Definium Therapeutics, Inc. · NASDAQ:DFTX
Definium Therapeutics — Mind Medicine (MindMed) — Proxy Contest (May 2023)
13 slides from Definium Therapeutics's proxy contest presentation, May 31, 2023
Slide 1: Restore Mind Medicine: Supplemental Presentation
Restore Mind Medicine Supplemental Presentation May 2023
Slide 2: Important Disclaimers
Important Disclaimers The materials contained herein (the “Materials”) represent the opinions of FCM MM Holdings, LLC (“FCM”) and the other participants named in its proxy solicitation (collectively with FCM, the “FCM Group” or “we”) and are based on publicly available information with respect to Mi
Slide 3: Introduction
Introduction FCM has had an opportunity to review MindMed’s investor presentation and noted ? ?? how MindMed evaded critical questions about their clinical programs; excessive and dilutive financing; egregious executive compensation and corporate governance practices; and value destructive capital a
Slide 4: The Not So “Refreshed Board”
The Not So “Refreshed Board” May 1, 2023 MindMed announces poorly September 27, 2022 designed, rubberstamped August 11, 2022 MindMed announces the compensation program MindMed announces the termination destructive September financing. which provided executives of the MM-110 program. Leading to 47% d
Slide 5: MindMed’s Current Board is Failing Shareholders
MindMed’s Current Board is Failing Shareholders 90% decline in stock price since September 30, 2021 when Ms. Vallone and Mr. Krebs were appointed. Approval of disastrous September 2022 financing that overnight wiped out $88M in shareholder value. Termination of MM-110 program marking failure of $19M
Slide 6: MM-120: Greenleaf Report
MM-120: Greenleaf Report MindMed hired a paid consultant Greenleaf to justify its current FDA strategy. Greenleaf’s report is supported based on the facts MindMed provided to them. Greenleaf did not talk to us or ask for supporting materials which resulted in a seriously deficient report predicated
Slide 7: MM-120: Greenleaf Report
MM-120: Greenleaf Report The Greenleaf report’s conclusions: Greenleaf report targets “FDA’s feedback on the This simply highlights a a strawman – they never proposed development standard statutory ts even contacted FCM program in no way sugges requirement that every “[FCM’s plan] risks FDA about it
Slide 8: MindMed’s Misleading and False Statistics
MindMed’s Misleading and False Statistics FCM’s slate has only developed one drug. Reality: Despite our materials clearly stating otherwise, MindMed has “[MM-110,] Scott Freeman’s only experience with a portrayed this claim to shareholders. Dr. Freeman has developed CNS drug candidate was unsuccessf
Slide 9: Setting the Record Straight
Setting the Record Straight MindMed’s personal attacks on Jake Freeman FCM has “conflicts of interests” are troubling and disingenuous. Reality: Reality: MindMed does not state what it believes these conflicts of Mr. Freeman is not a director candidate. interest are, other than highlighting a lawsui
Slide 10: Consequences of MM-110 Debacle
Consequences of MM-110 Debacle MM-110’s failure is a serious issue: $19 million was wasted (most of which occurred during Barrow’s tenure), a valuable asset was lost, and patients were given high doses without apparently adequate safety data. k To date, it does not appear that the Board has ta en co
Slide 11: Dr. Freeman Halts MM-110 Trial
Dr. Freeman Halts MM-110 Trial 201 5 201 5-2019 201 9 At IND meeting with FDA a safety directive Savant lacks funding to perform MindMed is formed from Savant was issued stating that MM-110 can only be pre-clinical or clinical studies. Dr. Freeman becomes CMO and initiates MM-110 healthy volunteer P
Slide 12: Intellectual Property (IP)
Intellectual Property (IP) MindMed is not a party to Dr. Freeman’s lawsuit. Dr. Freeman’s lawsuit is not averse to MindMed’s interests. Any statement to the contrary is a blatant misrepresentation. Like MM-110, the Board and management have obscured the facts from investors: Similar to MM -110, Mind
Slide 13: References
References [1] See MindMed’s Audited Financial Statements for FY2020; core drug R&D spending defined to be the manufacturing costs, clinical research & regulatory expenses, and data & study acquisition costs – these costs were incurred in direct support of the MM-110 clinical trial and to advance th