study focusing on Autism Spectrum Disorder (ASD).
See also
External links
- Psychedelic drug research
- Health care companies based in New York (state)
- Medical technology companies of the United States
- Pharmaceutical companies of the United States
- Pharmaceutical companies
- American companies established in 2019
- Companies listed on Cboe Canada
- Companies listed on the Nasdaq
- Companies listed on the Frankfurt Stock Exchange
- Psychedelic pharmaceutical companies