Psychedelic drug developer Clearmind Medicine ( OTCPK:CMNDF ) ( OTC:CMND ) has filed to raise up to $14M through a US initial public offering.
The Canadian company filed to offer an undisclosed number of units , with each unit consisting of one share plus one warrant to buy one share. While pricing wasn’t disclosed, a filing fee schedule indicated the company was seeking to raise up to $7M through the share offering and another $7M through the exercise of warrants.
Clearmind has applied to list its shares on Nasdaq. Its stock is already traded on the Canadian Securities Exchange under the symbol CMND. Its also traded on the Frankfurt exchange.
Aegis Capital is serving as sole bookrunner on the deal.
Clearmind has been focused on developing psychedelic medications for the treatment of 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 operating in the red. For fiscal 2021, Clearmind reported a net loss of $3.7M with no revenue.
Earlier this month, Clearmind announced it had hired a new chief financial officer. The company also announced that it and partner SciSparc ( SPRC ) had filed for a provisional patent to cover their new psychedelic-derived treatment for cocaine addiction.
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Psychedelic drug developer Clearmind Medicine files for proposed $14M US IPO