Mr. Robert Barrow reports

MINDMED RECEIVES FDA BREAKTHROUGH THERAPY DESIGNATION AND ANNOUNCES POSITIVE 12-WEEK DURABILITY DATA FROM PHASE 2B STUDY OF MM120 FOR GENERALIZED ANXIETY DISORDER

The Food and Drug Administration (FDA) has granted breakthrough designation to Mind Medicine (MindMed) Inc.'s MM120 (lysergide d-tartrate) program for the treatment of generalized anxiety disorder (GAD). The company also announced that its phase 2b study of MM120 in GAD met its key secondary end point, and 12-week top-line data demonstrated clinically and statistically significant durability of activity observed through week 12.

MindMed previously announced rapid, clinically meaningful and statistically significant improvements on the Hamilton anxiety rating scale (HAM-A) compared with placebo at week 4, which was the trial's primary end point. MM120 was administered as a single dose in a monitored clinical setting with no additional therapeutic intervention.

"I've conducted clinical research studies in psychiatry for over two decades and have seen studies of many drugs under development for the treatment of anxiety. That MM120 exhibited rapid and robust efficacy, solidly sustained for 12 weeks after a single dose, is truly remarkable," stated David Feifel, MD, PhD, professor emeritus of psychiatry at the University of California, San Diego, director of the Kadima Neuropsychiatry Institute in La Jolla, Calif., and an investigator in the MM120 study. "These results suggest the potential MM120 has in the treatment of anxiety, and those of us who struggle every day to alleviate anxiety in our patients look forward to seeing results from future phase 3 trials."

MM120 100 micrograms -- the dose with optimal clinical activity observed in the trial -- demonstrated a 7.7-point improvement over placebo at week 12 (minus-21.9 MM120 versus minus-14.2 placebo: p less than 0.003, Cohen's d equals 0.81), with a 65-per-cent clinical response rate and a 48-per-cent clinical remission rate sustained to week 12. Clinical global impressions-severity (CGI-S) scores, on average, improved from 4.8 to 2.2 in the 100-microgram dose group, representing a two-category shift from "markedly ill" to "borderline ill" at week 12 (p less than 0.004). This clinical activity was rapid, observed as early as study day 2, and durable with further improvements observed in mean HAM-A or CGI-S scores between weeks 4 and 12.

Based on the significant unmet medical need in the treatment of GAD -- especially in patients who do not respond to or tolerate currently available medications -- along with the initial clinical data from phase 2b and other research conducted by MindMed, the United States Food & Drug Administration has designated MM120 for GAD as a breakthrough therapy. The company plans to hold an end-of-phase 2 meeting with the FDA in the first half of 2024 and initiate a phase 3 clinical program in the second half of 2024.

"The FDA's decision to designate MM120 as a breakthrough therapy for GAD and the durability data from our phase 2b study provide further validation of the important potential role this treatment can play in addressing the huge unmet need among individuals living with GAD," said Robert Barrow, chief executive officer and director of MindMed. "We are committed to bringing MM120 to people living with GAD and delivering on the potential of our pipeline to treat serious brain health disorders."

In the phase 2b study, known as MMED008, MM120 was generally well tolerated, with most adverse events rated as mild to moderate, transient and occurring on dosing day, and being consistent with expected acute effects of the study drug. The most common adverse events (at least 10 per cent incidence in the high-dose groups) on dosing day included illusion, hallucinations, euphoric mood, anxiety, abnormal thinking, headache, paresthesia, dizziness, tremour, nausea, vomiting, feeling abnormal, mydriasis and hyperhidrosis.

Prior to treatment with MM120, study participants were clinically tapered and then washed out from any anxiolytic or antidepressant treatments, and did not receive any form of study-related psychotherapy for the duration of their participation in the study.

"As a clinician and clinical researcher, I applaud the way this study was designed by MindMed to isolate the effect of MM120 by removing confounding variables like additional medications and psychotherapy," said Reid Robison, MD, psychiatrist and chief clinical officer at Numinus, who has served as adjunct faculty at the University of Utah for the past 12 years and was an investigator in the MM120 study. "It gives me confidence in the data and the positive results give me hope that this may translate into meaningful benefits for my patients."

The primary data analyses from MMED008 have been accepted for presentation at the American Psychiatric Association's annual meeting, which will be held in New York on May 4 to May 8, 2024. The study is also being submitted for publication in a leading medical journal.

Conference call and webcast

MindMed management will host a webcast at 8 a.m. ET today to discuss the phase 2b results of MM120 in GAD. The webcast and slides will be accessible live under news and events on the investors page of the company's website. A replay of the event will be available on MindMed's website. The webcast will be archived on the company's website for at least 30 days after the conference call.

About generalized anxiety disorder

GAD is a common condition associated with significant impairment that adversely affects millions of people. GAD results in fear, persistent anxiety and a constant feeling of being overwhelmed. It is characterized by excessive, persistent and unrealistic worry about everyday things. Approximately 10 per cent of U.S. adults, representing around 20 million people, currently suffer from GAD, an underdiagnosed and underserved indication that is associated with significant impairment, less accomplishment at work and reduced labour force participation. Despite the significant personal and societal burden of GAD, there has been little innovation in the treatment of GAD in the past several decades, with the last new drug approval occurring in 2004.

About MMED008

MMED008 was a multicentre, parallel, randomized, double-blind, placebo-controlled, dose-optimization study. The trial enrolled 198 participants who were randomized to receive a single administration of MM120 at a dose of 25 micrograms, 50 micrograms, 100 micrograms or 200 micrograms, or placebo. The full analysis set (FAS) for the trial included 194 subjects, those that had at least one valid postbaseline Hamilton anxiety rating scale score. Subjects enrolled in the trial presented with severe GAD symptoms (average baseline HAM-A scores of approximately 30). The study's main objective was to determine the dose-response relationship of four doses of MM120 versus placebo as measured by the change in HAM-A from baseline to week 4. The key secondary objective of the study was to determine the dose-response relationship of four doses of MM120 versus placebo as measured by the change in HAM-A from baseline to week 8. Secondary objectives, measured up to 12 weeks after the single administration, include assessments of anxiety symptoms, safety and tolerability, as well as other measures of efficacy and quality of life. More information about the trial is available on the MindMed website or on the Clinical Trials government website (identifier NCT05407064).

About MM120

Lysergide is a synthetic tryptamine belonging to the group of classic, or serotonergic, psychedelics, which acts as a partial agonist at human serotonin-2A (5-hydroxytryptamine-2A (5-HT2A)) receptors. MindMed is developing MM120 (lysergide D-tartrate), the tartrate salt form of lysergide, for GAD and ADHD (attention deficit hyperactivity disorder).

About Mind Medicine (MindMed) Inc.

MindMed is a clinical-stage biopharmaceutical company developing novel product candidates to treat brain health disorders. The company's mission is to be the global leader in the development and delivery of treatments that unlock new opportunities to improve patient outcomes. MindMed is developing a pipeline of innovative product candidates, with and without acute perceptual effects, targeting neurotransmitter pathways that play key roles in brain health disorders.

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