MindMed ends 2Q with US$24 million in cash to fund clinical trials on psychedelic substances

Mind Medicine (MindMed) Inc (NEO:MMED) (OTCQB:MMEDF) ended a busy second quarter with US$24 million in cash, according to financial results released Friday morning. The psychedelics company said its total assets as at June 20, 2020 came in at US$29.8 million, including the $24 million in cash, which will be used primarily to advance its multiple clinical trials on psychedelic substances like LSD, DMT and MDMA. New York-based MindMed is aiming to make psychedelic medicines available to patients who suffer from mental health disorders, cluster headaches and substance abuse. READ: MindMed expanding R&D presence in Europe with Dr Miri Halperin Wernli leading the charge In June, MindMed announced it is collaborating on a study examining DMT, a naturally-occurring psychedelic substance that causes a rapid onset and offset of action compared to similar psychedelic substances like psilocybin or LSD. The firm is working with its Swiss research partner to evaluate the effect of the ayahuasca-derived substance in humans. In addition, the company officially launched Project Lucy, a commercial drug development program for the treatment of anxiety disorders and the first experiential, psychedelic-assisted therapy to be added to its drug development pipeline. The firm also filed two separate patent applications for technologies that will screen and optimize the dosing of MDMA and LSD. The company's net loss for the three-month period ended June 30, 2020 came in at $5.6 million. Shares of MindMed climbed 2% higher in Canada at C$0.52 and 2.2% higher over the counter at US$0.39 on Friday morning. Contact Angela at angela@proactiveinvestors.com Follow her on Twitter @AHarmantas