MindMed Reports Proposed Change in Auditor for 2022 Fiscal Year

NEW YORK, March 29, 2022 /CNW/ -- Mind Medicine (MindMed) Inc. (NASDAQ: MNMD), (NEO: MMED) (the "Company" or "MindMed"), a clinical stage biopharmaceutical company developing novel products to treat brain health disorders, reported a change in auditor for the 2022 fiscal year, subject to the approval of the Company's shareholders at the Company's 2022 annual general and special meeting.

The below was reported by MindMed on Form 8-K filed with the U.S. Securities and Exchange Commission on March 28, 2022 and is further reported herein in compliance with section 4.11(4)(c) of Canada's National Instrument 51-102 – Continuous Disclosure Obligations:

"Item 4.01  Changes in Registrant's Certifying Accountant

(a) Dismissal of Independent Registered Public Accounting Firm

On March 28, 2022, the Board of Directors of Mind Medicine (MindMed) Inc. (the "Company") determined not to reappoint its principal accountant from Ernst & Young (Canada) LLP ("EY") for the fiscal year ending December 31, 2022.

The principal accountant's report of EY on the financial statements of the Company as of December 31, 2021 and 2020 and for each of the three years in the period ended December 31, 2021 did not contain any adverse opinion or disclaimer of opinion and were not qualified or modified as to uncertainty, audit scope or accounting principles.

As of December 31, 2021 and 2020 and for each of the three years in the period ended December 31, 2021 through March 28, 2022, there were no disagreements with EY, whether or not resolved, on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which if not resolved to EY's satisfaction, would have caused it to make a reference to the subject matter of the disagreement in connection with any reports it would have issued. As at December 31, 2021 and 2020 and for each of the three years in the period ended December 31, 2021 through March 28, 2022, except as set forth below, there were no reportable events as that term is defined in Item 304(a)(1)(v) of Regulation S-K. In connection with the preparation of our consolidated financial statements as of and for the fiscal year ended December 31, 2021, EY identified an instance of a material weakness in connection with the Company's accounting for contracts. This reportable event was discussed among the Audit Committee and EY. EY has been authorized by the Company to respond fully to the inquiries of KPMG LLP, the successor independent registered public accounting firm, concerning this reportable event.

A letter from EY addressed to the Securities and Exchange Commission stating that it concurs with the statements made by the Company with respect to EY in this Current Report on Form 8-K. A copy of such letter is furnished hereto with the filing of this Current Report on Form 8-K.

(b) Appointment of New Independent Registered Public Accounting Firm

On March 28, 2022, the Board of Directors of the Company approved the engagement of KPMG LLP ("KPMG") as the Company's independent registered public accounting firm for the year ending December 31, 2022. The Company's engagement of KPMG is subject to the approval of the Company's shareholders at the Company's 2022 annual meeting.

In connection with the Company's appointment of KPMG as the Company's independent registered public accounting firm, the Company has not consulted with KPMG on (i) the application of accounting principles to a specified transaction, either completed or proposed; the type of audit opinion that might be rendered on the Company's financial statements, and neither a written report nor oral advice was provided that KPMG concluded was an important factor considered by the Company in reaching a decision as to the accounting, auditing or financial reporting issue; or (ii) any matter that was either the subject of a disagreement (as defined in Item 304(a)(1)(iv) of Regulation S-K) or a reportable event (as described in Item 304(a)(1)(v) of Regulation S-K)."

About MindMed

MindMed is a clinical stage biopharmaceutical company developing novel products to treat brain health disorders, with a particular focus on psychiatry, addiction, pain and neurology. Our mission is to be the global leader in the development and delivery of treatments that unlock new opportunities to improve patient outcomes. We are developing a pipeline of innovative drug candidates, with and without acute perceptual effects, targeting the serotonin, dopamine and acetylcholine systems.

MindMed trades on NASDAQ under the symbol MNMD and on the Canadian NEO Exchange under the symbol MMED.

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SOURCE Mind Medicine (MindMed) Inc.