What’s Going on with Mind Medicine?
Today, June 9, Mind Medicine (MNMD) stock fell during pre-market trading after the psychedelic biotech firm announced a Chief Executive Officer transition. The company, headquartered in Toronto, Canada, revealed that (now former) CEO J.R. Rahn and Mind Medicine co-founder is stepping down as director and CEO. Before market open, MNMD stock dropped 7.01%, down to $3.45 a share.
What Does This Mean for MNMD?
Mind Medicine’s Chief Development Officer Robert Barrow will take over as CEO for the time being. A comprehensive search for a new CEO will commence, with Barrow as a candidate for CEO as well.
Talking about his time with the company, Mr. Rahn said “under my leadership the Company did a remarkable job of getting off to its unprecedented start, and building itself into a leader in the psychedelic medicine industry.” Rahn will continue to offer guidance to Mind Medicine during the leadership transition process.
Robert Barrow has more than a decade of pharmaceutical executive experience related to drug development programs, as well as the psychedelic industry. “We would not be here without J.R.’s vision and perseverance to establish us as a pioneer in this fast-evolving new industry,” Barrow commented. “I am incredibly excited to step into this new role and honored by the confidence placed in me by J.R., my colleagues and the board of directors.”
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Mind Medicine Inc is a psychedelic medicine biotech company that discovers, develops, and deploys psychedelic inspired medicines and therapies to address addiction and mental illness. The company is assembling a compelling drug development pipeline of treatments based on psychedelic substances including Psilocybin, LSD, MDMA, DMT, and an Ibogaine derivative, 18-MC. The firm is having an approach towards developing the next generation of psychedelic inspired medicines and therapies.