MINDMED

•  Mindmed develops psychedelic-inspired medicines and therapies to treat anxiety, ADHD, cluster headaches, and addiction. The immediate priority is developing a non-hallugenic version of the psychedelic ibogaine in response to the opioid endemic.
• In addition, Mindmed has developed the microdosing drug program based on sub-perpetual amounts of LSD for adult ADHD. The phase two microdosing trial for adults is the first ever of its kind. The product Mindmed is creating will enable LSD and psilocybin microdoses to be taken at home. At the current time Mindmed does not market or distribute any products.
• To date Mindmed has received $55.2 million in funding from six investors. Canaccord Genuity Group and BT Growth Capital are their most recent investors. Other investors are James Bailey, Kevin O´Leary, Bruce Linton, and Tim Davis. They have undertaken four funding rounds, one series A round, and three post-IPO rounds, the most recent on 20 October 2020 when they raised $25 million.
• Mindmed went public on 16 November 2016, trading on the Canadian exchange. On 25 September 2020, they applied for up listing to the NASDAQ.
• Over the 2019 financial year, Mindmed had a loss of $5.5 million. This was primarily due to the payment of management and legal fees. Cash flow used in operations was $3.4 million. The company has experienced operating losses since incorporation.
• On 5 November 2020, Mindmed announced it was partnering with NYU Langone Health and the NYU Grossman School of Medicine, committing over $5 million in funding to the NYU Langone Health Psychedelic Medicine Research Training Program.

Compass Pathways

• Compass Pathways has patented a synthetic form of psilocybin for use in treatment-resistant depression.

Summary

• In our initial hour of research, we have scoped the information available to address the research goals focusing primarily on Mindmed. One issue we foresee is the basis on which to determine the "top" companies, given most are trading at a loss and have no product to market or distribute at the current time. While the "top" companies could be determined based on the research and products they are developing, that is likely to be overly time intensive. Given this, we suggest continuing research into the companies identified (Mindmed, Numinus, Cybin, and Compass Pathways).