J.R. Rahn to become sole CEO; Perry Dellelce to become Chair; Stephen Hurst retires as executive but remains on board; Stanley Glick retires as board member
TORONTO, Feb. 2, 2021 /CNW/ -- MindMed (NEO: MMED, OTCQB: MMEDF, DE: MMQ), a leading psychedelic medicine biotech company, streamlined its leadership team to further develop the company's strategy of integrating its psychedelic clinical development programs with innovative digital technologies.
As part of this, Stephen Hurst will retire from his co-CEO and Executive Chair positions but will remain on the board of directors. Dr. Glick has retired from his position on the board of directors but will continue to act as a scientific advisor. The vacancy on the board of directors created by Dr. Glick's retirement will be filled by the board after completing an extensive search and interview process for suitable candidates and as required as part of its NASDAQ uplisting application.
J.R. Rahn will take on sole responsibility as Chief Executive Officer of the Company and Perry Dellelce has been appointed as Chair of the board of directors. This evolution of executive management will bolster MindMed's strategy with a team that includes Dr. Miri Wernli Halperin as President and Head of Clinical and Carol Nast as Chief Operating Officer, as well as Robert Barrow who was recently hired as Chief Development Officer to expand on the company's later stage clinical trial pipeline and drug development efforts at the FDA. Before joining MindMed, Robert Barrow helped gain a Breakthrough Therapy Designation for a Phase 2 trial of psilocybin in Major Depressive Disorder at the FDA.
Under the MindMed 2.0 leadership team, the company is also actively growing its digital medicine division for psychedelic medicines through the hiring of new technologists and undertaking potential technology platform acquisitions.
J.R. Rahn said: "Steve and Dr. Glick played instrumental early roles in establishing a world class scientific and drug development team. I am grateful for their contributions to get us to today and look forward to continuing to have trusted scientific guidance moving forward. As we increase our headcount and grow our MindMed 'Ark' of technologists, drug developers, scientific researchers, regulatory experts, psychiatrists and drug manufacturing specialists, the entire psychedelic medicine space is edging closer to getting these potential medicines into the hands of patients. In doing so, we must also turn our efforts and open our unified strategy to technology, distribution platforms and other growth opportunities to remain a leader in this space. Our streamlined leadership team and MindMed 2.0 strategy will continue to help define MindMed as a leader in the psychedelics space and as a specialist in digital medicine."
Perry Dellelce, the new chair of the board of directors, stated: "Steve is one of the founders of MindMed and we cannot thank him enough for all he did in laying the foundation for our growth and success. We wish him well in retirement and are extremely thankful that he will remain on the board to allow us to take advantage of his knowledge and insights. We are also thankful to Dr. Glick for his service on the board and look forward to his continued, valued scientific insights."
Stephen Hurst stated: "MindMed has grown into an incredible company and I am happy to see it continuing on its way to achieving its goal of discovering, developing and deploying psychedelic inspired medicines and therapies to address addiction and mental illness. I look forward to continuing to assist this incredible company as a board member."
MindMed 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 innovative treatments based on psychedelic substances including Psilocybin, LSD, MDMA, DMT and an Ibogaine derivative, 18-MC. The MindMed executive team brings extensive biopharmaceutical experience to the company's groundbreaking approach to developing the next-generation of psychedelic inspired medicines and therapies.
MindMed trades on the Canadian exchange NEO under the symbol MMED. MindMed is also traded in the United States under the symbol MMEDF and in Germany under the symbol MMQ. For more information: www.mindmed.co
MindMed Forward-Looking Statements
This press release includes forward-looking statements that involve risks and uncertainties relating to future events and performance of Mind Medicine (MindMed) Inc. ("MindMed"), and actual events or results may differ materially from these forward-looking statements. Words such as "anticipate," "expect," "intend," "plan," "believe," "seek," "estimate," variations of such words, and similar expressions are intended to identify such forward-looking statements, although not all forward-looking statements contain these identifying words. These statements concern, and these risks and uncertainties include, among others, MindMed's and its collaborators' ability to continue to conduct research and clinical programs, MindMed's ability to manage its supply chain, product sales of products marketed by MindMed and/or its collaborators (collectively, "Products"), and the global economy; the nature, timing, and possible success and therapeutic applications of Products and Product candidates and research and clinical programs now underway or planned; the likelihood, timing, and scope of possible regulatory approval and commercial launch of Product candidates and new indications for Products; unforeseen safety issues resulting from the administration of Products and Product candidates in patients, including serious complications or side effects in connection with the use of MindMed's Products and product candidates in clinical trials; determinations by regulatory and administrative governmental authorities which may delay or restrict MindMed's ability to continue to develop or commercialize Products; ongoing regulatory obligations and oversight impacting Products, research and clinical programs, and business, including those relating to patient privacy; uncertainty of market acceptance and commercial success of Products and Product candidates and the impact of studies on the commercial success of Products and Product candidates; the availability and extent of reimbursement of Products from third-party payers, including private payer healthcare and insurance programs, health maintenance organizations, pharmacy benefit management companies, and government programs such as Medicare and Medicaid; competing drugs and product candidates that may be superior to Products and Product candidates; the extent to which the results from the research and development programs conducted by MindMed or its collaborators may be replicated in other studies and lead to therapeutic applications; the ability of MindMed to manufacture and manage supply chains for multiple products and product candidates; the ability of MindMed's collaborators, suppliers, or other third parties (as applicable) to perform manufacturing, filling, finishing, packaging, labelling, distribution, and other steps related to MindMed's Products and product candidates; unanticipated expenses; the costs of developing, producing, and selling products; the ability of MindMed to meet any of its financial projections or guidance and changes to the assumptions underlying those projections or guidance; the potential for any license or collaboration agreement to be cancelled or terminated without any further product success; and risks associated with intellectual property of other parties and pending or future litigation relating thereto, other litigation and other proceedings and government investigations relating to MindMed and its operations, the ultimate outcome of any such proceedings and investigations, and the impact any of the foregoing may have on MindMed's business, prospects, operating results, and financial condition. Any forward-looking statements are made based on management's current beliefs and judgment. MindMed does not undertake any obligation to update publicly any forward-looking statement.
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SOURCE Mind Medicine (MindMed) Inc