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Mind Medicine to commit $5M to launch and develop clinical training program in field of psychedelic therapies and medicine

The biotech firm, which has filed to uplist on the Nasdaq exchange, said the program will take place at NYU Langone Health

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The training program will initially focus on substance use disorders including opioid addiction and alcoholism

Mind Medicine (MindMed) Inc (NEO:MMED) (OTCMKTS:MMEDF) (NEO:MMED) is committing $5 million over five years to establish and launch a program to train the next generation of psychiatrists and clinical investigators in the field of psychedelic assisted therapies and medicines.

The biotech firm, which has filed to uplist on the Nasdaq exchange, said the program will take place at NYU Langone Health - one of the USA's premier academic medical centers and is the first step towards building a Center for Psychedelic Medicine at the institution.

READ: MindMed announces R&D collaboration with Liechti Lab in Switzerland on psilocybin 

The move also builds on the group's partnership with the Department of Psychiatry at NYU Grossman School of Medicine, which has collaborated with it since 2009 on an ibogaine derived molecule known as 18-MC, which is poised soon to enter a Phase 2 trial for opioid use disorder patients.

"NYU Langone Health and the NYU Grossman School of Medicine are ideal partners for MindMed as we continue to evaluate and research future psychedelic-assisted therapies and medicines for substance abuse disorders and other mental illnesses," said MindMed's co-founders and co-CEOs J.R. Rahn and Stephen L. Hurst in a statement on Monday.

"In order for our industry and company to turn these once stigmatized substances into medicines, we need to build the critical training infrastructure in the United States to train clinical researchers, psychiatrists, mental health professionals and substance abuse counselors who will ultimately be our close partners in delivering these future potential therapies and medicines to millions of patients in need."

Meanwhile, Dr Charles R. Marmar from the NYU Grossman School of Medicine, added: "NYU Langone Health's training of the next generation of researchers and psychiatrists will help to advance and hopefully soon deploy this emerging category of medicines including psilocybin-assisted therapy for Alcohol Use Disorder and MindMed's ibogaine-derived molecule 18-MC for Opioid Use Disorder patients."

The training program will initially focus on substance use disorders including opioid addiction and alcoholism.

The further launch of the Center for Psychedelic Medicine at NYU Langone Health is still subject to additional funding from other undisclosed partners and parties, MindMed added.

MindMed is a psychedelic medicine biotech firm, which is assembling a compelling drug development pipeline of innovative treatments based on psychedelic substances including Psilocybin, LSD, MDMA, DMT and an Ibogaine derivative, 18-MC.

Shares in New York gaine around 13% to C$0.68 each.

---Updates for share price---

Contact the author at giles@proactiveinvestors.com

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