MindMed Posts 2020 Financials, New MDMA Dosing Study and 18-MC Patent Application
MindMed (OTCQB:MMEDF) released its full-year 2020 financial results.
The company posted a net and comprehensive loss of $35.1 million for the year ended Dec. 31, 2020. Its total assets at the end of the reporting period were $85.6 million, counting $80.1 million in cash.
The company used $24.2 million of net cash in operating activities in 2020.
Its cash balance as of Tuesday last week hovered at $161 million. The company plans to use the money to improve its portfolio and develop its technology sector.
On Monday, MindMed also revealed the results of a study on personalized MDMA dosing, conducted in conjunction with the Liechti Lab at the University Hospital Basel, in Switzerland.
The study pooled data from 10 studies performed in the laboratory in 194 healthy subjects who received doses of 75 or 125mg of MDMA.
The main conclusion was that personalizing MDMA dosing could help optimize the acute MDMA experience.
In addition, MindMed’s patent application for 18-MC, the company’s proprietary ibogaine analog, was published by the USPTO, eighteen months after its submission.
The patent covers a method for treating substance use disorders and addiction with the application of 18-MC.
According to Calyx Law’s Graham Pechenik, this is the company’s first published application on 18-MC. The application focuses on cocaine, nicotine, opiate, alcohol, morphine and methamphetamine use specifically.
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