Mind Medicine (MindMed) Inc (OTCMKTS:MMEDF), which is involved in developing potential psychedelic based treatment and therapies, has been in focus in recent weeks. Since the middle of September, the Mind Medicine stock has rallied strongly and recorded gains of as much as 180% so far. Hence, it is perhaps prudent to have a closer look at some of the developments related to the company in recent times.
$5 Million Training Programme
Earlier this week, Mind Medicine made a major announcement that proved to be a boost for the stock. The company committed as much as $5 million over the course of the next five years to create a new program at NYU Langone Health.
The program in question is going to train medical professionals on psychedelic based medicines and therapies. Langone Health is one of the best known medical research centers in the United States and Mind Medicine is going to help establish a Center for Psychedelic Medicine there.
In this regard, it should be noted that the company has also been involved in a partnership with the NYU Grossman School of Medicine’s Department of Psychiatry since back in 2009.
The association with NYU Langone Health is another important step in Mind Medicine’s quest to build an ecosystem around psychedelic based medicines and treatments.
Another important recent development with regards to Mind Medicine is the application from the company for an uplisting to the NASDAQ Capital Market.
It is a significant development for the company since an uplisting to NASDAQ is going to give Mind Medicine access to a much bigger pool of investors. J.R. Rahn, the Chief Executive Officer of the company said as much when he spoke about the uplisting this week.
The company had filed the application back in September and naturally, that caused a significant degree of buzz about the Mind Medicine stock among investors. The psychedelic based treatment and medicine industry is expanding and Mind Medicine is the biggest player. Hence, the developments are likely to be watched closely by analysts.
In its quest to get the uplisting to NASDAQ, Mind Medicine revealed that in its application the company pledged to list its subordinate voting shares on the exchange.
Investors should note that the company will need to satisfy a range of regulatory conditions and will undergo a detailed review before it can be listed. There is no guarantee that the uplisting request is going to be granted.
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