Psychedelics based medicine manufacturer Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) (MMED.NE) seems to be on the path to recovery this morning and has jumped by 2% in the early period of trading.
The company, which saw its stock decline by 40% from its recent peak, has not made any new announcement this morning. However, last week, the stock had been in the news after Mind Medicine announced the launch of a new program named Project Angie. The project is going to be focused on developing psychedelics like LSD for the purpose of treating pain.
At this point in time, the company is working on two different products for treating pain. However, before starting Project Angie, the company is going to commission a study into the possibility of using LSD for the purpose of treating severe pain. It is a significant development for the company and it now remains to be seen if the stock can hold on to its momentum today.
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