Building The Ark: A Letter From MindMed Leadership During COVID-19

Dear Shareholders and Friends,

Hope this finds you healthy and somewhere safe.  We wanted to provide an update from MindMed in the middle of these unprecedented events.

We launched MindMed with a mission to discover, develop, and deploy psychedelic inspired medicines. The COVID-19 pandemic does not change anything about the fundamentals of our company. Our team has worked diligently in the past few weeks to strengthen our continuity plans for all of our ongoing R&D and drug development programs.

One of our top priorities has always been on developing solutions for addiction and other mental health illnesses.  Mental health incidents will inevitably grow at alarming rates during the spread of COVID-19 due to a widespread global shutdown of society, job layoffs, and social distancing in isolation. The COVID-19 pandemic only further affirms the large demand for disruptive technologies to help solve mental health diseases for patients.

Warren Buffet says, “Predicting rain doesn't count, building the ark does.” At MindMed, we have built an ark. Inside that ark are some of the finest scientists, drug development experts, medical professionals and investors in the psychedelic medicine space.

MindMed has strong assets, IP, and an exceptionally experienced management team supported by a staff with deep knowledge in navigating hard to solve problems. Everyone, safely, continues to execute our planned activities. Our team, and our obsession over patients’ needs, will ensure we build a large and sustainable business.

Our world class institutional investors have capitalized MindMed into this ‘perfect storm’ and continue to support us.  Investors always expect that conducting rigorous scientific research and creating groundbreaking medicines takes time and determination.

In uncertain times, there are always opportunities to both make an impact and build incredible value. In a respectful manner, we will push forward with our programs and continue to evaluate new potential IP acquisitions. In the current economic environment, our strong cash position will inevitably create opportunities to further assemble the most compelling clinical trial pipeline and IP portfolio in the psychedelic medicine space.

With our partners, collaborators, advisors and suppliers, we are focused on intensive monitoring of the COVID-19 situation and subsequent development of responsible plans and associated execution.  We remain more committed than ever to our mission, and specifically to deliver effective treatments for those suffering from mental health diseases.

If we can help or you would like further clarity, please reach out to our team through our website and follow @mindmedco on Twitter for the latest updates.

The MindMed Executive Committee

JR Rahn, Co-Founder & Co-CEO

Stephen Hurst, Co-Founder, Co-CEO & Executive Chair

Carol Nast, COO


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