MindMed (OTCQB: MMEDF), a New York City-based biotechnology company, is expanding its platform with a new deal. Last week, the company announced it is acquiring HealthMode, a digital medicine and therapeutics startup that uses artificial intelligence-enabled digital measurement to increase the precision and speed of clinical research and patient monitoring. MindMed will issue 8,250,836 subordinate voting shares at the Feb. 17, 2021 closing price of CAD 5.13, plus approx. CAD 300,000 in cash. Based on the conversion rate from February 18, 2021, the price comes out to approximately U.S. $33.67 million. The acquisition of Healthmode is expected to close by the end of February 2021.
MindMed is a psychedelic medicine biotech company that discovers, develops and deploys psychedelic-inspired medicines and therapies to address addiction and mental illness. With the addition of HealthMode, MindMed gains access to HealthMode’s Intellectual Property, platforms for clinical drug trials, and its entire 24-person digital medicine team. MindMed will incorporate HealthMode’s machine learning engineering, product development and operations employees into MindMed’s newly established digital medicine division, Albert.
MindMed intends to establish Albert as an industry-leading full stack digital mental health platform, capable of launching and commercializing psychedelic-assisted therapies and medicines at scale for patients.
Biotechnology firms have been upgrading their platforms with digital health companies throughout the year, according to search results in our Healthcare Deal Database. Seed Health, a microbial sciences company pioneering applications of bacteria to impact human and environmental health, acquired Auggi, a digital health company that leverages the power of artificial intelligence and machine learning for gastrointestinal health, for an undisclosed sum earlier in February.
CareDx, Inc., a commercial-stage molecular diagnostics company, bought TransChart LLC, which provides electronic medical record software to hospitals throughout the United States to care for patients who have or may need an organ transplant. The deal expanded CareDx’s EMR coverage to over 90 centers in total.