Psychedelics company shares can be uncertain for investors as development of pharmaceutical therapeutics based on LSD and psilocybin is at an initial stage. Mind Medicine (NASDAQ:MNMD), one of the pioneering psychedelics companies, can be tracked by investors through its various projects, platform as well as financials.
Mindmed has four clinical franchises under development currently. Project Lucy addresses depressive disorders and anxiety through LSD and will have about 200 patients in various centers across US by end of 2021. This project aims to delve into how single dose affects such disorders and will end by end of 2023.
Another project Layla harnesses non-hallucinogenic molecule called 18-MC and is being looked at closely for treating patients undergoing opioid withdrawal. While the phase 2 will start in late 2021, the project will end in early 2023. The third franchise is testing LSD for treating pain under the name Project Angie. Mindmed expects a $31 billion global analgesics market by 2030 and is looking forward to commercialising LSD for application in that market and profit.
Lastly, Project Flow aims to study use of LSD for treating adult ADHD and will enroll 56 patients at two centers in Europe by end of 2021. The company also has a data platform for development of other psychedelic therapies called Albert.
An app for therapists as well as therapeutics, is also being developed by the firm. Mindmet’s numbers are unclear as it had $160 million in cash by March 31 and it raised capital from offering shares.
Market Reaction:
On Friday, MNMD stock went down 0.60% at $3.41 with more than 6.57 million shares, compared to its average volume of 10.70 million shares. The stock had moved within a range of $3.2650 – 3.4900 after opening the trade at $3.44. Over the past 52-week, the stock has been trading within a range of $0.3000 – 5.7700.
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