The share price of Mind Medicine Inc (MNMD) closed the recent trading session at $1.23, gaining 9.82% from the previous trading session. The stock kept moving during the recent trading session between $1.14 and $1.28. During the last check, the share price of MNMD gained 2.33% to $1.26, in the pre-market.
Mind Medicine Inc is a biotech organization that creates hallucinogenic motivated drugs and treatments to address addiction and brain disorders. The company was founded in May 2019 and is headquartered in New York, United States of America (USA).
MNMD: Press Release
On January 25, 2022, Mind Med published a press release about the FDA approval of a generalized anxiety disorder (GAD) drug. The company announced that the FDA has approved the experimental drug, premising for the phase 2 trial of the drug used in the treatment of GAD. MNMD along with the study investigators and clinical trial sites are preparing for the enrolment of participants, starting early in 2022.
The recently reported clinical hold on the IND (Investigational New Drug) was lifted after Mind Med’s fast reactions for extra information connected with the member monitoring protocol in the forthcoming review.
CEO Remarks
The Chief Executive Officer (CEO) of Mind Medicine Inc, Robert Barrow, said that the approval from the FDA for phase 2 clinical trials is a major milestone for the company and the industry. He added that the trial is based on a productive dialogue with the FDA and will give a breakthrough in the treatment of anxiety symptoms after the first dose of MM-120.
With an administrative way, they anticipate expanding on this energy and propelling this trial as fast and productively as could be expected, bringing their essentially closer to changing the treatment landscape for patients who experience the ill effects of anxiety, the CEO said.
On November 15, 2021, MNMD released the financial results for the third quarter of FY21, which ended on September 30, 2021. The cash balance of the company was reported to be $178.6 million. The net loss of MNMD was reported to be $24.3 million for the third quarter of FY21. Mind Medicine Inc reported the earnings per share of -$0.6 against the estimated value of -$0.6, surprising by -100%.
News
Investment Industry Regulatory Organization of Canada (IIROC) can settle on a choice to force a transitory suspension of trading security. Trading suspensions are executed to guarantee a fair and organized market.
