FCM's letter is additionally signed by Chad Boulanger. Freeman's investment in MindMed is in excess of nineteen million shares or 4.51% of MindMed's outstanding shares. Scott Freeman and represents an investment of 5.6% of MindMed's shares outstanding.
#SCOTT FREEMAN FULL#
The full text of the letter is available and can be downloaded at mindmed.zone/letterįCM is managed by Dr. By executing these proposals, FCM believes that MindMed can unlock significant long-term value for MindMed's shareholders.įCM's large economic stake in MindMed reflects its convictions regarding MindMed's potential and gives it a strong interest in the success of MindMed.
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. 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. 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.Īs 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).
(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. 11, 2022 /PRNewswire/ - Today, FCM MM HOLDINGS, LLC ("FCM") announced that it has sent a letter to the Board of Directors of Mind Medicine (MindMed) Inc.
0 kommentar(er)
