MindMed Acquires HealthMode For $41.6 Million

MindMed (NEO: MMED) this morning announced that it will be acquiring that of HealthMode in a largely stock-based transaction. HealthMode is a digital medicine and therapeutics startup focused on the use of artificial intelligence to improve the precision and speed of clinical research and patient monitoring.

The acquisition will reportedly see the company strengthen its executive team, with the appointment of Daniel R Karlin, MD and MA, to the role of chief medical officer, while Bradford Cross, whom is reportedly an AI and machine learning expert, will take on the role of chief technology officer. The acquisition will also see the company acquire all IP, platforms for clinical drug trials, and the entire staff of HealthMode.

The platform will reportedly be integrated with MindMed’s recently established digital medicine division, known as Albert. Commenting on the acquisition and the justification for the hefty purchase, CEO J.R. Rahn stated, “In effect, we see a future mental health treatment paradigm where potential drug products such as our LSD experiential therapy might be prescribed right alongside software application programming interfaces (APIs) to prepare the patient for treatment and optimally monitor the after-care of one’s anxiety disorder.

The acquisition comes with a hefty price tag, with the company issuing 82,508 multiple voting shares, which based on yesterday’s closing price have a current value of roughly $41.3 million, as well as a cash portion of $300,000.

The transaction is expected to close by the end of February 2021.

MindMed last traded at $5.13 on the NEO.


Information for this briefing was found via Sedar and MindMed. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

The Russell Will Lead the Next Market Crash!? | John Feneck

The Global Conflict Has Already Started | Bryan Cunningham

Silver Still At 90:1, What If It Snaps Back To 15:1? | Glenn Jessome – Silver Tiger

Recommended

ESGold Secures $9 Million In Non-Dilutive Funding From Ocean Partners

Altamira Gold Encounters Porphyritic Intrusive Rocks In Initial Scout Drilling At Regional Targets

Related News

Canaccord Raises Mind Medicine’s Price Target To $2.00 Following Financing

This morning, Canaccord Genuity raised its 12-month price target on Mind Medicine (NEO: MMED) from...

Monday, November 2, 2020, 10:45:02 AM

Mind Medicine To Raise Up To $100 Million Via ATM Financing

Mind Medicine (NEO: MMED) last night announced that it will be conducting a financing. The...

Tuesday, May 17, 2022, 04:59:05 PM

Mind Medicine Prices $30 Million Offering At 30% Discount To Market

Mind Medicine (NEO: MMED) has elected to destroy shareholder value in a major way this...

Wednesday, September 28, 2022, 09:28:04 AM

Mind Medicine Announces $10.0 Million Bought Deal At Large Discount To Share Price

Mind Medicine (NEO: MMED) this morning announced a bought deal financing with Eight Capital as...

Tuesday, May 5, 2020, 09:14:31 AM

Mindmed To Conduct 15-To-1 Reverse Split To Meet Nasdaq Listing Requirements

In a classic Canadian small cap move, Mind Medicine (NEO: MMED) last night announced that...

Friday, August 5, 2022, 08:42:02 AM