MindMed (OTCMKTS:MMEDF) has announced plans to acquire HealthMode to help it develop a mental health digital platform for psychedelic medicines. HealthMode is a therapeutics and digital medicine startup employing AI-enabled digital measurement to enhance patient monitoring and clinical research speed and precision.
MindMed to acquires HealthMode in a share plus cash deal
The company will acquire HealthMode by issuing 82,508 multiple voting shares, equivalent to 8.25 million MindMed subordinate voting shares, and a cash payment of C$300,000. Following the acquisition, MindMed will have access to HealthMode’s IP, clinical drug trial platforms, and its digital medicine team. The company plans to incorporate HealthMode’s ML product development, engineering, and operations staff based in Silicon Valley, Prague, and Bratislava into its newly established digital medicine unit, Albert. MindMed plans to make Alberta an industry-leading mental health digital platform that can launch and commercialize psychedelic-assisted therapies at scale.
J.R. Rahn, MindMed’s CEO, said that the company’s mission is becoming a drug development and digital medicine company. Rahn said that Albert is a digital medicine Special Ops using ML on patient care and drug development. He said that modern mental healthcare and psychedelic medicine development’s future will depend on improving self-reported mental health measures where continuous digital measurement of body and mind is vital as drug treatment.
MindMed and MindShift partner on new empathogenic and psychedelic substances
Recently MindMed announced a partnership with MindShift Compounds AG, a Swiss startup, to develop and patent next-generation psychedelic compounds with empathogenic and psychedelic properties. According to the partnership, the companies will develop next-generation empathogenic and psychedelic substances together. MindShift has already synthesized the first initial compounds with MindMed filing related patent applications. MindMed plans to commence the first-in-human first phase clinical study in Q1 2022 through its empathogenic and psychedelic compounds clinical trial.
Most importantly, the partnership on the initial targets will expand MindMed’s clinical pipeline and add other compounds with enhanced therapeutic properties. MindMed will own related synthesis IP and pharmaceutical; tech with MindShift Compounds offering IP related to new psychedelic exclusively to MindMed.