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Here’s why the of Mind Medicine (MindMed) Inc. (MNMD) Stock Nose Dived Today

Mind Medicine (MindMed) Inc. (MNMD) is a clinical-stage biotech company discovering, developing, and deploying psychedelic-related treatments for mental health issues and addiction problems. Currently, the Company’s major developments include psychedelic compounds such as MDMA, LSD, psilocybin, DMT, and 18-MC derived from ibogaine.

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The price of MNMD stock on the regular trading session of December 20, 2021, was $1.62 with a decline of 5.23%. At last check in the current market of December 21, 2021, the stock further significantly dropped by 3.68%.

Events and Happenings

On December 21, 2021, MNMD reported that FDA had put up a clinical hold on its investigational new drug (IND) submission. The IND was used for the preliminary Phase 2b trials of lysergic acid diethylamide (LSD) for the cure of generalized anxiety disorder (GAD).

On December 17, 2021, MNMD reported the commencement of its Phase 2a clinical trials for LSD in patients with attention deficit hyperactivity disorder (ADHD). The patient registration was expected to start immediately. On December 9, 2021, MNMD appeared in front of the FDA’s Center for Devices and Radiological Health (CDRH) after consultation from the Center for Drug Evaluation and Research (CDER) regarding several key facts for the production of the MNMD Session Monitoring System (MSMS).

On December 2, 2021, MNMD reported that the top management of MNMD participated in investor meetings at the Virtual Benzinga Global Small-Cap Conference held on December 8-9, 2021. On December 1, 2021, MNMD reported that the top management of MNMD participated in investor meetings at the H.C. Wainwright 2nd Annual Psychedelics Conference held virtually on December 6, 2021.

On November 30, 2021, MNMD announced the publication of data on the interface of the selective serotonin uptake inhibitor (SSRI) escitalopram which severely responded to psilocybin in humans.

Key Financials

On November 15, 2021, MNMD reported its third-quarter financial results that ended September 30, 2021. Some of the key highlights are as follows

Total Assets

Total assets of the company for the third quarter of 2021 were $178.6 million.

Net Loss

Net loss of $24.3 million was reported for the third quarter of 2021, as opposed to $8.6 million for the same period the prior year.

On November 12, 2021, MNMD announced that the top officials of the company represented MNMD at the Virtual Jefferies 2021 London Healthcare Conference on November 16-19, 2021.

Conclusion

The clinical hold put by FDA on the IND submission is the likely reason for the downfall of MNMD stock today as predicted by the analysts. A decline of 23% is seen in the stock price from the prior month. As suggested by the analysts the company should try to attract potential investors by introducing sound strategies in its framework.

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