This paper presents analysis and classification of a pathological speech called cold speech, which is recorded when the person is suffering from common cold. Nose and throat are affected by the common cold. As nose and throat play an important role in speech production, the speech characteristics are altered during this pathology. In this work, variational mode decomposition (VMD) is used for analysis and classification of cold speech. VMD decomposes the speech signal into a number of sub-signals or modes. These sub-signals may better exploit the pathological information for characterization of cold speech. Various statistics, mean, variance, kurtosis and skewness are extracted from each of the decomposed sub-signals. Along with those statistics, center frequency, energy, peak amplitude, spectral entropy, permutation entropy and Renyi's entropy are evaluated, and used as features. Mutual information (MI) is further employed to assign the weight values to the features. In terms of classification rates, the proposed feature outperforms the linear prediction coefficients (LPC), mel frequency cepstral coefficients (MFCC), Teager energy operator (TEO) based feature and ComParE feature sets (IS09-emotion and IS13-ComParE). The proposed feature shows an average recognition rate of 90.02 percent for IITG cold speech database and 66.84 percent for URTIC database.