Mind Medicine Inc. MNMD, more commonly known as MindMed, has announced co-founder and chief executive J.R. Rahn is stepping down from his leadership role, effective immediately.

What Happened: In a press statement, the New York City-headquartered company announced that Robert Barrow, the chief development officer, will assume the CEO role on an interim basis while beginning “a comprehensive search for a chief executive officer, in which Mr. Barrow will be a candidate,”

Rahn, who is also stepping away from the MindMed board of directors, will remain in an advisory role during the transition period. The company added that it will issue Rahn 1.5 million subordinate voting shares, pending regulatory approvals.

Related Link: EXCLUSIVE: MindMed CEO Talks Mission To 'Discover, Develop And Deploy' Psychedelics

Why It Happened: The company offered no explanation regarding Rahn’s departure.

In the press statement, Rahn was credited with bringing MindMed public on Canada’s NEO Exchange and later on NASDAQ, and he was also cited for raising more than $204 million, which made MindMed “one of the most well-capitalized companies in the psychedelic medicine industry.”

The statement also quoted Rahn as stating, “Under my leadership, the company did a remarkable job of getting off to its unprecedented start, and building itself into a leader in the psychedelic medicine industry.”

MindMed's stock traded down 9.7% to $3.35 per share at the time of publication. The stock has a 52-week high of $5.77 and a 52-week low of 29 cents.

(Photo courtesy of MindMed.)