MMEDF - MindMed acquiring machine learning company HealthMode in $32.5M deal

Psychedelic medicine-focused biotech MindMed (MMEDF) will acquire HealthMode, giving the former access to artificial intelligence-enabled digital measurement to enhance clinical research and patient monitoring.Under the terms, MindMed will acquire HealthMode through the issuance of 82,508 multiple voting shares of MindMed, which is equivalent to 8,250,836 subordinate voting shares.HealthMode is valued at roughly C$41,254,180 (US$32,485,839) based yesterday's closing price of C$5.13 and a cash payment of approximately C$300,000.The acquisition gives MindMed access to HealthMode's IP, clinical drug trial platform, and 24 employee digital medicine team.MindMed shares are down 3.4% to $2.91 in morning trading.

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MindMed acquiring machine learning company HealthMode in $32.5M deal