The article 2022 End-of-Year Review: MindMed was originally published on Microdose.
Continuing our series of 2022 end-of-year reviews, we take a look at MindMed’s last 12 months.
It was a busy and controversial year for MindMed. On the clinical side, they successfully advanced their programs forward. Yet the stock price took a serious beating in 2022 and the company had to deal with a variety of other issues, including controversy around lawsuits and IP questions from former executives, causing panic amongst retail investors.
See below for MindMed’s 2022 company highlights:
MindMed’s lead program moved to a Phase 2b dose-optimization trial of MM-120, LSD for the treatment of Generalized Anxiety Disorder (GAD). MindMed began dosing the first patients in this trial in August, an important step forward for the firm.
Speaking of MM-120, in May MindMed and its collaborators announced positive topline data from its Phase 2 study of LSD. The topline data demonstrated significant, rapid, durable, and beneficial effects of LSD to safely mitigate symptoms of anxiety and depression.
In May, we reported that MindMed had filed a prospectus with the SEC for a “mixed shelf” offering with proceeds of up to $200 million and then announced the approval for shares to be sold for up to $100,000,000 in “at the market” transactions. Eventually, the company ended up raising $30 million in a public offering in September.
MindMed moved its other main program out of preclinical and into the clinical phase and it Dosed First Patients in Phase 1 MDMA Trial. The study aims to evaluate the effects of MDMA-like substances versus a placebo in healthy volunteers.
In June, MindMed was granted a patent for the combination of MDMA and LSD. Known recreationally as “candy flipping” the patent caused some controversy as there are already many prior uses of this combination. Ethical considerations aside, if the patent withstands challenges it will definitely add to MindMed’s IP portfolio.
During MindMed’s August earnings call, the company announced the shelving of its 18-MC (MM-110) program for opioid withdrawal. 18-MC was MindMed’s first major program and held high hopes for addiction treatment, however management said the FDA was requiring more studies and so decided that resources were better spent on its other lead programs (for now).
Continued price declines forced the company to undertake a 1:15 reverse stock split. Despite complaints from retail investors, the move allowed MindMed to maintain its NASDAQ listing.