Mind Medicine (MindMed), a psychedelic medicine biotech company, announced that it will acquire HealthMode, Inc., a digital medicine and therapeutics startup that uses artificial intelligence (AI)-enabled digital measurement to increase the precision and speed of clinical research and consumer monitoring. The deal is valued at $41 million, and is slated to close by the end of February 2021.
MindMed will acquire HealthMode through the issuance of 82,508 multiple voting shares of MindMed plus $300,000 Canadian. The 82,508 multiple voting shares are equivalent to 8.25 million subordinate voting shares which are valued at about $5.13 Canadian.
With the acquisition, 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 (ML) engineering, product development, and operations employees based in Silicon Valley, New York City, Bratislava and Prague 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.
Through the HealthMode acquisition, MindMed will add pharmaceutical veteran Daniel R. Karlin M.D. M.A. and AI/ML expert Bradford Cross to the MindMed executive team. Mr. Cross, who will become the chief technology officer of MindMed, was a founding partner at deep tech venture capital fund, Data Collective (DCVC) and also founded Prismatic, a personalized AI-driven news feed that became part of the IP underlying Linkedin’s newsfeed and content classification.
Dr. Karlin, who will serve as chief medical officer of MindMed, previously held several leadership roles at Pfizer’s Neuroscience Research Unit, ultimately serving as head of clinical, informatics, and regulatory strategy for digital medicine. He is board certified in psychiatry, addiction medicine, and clinical informatics. Dr. Karlin previously was the co-founder and chief medical officer of Column Health, a network of technology enabled clinics that was an early leader in value-based care for substance use disorders and mental illness. He recently led the development efforts for NightWare, which received clearance from the U.S. Food and Drug Administration (FDA) for its smartwatch-based treatment for post-traumatic stress disorder (PTSD)-related nightmares. Dr. Karlin is also an assistant professor of psychiatry at Tufts University School of Medicine.
The HealthMode acquisition comes at a time of fast growth for MindMed and maturation of the overall executive team. The company recently hired Chief Development Officer Robert Barrow, who has over a decade of experience working in the biotech sector and previously led an FDA Phase 2 psilocybin clinical trial in obtaining a Breakthrough Therapy Designation. MindMed has also recently launched a drug discovery partnership for novel psychedelic and empathogenic compounds with Swiss Startup MindShift Compounds AG and has raised $187 million in U.S. dollars since inception.
HealthMode drives progression to next-generation clinical trials by developing and delivering AI-enabled digital measurement methods for clinical trials. Its client partners represent a diverse set of stakeholders, from clinical researchers and drug developers at large pharmaceutical companies, to academic medical centers, to startups entering the space. HealthMode’s measurement techniques improve understanding of phenotype; streamline and provide assurance for screening and eligibility; provide early detection and mitigation of adverse events; and serve as sensitive, specific, objective, and low participant burden efficacy endpoints. These measurements allow for meaningful integration of clinical trial data with real-world evidence, and provide the basis for movement toward patient-specific measures. Better measurement tools and the platforms to support them help HealthMode’s partners make data informed decisions, reduce uncertainty around enrollment and outcomes, de-risk development, and increase the speed at which novel therapeutics reach patients in need.
This was reported by Mind Medicine on February 18, 2021.
Contact information: Anna Walsh, Media Contact, Mind Medicine Inc., 365 Bay Street Suite 800 Toronto, Ontario M5H 2V1 Canada; 212-254-4730; Email: firstname.lastname@example.org; Website: www.mindmed.co
Contact information: HealthMode, Inc.; 548 Market Street, #57448, San Francisco, California 94104; Website: https://healthmode.com/