TORONTO — Neuro-pharmaceutical company Mind Medicine Inc. began trading on the NEO Exchange today.
The Toronto-based company claims it is the world’s first publicly-traded psychedelic pharmaceutical company.
Mind Med develops medicines derived from psychedelics and is attempting to find way to address the opioid crisis and other forms of addiction.
The company is backed by two high profile personalities, including former Canopy Growth CEO Bruce Linton, who sits on its board, and venture capitalist Kevin O’Leary who serves as an investor and adviser.
Mind Med says going public will allow it to access more capital for running clinical trials around psychedelic-inspired medicines, which it believes are under-researched.
The company is working on getting a clinical trial with the U.S. Federal Drug Administration for the psychedelic substance ibogaine, as well as a trial for LSD microdosing for adult Attention Deficit Hyperactivity Disorder.
This report by The Canadian Press was first published March. 3, 2020.
Companies in this story: (TSX: WEED)
The Canadian Press