Mindmed Acquires Opioid Addiction Drug Candidate Based on the Natural Psychedelic Ibogaine
TORONTO, Sept. 16, 2019 /PRNewswire/ -- Mind Medicine, Inc. ("Mindmed"), the leading neuro-pharmaceutical company focused on discovering and developing medicines based on psychedelics, has finalized the acquisition of the 18-MC drug development program, an anti-addictive molecule that was previously funded by the National Institute on Drug Abuse ("NIDA"). Mindmed acquired the project from Savant HWP Inc., whose leadership team of top researchers and drug developers will also join the company.
18-MC is based on the natural psychedelic substance ibogaine and is focused on addressing the opioid crisis and other forms of addiction. Historically, ibogaine has been successful in treating mostly heroin addicts. 18-MC has been synthesized to be non-hallucinogenic while maintaining ibogaine's anti-addictive properties. Mindmed is now preparing 18-MC for a Phase II FDA clinical trial targeting opioid use disorder.
"We believe that hallucinogenic therapies have great merit and benefits for treating addiction," said Mindmed Co-Founder and Board Member JR Rahn. "But, undergoing a 'psychedelic trip' might be a daunting proposition to some patients. We want patients to pick up these medicines from their local pharmacy with a prescription. We feel there is an immense opportunity to create next-gen versions of psychedelics for approval as FDA drugs."
Psychedelic inspired medicines create a very real opportunity to disrupt current approaches to the treatment of serious brain diseases including addiction and various forms of mental illness. "This is the next step in using cutting edge research, medicine and science to begin helping and curing people who have been affected by the opioid crisis," said Mindmed Co-Founder and CEO Stephen Hurst.
The company plans on addressing the opioid crisis and other forms of addiction by developing next-generation versions of psychedelic substances such as LSD, psilocybin and ibogaine. Mindmed is developing a diverse pipeline of drugs derived from these psychedelics to leverage their unique medicinal properties and benefits.
Mindmed was founded by an extensive team of drug development veterans and has recently been funded by private venture capital investors with plans to take the company public in the near future.
ABOUT MINDMED : Mind Medicine, Inc. ("Mindmed"), a neuro-pharmaceutical company, discovers, develops and deploys psychedelic inspired medicines to improve health, promote wellness and alleviate suffering. The company's immediate priority is to address the opioid crisis by developing a non-hallucinogenic version of the psychedelic compound ibogaine. The Mindmed executive team brings extensive biopharmaceutical industry experience to this groundbreaking approach to medicines development.
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This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of applicable securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements relate, among other things, to: the terms and conditions of any proposed public listing, or whether such listing will even occur; the potential safety and efficacy of medicines under development; and the business and operations of Mindmed. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; and the delay or failure to receive board, shareholder or regulatory approvals. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. In evaluating forward-looking statements and information, readers should carefully consider the various factors which could cause actual results or events to differ materially from those expressed or implied in the forward looking statements and forward-looking information depending on, among other things, the risks that 18-MC, or any other drug developed by Mindmed will not be suitable for its intended purpose for any reason (including the failure to obtain the required approvals or clearances from regulatory authorities).
Readers should not place undue reliance on the forward-looking statements and information contained in this news release. Mindmed assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law. The statements in this press release are made as of the date of this release. Mindmed undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of its financial or operating results (as applicable).
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SOURCE Mind Medicine, Inc. (Mindmed)