Mind Medicine (MindMed) Inc Completes Acquisition of HealthMode Digital Medicine Company


Acquisition Will Help Build Comprehensive Digital Mental Health Platform For Psychedelic Drugs

Mind Medicine () Inc () () (FRA: MMQ) has completed the acquisition of HealthMode, a digital medicine and therapeutics start-up that uses artificial intelligence (AI) -based digital measurements to increase accuracy and the speed of clinical research and patient monitoring.

In a statement released Friday, MindMed said the acquisition would help it build a comprehensive digital mental health platform for psychedelic drugs.

“The acquisition of HealthMode marks the start of MindMed 2.0 as we seek not only to build a drug development company for psychedelic drugs, but also a comprehensive mental health technology platform to one day potentially launch these transformative drugs. to patients in an evolutionary way, ”said CEO JR Rahn.

READ: MindMed to Acquire Medicine Company IA HealthMode in Cash and Stock

In consideration for the acquisition of HealthMode, MindMed stated that it had issued 81,497 multiple voting shares of MindMed (equivalent to 8,149,700 subordinate voting shares) and the payment of approximately CA $ 286,000 in cash.

All Multiple Voting Shares issued at C $ 385.87, which equals C $ 3.8587 per underlying Subordinate Voting Share. This market price was calculated using the five-day volume weighted average price of MindMed’s subordinate voting shares, as reported by the Inc at the close of business on January 19, 2021 – which was the date to which the parties enter into a non-binding letter of intent.

As part of the acquisition, MindMed said it agreed to take over 7,891 outstanding HealthMode options in an exchange ratio of one HealthMode option for 4,260451 MindMed options issuable under the plan. MindMed stock options. Each MindMed option issued will be fully vested and may be exercised in one subordinate voting share at an exercise price of $ 0.02 per share (taking into account the exchange ratio).

Key management meetings

Additionally, MindMed said that Dr Daniel Karlin, Co-Founder of HealthMode, has been appointed Chief Medical Officer of MindMed and Bradford Cross, Co-Founder of HealthMode, has been appointed Chief Technology Officer of MindMed.

All issued shares are subject to a legal retention period of four months and one day from the closing date. All issued shares will also be subject to time-limited escrow, based on the following release times: for holders of HealthMode convertible notes, 50% on July 1, 2021 and 50% on January 1, 2022; and for all other HealthMode shareholders, one-third on July 1, 2021, one-third on January 1, 2022, and one-third on September 1, 2022.

The acquisition of HealthMode has been accepted by the NEO Exchange.

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