This past summer, Mind Medicine (MindMed) Inc MNMD, a medicine biotech in the psychedelics sector, announced the departure of co-founder and CEO J.R. Rahn.
In learning more about the changes that have taken place since, Benzinga spoke with Robert Barrow, the firm’s chief development officer, who took the role of CEO after Rahn.
Context: In light of the stagnation of traditional mental health care infrastructure, MindMed launched to discover, develop and deploy treatments that address and avoid the adverse effects of abuse and dependence.
During his tenure, Rahn introduced a broader audience to ongoing research and resource gaps around medicinal psychedelics. He raised $200 million, honed relationships with leading research groups and listed MindMed on Nasdaq Inc NDAQ, bolstering innovation and allowing both retail and institutional investors a chance to participate in the new age of medicine.
However, Rahn felt it was time to step away. He told Benzinga that MindMed was a brand that needed to focus more on drug development.
“Every company needs a different leader for a different time,” he had said. “I believe I was the right leader, at the right time … and this transition is just a natural progression.”
About Barrow: “My background is in the pharmaceutical industry where I was, for about 10 years, the chief operating officer of a clinical-stage drug development company,” Barrow said of his role at Olatech Therapeutics.
“My focus was on clinical development programs, as well as running trials and regulatory engagements.”
As the head of research and development at the Usona Institute, Barrow secured a breakthrough therapy designation for the clinical research program for psilocybin in the treatment of major depressive disorder.
In the middle of 2020, as he had been working in an FDA-facing consulting role for several psychedelics companies, Barrow started having discussions with MindMed.
“I pitched my vision to J.R. and effectively said: ‘The only way I would want to come into the organization is if we have a shared vision. If we are going to dream and build big, we need to think about this as a CNS-focused pharma company, not just a psychedelics company.’”
The team at MindMed appreciated the perspective and brought Barrow on as chief development officer, where he spent time thinking about ways to revolutionize mental health treatment within the existing health care infrastructure.
After Rahn left, Barrow stepped up as CEO; “I had worked in capital markets and so this is a space that’s quite familiar to me,” he added.
Post-Rahn MindMed: “You can think of 2021 as the maturation year, building the organization, getting listed on Nasdaq and moving a lot of our operations forward.”
MindMed has evolved majorly since the middle of 2021; in particular, the firm’s team and diverse development programs make it competitive.
“A lot of the organization had really been built out in [terms of] R&D,” he said. “We had also acquired a company called HealthMode, which is our digital medicine arm.”
Big new milestones that Barrow pointed to include MindMed’s studies and trials.
“We have a Phase II trial of low repeat administration of LSD in adult ADHD,” Barrow said. “It’s a study that’s going on in Europe, and we’re still on track to launch that study this year.”
That is alongside a dose-response study of single-dose LSD, in the treatment of generalized anxiety disorder, as well as the Phase I studies of 18-Methoxycoronaridine (18-MC) and MDMA, ahead of a Phase II on 18-MC in opioid withdrawal, among other programs.
“We’re entering the phase where we’re going to have a number of our own studies in Phase II that are up and running, and we’ve got an incredible team who will be seeing them through.”
What’s In Store For The Future: “Building a bigger pipeline that is diverse in terms of characteristics, the molecules, and the indications is what we’re going after.”
With the emergence of MindMed and upstart competitors, psychedelics are a fast-growing drug class.
“We are very much a believer that a rising tide lifts all ships,” Barrow explained in working closely with federal agencies and top talents at organizations like the University Hospital Basel, to develop a diversified pipeline of molecules, across an increased number of applications.
“By zooming out, we are able to think of the opportunity in its highest impact manner, and are trying to build ourselves an incredible pharmaceutical organization.”
Pictured: CEO of MindMed Robert Barrow, left, with the founder of MindMed J.R. Rahn. Photo by Emil Cohen, from MindMed.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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