jxfzsy/iStock via Getty Images
Psychedelic drug developer Clearmind Medicine (OTCPK:CMNDF) (OTC:CMND) has applied to raise up to $14 million through a U.S. IPO.
The Canadian company submitted to offer an undisclosed number of units, with each unit passing one share plus one warrant to buy one share. While pricing has not been disclosed, a Registration fee schedule stated that the company intended to raise up to $7 million through the stock offering and an additional $7 million through the exercise of warrants.
Clearmind has applied to list its shares on the Nasdaq. Its shares are already traded on the Canadian Securities Exchange under the symbol CMND. It is also traded on the Frankfurt Stock Exchange.
Aegis Capital is acting as sole bookrunner on the transaction.
Clearmind has focused on developing psychedelic drugs to treat conditions such as binge drinking and eating disorders. The company hopes to begin Phase I/IIa testing of its lead drug candidate, MEAI, later this year.
The company is still in the red. For fiscal 2021, Clearmind reported a net loss of $3.7 million excluding revenue.
Earlier this month, Clearmind announced that it had hired a new chief financial officer. The company also announced that it and its partner SciSparc (SPRC) have applied for a provisional patent to cover their new psychedelics-derived treatment for cocaine addiction.
Comments are closed.