MindMed Pursues NASDAQ Following Compass Pathways Listing
Compass Pathways’ public market debut is starting to show how hungry investors are for psychedelics ventures.
Compass Pathways’ (NASDAQ:CMPS) recent NASDAQ debut has inspired a fellow psychedelics company to pursue a listing on the American exchange.
In the wake of Compass’ successful listing on the NASDAQ last week, Mind Medicine (MindMed) (NEO:MMED,OTCQB:MMEDF) told investors on Monday (September 21) that it plans to pursue an up-listing to the same exchange.
MindMed has sent an application to the exchange to list its subordinate voting shares on the NASDAQ.
Shares of MindMed had jumped over 7 percent as of 12:45 p.m. EDT on Monday to trade at C$0.57.
In a statement emailed to the Investing News Network (INN), JR Rahn, co-founder and co-CEO of MindMed, said the Compass listing shows the amount of interest the psychedelics market is gathering.
“Compass’ successful IPO is further evidence that psychedelics are gaining traction as a viable solution for treating mental health and addiction,” Rahn said.
“The psychedelic medicine industry is maturing and expanding rapidly, and we want to grow with it.”
In June, INN spoke with Rahn about the path so far for psychedelics and the evolution of MindMed as an active public player in the space.
Watch the full June interview with Rahn above.
Compass takes NASDAQ by storm
Last Friday (September 18), Compass made a roaring debut on the NASDAQ, closing up 26.03 percent from its launch of 7.5 million shares priced at US$17 each.
Compass jumped again to start the new trading week, sailing past the US$30 mark. The company is now valued at over US$1 billion.
UK-based Compass has the backing of tech investor Peter Thiel, co-founder of PayPal (NASDAQ:PYPL) and an early investor in Facebook (NASDAQ:FB).
According to the company, the money raised by the public offering will be used to continue Compass’ medical research and clinical studies using psilocybin.
The psychedelics world initially went into a frenzy when Compass’ listing documents went public.
“It’s the highest-profile listing to date,” Harris Fricker, president of Stifel Canada, said during an online psychedelics investment forum.
Fricker and Bill Stern, managing partner at Venture Group Capital, also agreed that the NASDAQ is set to be the future hub for psychedelics investments given its prevalence in the pharmaceutical space.
Until the Compass debut, psychedelics companies had listed only on Canadian exchanges. “This is going to change the game and is going to change the industry dramatically,” Stern said.
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Securities Disclosure: I, Bryan Mc Govern, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.