Mind Cure Closes $18M Raise

Mind Cure Health Inc. MCUR, a mental health and wellness company working in the psychedelics sector, announced the closing of a CA$23 Million ($18.1 million) offering.

The company issued approximately 38 million units, consisting of one share and one half of a share purchase warrant, at CA$0.60 per unit, in a raise led by Canaccord Genuity Corp. 

"We are delighted to have the trust and support of the investment community as we continue with our mission to advance psychedelic medicine through research into novel and classic psychedelic molecules and therapies as well as pioneering and building iSTRYM, the digital infrastructure necessary to deliver these life-transforming therapies at scale," Mind Cure CEo Kelsey Ramsden said Wednesday.

The proceeds will be used to finance product research and development, advance the company’s technological capabilities, marketing expenditures and product awareness, as well as for working capital.

So far, Mind Cure has raised almost CA$31 million ($24.4 million) to date. The company’s operations are divided between five spheres, which include:

• A line of non-psychedelic supplements using functional mushroom formulations that are already available to consumers.
• Research on novel molecule and protocol identification.
• Research on psilocybin, ketamine and ibogaine, with a focus on pain, cluster headaches, migraine, neuropathic pain, neuroregeneration and performance.
• cGMP production of psychedelic molecules.
• Digital therapeutics, including the iSTRYM platform, a tech platform for mental health and psychedelic research, which will go into beta test mode in the second quarter of this year and is expected to be fully deployed by the end of the year.