MindMed Announces 2020 Year-End Financial Results; Current Cash Balance of $161 million USD ($203 million CAD) to Support Drug Development Pipeline and Creation of Psychedelic Medicine Tech Platform

MindMed Announces 2020 Year-End Financial Results; Current Cash Balance of $161 million USD ($203 million CAD) to Support Drug Development Pipeline and Creation of Psychedelic Medicine Tech Platform

Net Cash Used in Operating Activities (Total Cash Burn) of $24.2 million USD ($30.5 million CAD) for year ended December 31, 2020

NEW YORK, March 30, 2021 /CNW/ — Mind Medicine (MindMed) Inc. (“MindMed” or the “Company”) (NEO: MMED) (OTCQB: MMEDF) (DE: MMQ), a leading psychedelic medicine biotech company, has announced its annual 2020 financial results for the year ended December 31, 2020. 

2020 Financial Highlights (in USD)

  • Total assets as of December 31, 2020 were $85.6 million, including $80.1 million in cash
  • Net Cash Used in Operating Activities (Total Cash Burn) of $24.2 million for the year ended December 31, 2020.
  • Net and comprehensive loss of $35.1 million for the year ended December 31, 2020.

Current Cash Balance
As of March 30, 2021 maintains a current cash balance of $161 million USD ($203 million CAD) to advance its portfolio and build out it’s technology division.

Earnings Call
An earnings call will be held Thursday, April 1, 2021 at 10:00 am ET.  Details are below:
https://mindmed-co.zoom.us/webinar/register/WN_2-RxTijCTzOX2cpuaMrXJw

Complete financial statements along with related management’s discussion and analysis can be found in the System for Electronic Document Analysis and Retrieval, the electronic filing system for the disclosure documents of issuers across Canada at www.SEDAR.com.

About MindMed
MindMed is a psychedelic medicine biotech company seeking to discover, develop and deploy psychedelic inspired medicines and therapies to address addiction and mental illness. The Company is assembling a drug development pipeline of innovative treatments based on psychedelic substances including Psilocybin, LSD, MDMA, DMT and an Ibogaine derivative, 18-MC.

MindMed trades on the Canadian exchange NEO under the symbolMMED. MindMed is also traded in the United States under the symbolMMEDF and in Germany under the symbolMMQ.

MindMed Forward-Looking Statements
Certain statements in this news release related to the Company constitute “forward-looking information” within the meaning of applicable securities laws and are prospective in nature. Forward-looking information is not based on historical facts, but rather on current expectations and projections about future events and are therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements. These statements generally can be identified by the use of forward-looking words such as “will”, “may”, “should”, “could”, “intend”, “estimate”, “plan”, “anticipate”, “expect”, “believe”, “potential” or “continue”, or the negative thereof or similar variations. Although the Company believes that the expectations reflected in such forward-looking information are reasonable, such information involves risks and uncertainties, and undue reliance should not be placed on such information, as unknown or unpredictable factors could have material adverse effects on future results, performance or achievements of the Company. There are numerous risks and uncertainties that could cause actual results and the Company’s plans and objectives to differ materially from those expressed in the forward-looking information, including history of negative cash flows; limited operating history; incurrence of future losses; availability of additional capital; lack of product revenue; compliance with laws and regulations; difficulty associated with research and development; risks associated with clinical trials or studies; heightened regulatory scrutiny; early stage product development; clinical trial risks; regulatory approval processes; novelty of the psychedelic inspired medicines industry; as well as those risk factors discussed or referred to herein and the risks described under the heading “Risk Factors” in the Company’s annual information form for the year ended December 31, 2020 filed with the securities regulatory authorities in all provinces and territories of Canada and available under the Company’s profile on SEDAR at www.sedar.com. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results and future events could differ materially from those anticipated in such information. Although the Company has attempted to identify important risks, uncertainties and factors that could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Except as required by law, the Company does not intend and does not assume any obligation to update this forward-looking information.

Media Contact: mindmed@150bond.com

SOURCE Mind Medicine (MindMed) Inc.