MindMed (NEO: MMED) (OTCQB: MMEDF) agreed to buy Health Mode, an artificial intelligence-based medicine company, in a C $ 41.56 million (US $ 32.5 million) stock and cash transaction.
The psychedelic biotech firm confirmed Thursday that it will acquire a digital medicine and therapeutics startup that relies on digital measurements equipped with artificial intelligence to advance the accuracy and speed of clinical research and tracking. patients.
Under the deal, MindMed is expected to offset the acquisition with the issuance of 82,508 multiple voting shares, valued at approximately C $ 41.25 million, and a cash payment of $ 300. $ 000.
What is there for MindMed?
Thanks to this purchase, MindMed will obtain the rights to:
- Intellectual property of HealthMode;
- Platforms for clinical trials of drugs;
- 24-person digital medicine team.
In addition, through this acquisition, MindMed will welcome a pharmaceutical expert and ex-Pfizer (NYSE: PFE) Director of Digital Medicine Daniel R. Karlin MDMA and old Google (NASDAQ: GOOG) AI / ML industry veteran Bradford Cross to his management team.
The New York-based company plans to include HealthMode’s machine learning engineering, product development and operations employees in its new digital medicine division, Albert.
MindMed is working on establishing Albert as a digital mental health platform that would launch and market psychedelic therapies for patients.
The purchase is expected to be completed by the end of the month, being subject to authorization by Neo Exchange Inc ..
“Our mission is to make MindMed as much a digital medicine company as a drug development company,” said MindMed co-founder and CEO JR Rahn. “With the addition of Dan and Bradford’s team of engineers and product experts, our digital medicine division, Albert, is now special operations of digital medicine, applying machine learning to drug development. and patient care. “
Rahn added that the future of mental health care will show that constant digital measurement of our mind and body could be as crucial to our health as drug treatment.
“Indeed, we see a future mental health treatment paradigm in which potential drug products such as our experiential LSD therapy could be prescribed alongside software application programming interfaces (APIs) to prepare the patient for treatment. and optimally monitor the monitoring of his anxiety. mess, ”Rahn concluded.
Recently, MindMed entered the Psychedelic 2.0 space thanks to the partnership with MindShift Compounds SA, a Swiss startup working in the development of second generation psychedelic molecules.