MindMed Submits Application To Cross-List At NASDAQ

Psychedelic drug development company MindMed MMED MMEDF has submitted an application to cross-list on NASDAQ.

MindMed was the first psychedelics company to go public in March of 2020 on the NEO exchange. The company also lists on the Frankfurt Stock Exchange under the symbol MMQ, and has active operations in Europe through an exclusive research partnership with the Liechti lab at the University Hospital Basel in Switzerland.

MinMed announced the news Monday, just days after Compass Pathways CMPS — a UK-based medicinal psychedelics developer — had become the first psychedelics company to list on a major stock exchange, with an IPO at NASDAQ.

In a recent interview, MindMed Co-CEO JR Rahn told Benzinga that the success of Compass’ IPO is a clear bellwether for the growing psychedelic medicine industry.

“Psychedelics are being seen as a viable potential solution for treating mental health and addiction by Wall Street,” Rahn said.
MindMed is currently researching different psychedelic compounds in order to obtain clinical evidence that allows for the regulation of psychedelics as a way of psychiatric treatment. The company has advanced to its second phase of studies of LSD for the treatment of anxiety, suicide headaches and adult ADHD.

It is also studying MDMA, 18-MC (an ibogaine derivative) and ayahuasca’s active ingredient DMT at phase 1 trials.

Photo by Roberto Júnior on Unsplash