Mind Medicine (MindMed) Inc. MNMD stock fell 0.3% in premarket trades after the psychedelic medicine maker issued its letter to shareholders urging them to vote for its board of directors at its June 15 shareholder meeting rather than rival nominees from meme stock trader Jake Freeman. MindMed said its nominees “possess essential pharmaceutical industry, capital allocation and corporate governance experience” at a pivotal moment for the company. MindMed expects to receive data on key Phase 2 trials in MM-120 and initiate its first sponsored clinical trial of MM-402. MM-110 and MM-120 are forms of LSD with the former currently in a trial as a treatment for opioid-use disorder and the latter as a treatment for anxiety. Last month, Swiss research partners of MindMed reported positive results from a Phase 2 trial of LSD as a treatment for major depressive disorder, or MDD. FCM MM Holdings LLC has nominated four rival directors that MindMed believes to be unqualified. FCM MM Holdings is an entity affiliated with Jake Freeman, Scott Freeman and Chad Boulanger.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.