Mind Medicine, a psychedelic medicine biotech company, has acquired HealthMode, a digital medicine and therapeutics start-up that uses Artificial Intelligence (AI)-enabled digital measurement to increase the precision and speed of clinical research and patient monitoring, it was reported on Friday.

The deal includes 81,497 MindMed multiple voting shares and the payment of around CAD286,000 in cash. All multiple voting shares issued based on the acquisition were issued at a price of CAD385.87. Under the acquisition, MindMed has agreed to assume 7,891 outstanding HealthMode options at an exchange ratio of one HealthMode option for 4.260451 options of MindMed provided under MindMed's stock option plan.

The company has named Dr Daniel R Karlin as co-founder of HealthMode, and Bradford Cross, co-founder of HealthMode is named the chief technology officer of MindMed.

(USD1=CAD1.26)