Mind Medicine, Inc. (MindMed) plans to take MM120 (lysergide D-tartrate), a proprietary low-dose formulation of the psychedelic drug LSD, into Phase III clinical trials in generalized anxiety disorder (GAD) during the second half of 2024 based on continued positive data readouts from a Phase IIb trial, including a 7 March update that showed a single dose of the drug effectively treated GAD for up to 12 weeks after administration.
Key Takeaways
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MindMed reported updated Phase IIb results for LSD derivative MM120 that showed a single treatment for generalized anxiety worked for up to 12 weeks.
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The company raised $175m to support its planned Phase III program, which it expects to initiate in the second half of 2024
New York-headquartered MindMed rose 52.9% to close at $9.08 per share based on the Phase IIb trial update. The company wasted no time in raising money in tandem with the news, grossing $175m from a follow-on public offering of 16.7 million shares and a concurrent private placement of 12
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