Mind Medicine sinks after FDA panel votes down Lykos psychedelic drug

Shares of Mind Medicine are sinking after an Food and Drug Administration panel voted yesterday 10-1 against the overall benefits of MDMA when used to treat post-traumatic stress disorder. Methylenedioxymethamphetamine, or MDMA, is a stimulant and psychedelic drug with empathogen and entactogen properties. Privately held Lykos Therapeutics failed to win FDA approval for its MDMA therapy. Among the panel’s concerns were flawed study data, questionable research conduct and significant drug risks, including the potential for heart problems. Shares of Mind Medicine, which is developing its own psychedelic drug, are down 17% in premarket trading to $6.85. Shares of Cybin (CYBN), Compass Pathways (CMPS) and Atai Life Sciences (ATAI) are also moving lower.