Why Mind Medicine Shares Are Rising Today

Mind Medicine Inc MNMD is trading higher Tuesday morning after the company announced the U.S. Food and Drug Administration (FDA) cleared its Investigational New Drug (IND) application, allowing its Phase 2b dose-optimization trial of MM-120 for the treatment of generalized anxiety disorder to proceed.

The previously announced clinical hold on the IND was lifted following MindMed’s responses for additional information related to the participant monitoring protocol in the upcoming study. Participant enrollment for the study is expected to start in early 2022.

"This trial, the first commercial study of LSD in more than 40 years, builds on productive discussions with FDA and provides an opportunity to explore improvements in anxiety symptoms following a single administration of MM-120," said Robert Barrow, CEO of MindMed.

Mind Medicine is a psychedelic medicine biotech company that discovers, develops and deploys psychedelic inspired medicines and therapies to address addiction and mental illness.

MM-120 is MindMed’s proprietary drug candidate, a pharmacologically optimized form of LSD being developed for GAD and other brain-based disorders.

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MNMD Price Action: Mind Medicine has traded as low as 79 cents and as high as $5.77 over a 52-week period.

The stock was up 17.6% at $1.09 at time of publication.

Photo: geralt from Pixabay.