Mr. Wonderful's about to see a whole lot of love from Wall Street for psychedelics.
Leading psychedelic medicine biotech company MindMed, is expected to begin trading on the Nasdaq tomorrow (April 27th) under the symbol MNMD.
The New York-based company is already trading on the Canadian NEO Exchange under the MMED symbol. MindMed works to develop psychedelic medicine and therapies aimed at addiction and mental health issues. It works with a range of substances including psilocybin, LSD, MDMA, DMT, and ibogaine. It recently partnered with NYU, contributing $5 million to develop a psychedelic research and training program.
“The listing of our stock on the Nasdaq represents a significant milestone in our growth as a publicly-traded company,” J.R. Rahn, CEO and Co-Founder of MindMed, said in a statement. “We believe this listing will increase our visibility in the marketplace, improve liquidity, broaden and diversify our shareholder base, and ultimately enhance long-term shareholder value. I would like to thank our employees, management, directors and our many collaborators for their hard work in making MindMed a member of the Nasdaq exchange, an important step that will help facilitate our mission to discover, develop and deploy psychedelic inspired medicines and therapies to address addiction and mental illness.”
MindMed raised $24.2 million before going public on the NEO. Its investors include Shark Tank star “Mr. Wonderful,” Kevin O’Leary, who was part of a $6 million early funding round in 2019. He posted about the Nasdaq announcement on his Instagram, “What an amazing journey!” he captioned a picture of himself and the MindMed co-founders in astronaut uniforms.
“Psychedelics are finally having their day in the sun — not as recreational drugs but as medicines to address society’s problems with mental illness and addiction — and I’m one of the many Wall Street investors who are now backing them,” O’Leary said in Business Insider last November.
MindMed’s news comes after Atai Life Sciences announced its expected uplisting to the Nasdaq this year. Compass Pathways went public last September, with a $1 billion valuation at the time of its IPO.
MindMed’s stock is up an additional 36 percent to $4.80.