Last week, MindMed (MMED) wrapped up a $24.2 million round of funding before its initial public offering (IPO) on the NEO Exchange in a reverse takeover of Broadway Gold Mining, which will take place on March 3.
The primary mission of MindMed is to take on the opioid crisis with a psychedelic known as ibogaine. This psychedelic has over 50 years of experience treating addiction. MindMed’s approach is unique since they are deriving a non-hallucinogenic form of ibogaine to use as a medicine.
In September of 2019, MindMed acquired a drug development program called 18-MC. The research program synthesized ibogaine to be non-hallucinogenic while keeping ibogaine’s anti-addictive properties. Being non-hallucinogenic is crucial for their plans on using it as a medicine.
Ibogaine originates from the roots of a West African plant known as iboga. When consumed the roots and bark create intense psychedelic experiences. The characteristics of ibogaine trips consist of vivid flashbacks with intense visions. People in Africa have utilized Iboga for hundreds of years in healing ceremonies.
The use of psychedelics as medicine caught the attention of Shark Tank’s Kevin O’Leary. According to a Wall Street Journal article, Mr. O’Leary stated, “If this can actually cure opioid addiction, that is a big, big opportunity.”
The IPO of MindMed is a huge leap forward for the psychedelic industry. It will be one of the first publicly traded psychedelic stocks.
MindMed has the potential to lead the development of the next-generation of psychedelic medicines to treat addiction.