Mind Medicine (MindMed) Inc (NASDAQ:MNMD) stock is moving lower in the opening session. The stock has gained about 15% in the past week.
Major Trigger:
MindMed Announces Chief Executive Officer Transition
Key Highlights:
- announces that J.R. Rahn, the Company’s co-founder and chief executive officer, is stepping down as chief executive officer and a director, and that its chief development officer, Robert Barrow, will assume the position of chief executive officer with immediate effect.
- The Company will also initiate a comprehensive search for a chief executive officer, in which Mr. Barrow will be a candidate, and Mr. Rahn will advise the Company during its leadership transition. The transition of the Company’s leadership team will enable the Company to pursue aggressively its clinical development programs and development of its companion innovative digital technologies.
- During Mr. Rahn’s tenure as chief executive officer, he helped to assemble a diverse clinical pipeline, establish world class research partnerships and was an instrumental part of the leadership team as MindMed went public on the NEO Exchange in Canada last year and recently listed on the Nasdaq Stock Market.
- Under Mr. Rahn’s leadership, the Company has raised over US$204 million (net of costs), making it one of the most well-capitalized companies in the psychedelic medicine industry. Mr. Rahn led the hiring of the Company’s world-class drug development and technology team capable of bringing psychedelic inspired medicines to market through a regulatory pathway worldwide.
Key Quote
Mr. Rahn said, “Since starting MindMed, it has been our goal to progress psychedelic medicines to one day help heal patients with mental illnesses. Our work to date and ability to raise capital has taken us leaps and bounds closer to that vision. This chief executive officer transition is a natural progression for MindMed as the Company heads into later stage clinical trials. I am thankful for the incredible team of scientists, doctors, innovators and investors who continue to support MindMed. This all could not have been possible without you.”
Market Reactions
As of 10:52, MNMD stock fell by 3.37% at $3.585. Total volume so far stood at 3.85 million shares, compared to its average volume of 7.71 million shares. The stock moved within a range of $ 3.4000 – 3.6200 after opening at $3.45.
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