Restore Mind Medicine
ISS Perpetuates MindMed's False and
Misleading Statements
MindMed Allocates Less Spending to G&A Less than
Compass
Reality:
ā MindMed spends more than Compass on G&A in FY2022 in
relative terms.
FCM brought this to the attention of ISS; however, ISS did
not address this and simply parroted this false statement.
45%
MindMed
36%
Peer Group
41%
Compass
Notably, Seelos Therapeutics has only $12.2M in G&A
while spending $60M in R&D (2x more in R&D).
Source: Company SEC Filings. Seelos Therapeutics Filings, ISS Report
MindMed's Statement that the Board has Been
"Refreshed"
Reality:
* Ignores that the current Board is responsible for many of
the failures afflicting MindMed today.
* CEO Robert Barrow serves on the Board during the relevant
period.
* Several board members abruptly resigned without
explanation.
"To its credit, the board appears to
have ensured that the company has sufficient cash for
the next two years of the company's development."
Reality:
ā Analysts have projected that MindMed will run out of cash in
2024, not 2025.
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