Mind Medicine (MindMed) Inc (NEO:MMED) (OTCQB:MMEDF) (FRA:MMQ) posted 2020 year-end financial results with ample funds to support its drug development pipeline and creation of its psychedelic medicine technology platform.
For the year ended December 31, 2020, the New York-based psychedelic medicine biotech company had total assets of $85.6 million, including $80.1 million in cash.
“As of March 30, 2021, we maintain a current cash balance of US$161 million (C$203 million) to advance our portfolio and build out our technology division,” the company said in a statement.
READ: MindMed seeks to harvest the power of psychedelics to treat mental health disorders
The company estimated total cash burn of $24.2 million for the year ended December 31, 2020.
An earnings call will be held Thursday, April 1, 2021 at 10:00 am ET.
MindMed is seeking to discover and develop psychedelic-inspired medicines and therapies to address addiction and mental illness. The New York City-based company has several projects in various stages from planning to ongoing clinical trials with a strong focus on LSD.
The company is also assembling a drug development pipeline of innovative treatments based on psychedelic substances, including Psilocybin, MDMA, DMT and an Ibogaine derivative, 18-MC.
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
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