08:25 AM EDT, 06/05/2024 (MT Newswires) -- Mind Medicine's (MNMD) shares were down 9% in Wednesday's premarket activity, a day after advisers to the US Food and Drug Administration voted against Lykos Therapeutics' psychedelic drug.

Lykos Therapeutics said late Tuesday that advisers to the US Food and Drug Administration have voted against its therapy based on the mind-altering drug midomafetamine, a form of methylenedioxymethamphetamine, or MDMA, commonly known as 'Ecstasy' or 'Molly' for the treatment of post-traumatic stress in adults.

The Psychopharmacologic Drugs Advisory Committee of the FDA was reviewing Lykos Therapeutics' drug application for midomafetamine capsules used in combination with psychological intervention to treat post-traumatic stress disorder in adults.

The panel voted 9-to-2 against the efficacy of midomafetamine in patients with PTSD and 10-to-1 against the benefits of the treatment outweighing its risks, the company said.

The FDA is expected to make its final decision about the drug's approval in August.

Price: 7.50, Change: -0.75, Percent Change: -9.10