Aug 11, 2022

MindMed Co-Founder Dr. Scott Freeman Proposes Value Enhancement Plan

Welcome aboard! Your submission has been received and you are now a member of the community.
Oops! Something went wrong while submitting the form. Please check the format of your entry.
Subscribe to Excellence

SHERIDAN, Wyo., Aug. 11, 2022 /CNW/ -- Today, FCM MM HOLDINGS, LLC ("FCM") announced that it has sent a letter to the Board of Directors of Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) (the "Company" or "MindMed") calling on the Board to adopt a new strategic plan proposed by FCM including: refocusing on its core drugs, cutting cash burn, and terminating MindMed's at-the-money equity offering. FCM is directed and managed Dr. Scott Freeman, co-founder and former Chief Medical Officer of MindMed, who has offered to provide MindMed his expertise as a director on MindMed's board.

As detailed in the letter, FCM believes MindMed has underperformed—operationally, financially, and strategically—as a direct result of management's lack of focus on its core drugs: MM-110 (18-MC) and MM-120 (LSD). FCM contends that MindMed can bring MM-120 to market in four years rather than seven to eight years, by re-classifying MindMed's Phase IIb study on MM-120 to a Phase III study. FCM also proposes that the Company reduce costs from forty-five million dollars per year to under twenty-five million dollars and that the unnecessary and dilutive at-the-money offering should be eliminated. By executing these proposals, FCM believes that MindMed can unlock significant long-term value for MindMed's shareholders.

FCM's large economic stake in MindMed reflects its convictions regarding MindMed's potential and gives it a strong interest in the success of MindMed.

The full text of the letter is available and can be downloaded at

About FCM

FCM is managed by Dr. Scott Freeman and represents an investment of 5.6% of MindMed's shares outstanding. Dr. Freeman's investment in MindMed is in excess of nineteen million shares or 4.51% of MindMed's outstanding shares. FCM's letter is additionally signed by Chad Boulanger. Chad Boulanger has an investment in over four million shares of MindMed or 1% of MindMed's outstanding shares.

FCM additionally represents other early investors in MindMed who all have a strong interest in seeing the long-term success of MindMed.

For additional disclosure relating to public broadcast solicitations please see

Media Contact
Jake Freeman
Executive President
30 N Gould St. Ste R
Sheridan, WY 82801
Phone: 908-308-2381

View original content:


View original content:


The work included in this article is based on current events, technical charts, company news releases, and the author’s opinions. It may contain errors, and you shouldn’t make any investment decision based solely on what you read here. This publication contains forward-looking statements, including but not limited to comments regarding predictions and projections. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. This publication is provided for informational and entertainment purposes only and is not a recommendation to buy or sell any security. Always thoroughly do your own due diligence and talk to a licensed investment adviser prior to making any investment decisions. Junior resource and biotechnology companies can easily lose 100% of their value so read company profiles on for important risk disclosures. It’s your money and your responsibility.

Other News

See All News

Other Articles

See All Articles