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DENVER, May 16, 2022 (GLOBE NEWSWIRE) — Mydecine Innovations Group Inc. (NEO: MYCO) (OTC: MYCOF) (ESF: 0NFA) (“Mydecine” or the “Company”), a biotechnology company whose goal is to transform the remedy of intellectual fitness and addiction disorders, today announced its monetary effects and provided an update to its business for the first quarter of 2022.
“Our team had an incredibly productive first quarter,” said Josh Bartch, CEO of Mydecine. -Investigational New Drug Application (“IND”) with the FDA and conditional approval from the Institutional Review Board (“IRB”), we are excited and are competing to introduce our comprehensive IND and innovative remedy programs for our phase announced in the past 2b MYCO-001 study to quit smoking in the short term. Finally, the mydecine clinical team has made progress on our new second-generation chemical entities (“NCEs”) that we hope will lead to improved accessibility through greater fulfillment of the wishes of our healthcare infrastructure. »
Highlights of the activity and after the first quarter of 2022
Clinical research
Submission of a pre-IND data package for the MYCO-001 multi-site Phase 2b smoking cessation test announced in the past and a positive pre-IND meeting with the FDA; and
Received conditional approval from the IRB for phase 2b multi-site phase 2b MYCO-001.
Drug development
Announcement by the MYCO-005 family circle of new microdosed molecules with staggered protection that the Company hopes will translate into staggered protection;
Collection of non-clinical knowledge for various NCEs involving a prospective improvement in safety, efficacy, stability, dosage and reduction of side effects; and
Completion of several serotonin receptor models for the company’s synthetic intelligence drug progression program that enables the immediate detection of billions of compounds.
Business
The Board of Directors of Mydecine was welcomed to the pharmaceutical scientist and executive and social entrepreneur in health, Dr. Victoria Hale;
Announced a plan to launch a special access and source program in Canada to paintings to expand access to psychedelic-assisted psychotherapy for patients;
Identified as a legal provider of psilocybin in Canadá. La exclusive partnership of Mydecine with Applied Pharmaceutical Innovation to deliver a drug to patients in need; and
Signed a letter of intent with The Newly Institute to provide psychedelic-assisted psychotherapy to Patients of Health Canada’s Special Access Program.
As announced on April 13, 2022, the Company completed a 1:50 percentage consolidation (the “Consolidation”) in which shareholders earned one (1) non-unusual post-Consolidation percentage of the Company for every fifty (50) percentages prior to the Consolidation. Consolidation of non-unusual percentages. Possessed through that percentage holder. Non-unusual post-consolidation percentages of the Company began trading on April 21, 2022. EPS in the first quarter monetary statements and other data include the effects of consolidation.
Financial results for the first quarter of 2022
Net Loss: Net loss attributable to non-unusual consistent with percentage holders of $5. 6 million for the first quarter of 2022, representing a fundamental and diluted loss consistent with consistent percentage holder attributable to non-unusual consistent with percentage holders of $1. 20, compared to a net loss attributable to non-unusual consistent with shareholders of $5. 2 million for the first quarter of 2021, a fundamental and diluted loss consistent with a consistent percentage attributable to non-unusually consistent shareholders of $1. 26.
Financial Situation: Total assets as of March 31, 2022 were $5. 21 million, adding $3. 24 million in short-term assets, to general assets as of March 31, 2021 of $7. 58 million, adding $5. 2 million in short-term assets. March 31, 2022 was $8. 92 million, adding $4. 31 million in existing liabilities, to general liabilities of $7. 37 million, which includes $2. 95 million in existing liabilities.
Total Expenses: Total expenses for the 3 months ended March 31, 2022 were $4. 74 million, to $5. 00 million for the 3 months ended March 31, 2021.
Cash: As of March 31, 2022, the Company had money and money equivalents of $264,679. Following March 31, 2022, as announced on April 27, 2022 and May 2, 2022, the Company raised an additional $1. 65 million in financing.
About Mydecine Innovations Group Inc. Mydecine Innovations Group Inc. (NEO: MYCO) (OTC: MYCOF) (FSE: 0NFA) is a biogeneration company that introduces novel and cutting-edge first and second generation treatments for fitness remedy intellectual property and addiction employing world-class drug generation and progression infrastructure. Mydecine was founded in 2020 to address a significant unmet need and lack of innovation in the mental health and healing environments. Our global team is committed to the effective progression of new treatments to treat PTSD, depression, anxiety, addiction, and other intellectual fitness disorders. Mydecine’s business style combines clinical trials and results of clinical and regulatory knowledge, generation and experience with a focus on psychedelic therapy, as well as other novel non-psychedelic molecules with healing potential. By engaging with some of the world’s leading authorities, Mydecine aims to responsibly advance the progression of new medicines to provide patients with intellectual disorders safer and more effective treatment options. Mydecine Innovations Group is headquartered in Denver, Colorado, USA, with foreign offices in Leiden, the Netherlands.
Learn more about: https://www. mydecine. com and about us on Twitter, LinkedIn, YouTube and Instagram.
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For more information, please contact:
Media ContactMorgan Kervitsky, Director of Marketingpr@mydecineinc. com
Investisseurscontact@mydecineinc. com Relationships
On behalf of the Board of Directors: Joshua Bartch, Director généralcontact@mydecineinc. com
For more information about Mydecine Innovations Group, Inc. , please refer to the company’s profile on SEDAR in www. sedar. com or the company’s online page on www. mydecine. com.
This press release comprises forward-looking data within the meaning of Canadian securities legislation with respect to the Company and its business, which relates to long-term events or long-term performance and reflects management’s existing expectations and assumptions. Often, but not always, forward-looking data can be learned through the use of words such as “expects,” “intends,” “anticipates,” “believes,” or spreads (including negative spreads) of those words and expressions, or assert that certain actions, occasions or effects “may also simply”, “could”, “would” or “would” be undertaken, happen or be achieved. These forward-looking statements reflect the existing ideals of management and are based on assumptions made throughout the Company and the data that exist to obtain them. Readers are cautioned that such forward-looking statements are not promises or guarantees, and are subject to dangers and uncertainties that could possibly cause long-term effects to differ materially from those expected, including, but not limited to, dangers related to the COVID pandemic. -19. , the availability and continuity of funding, the Company’s ability to adequately protect and enforce its intellectual property, the Company’s ability to put its products into advertising production, the continued expansion of global adaptive medicine, the products herbal fitness and virtual fitness industries, and the dangers presented through the highly regulated and competitive marketplace related to the development, production, sale and use of the Company’s products. Although the Company has attempted to identify vital points that may also cause the actual effects to differ materially from those contained in the forward-looking data, there may be other points that cause the effects not to be as expected, estimated or anticipated. There can be no guarantee that such data will prove to be accurate, as actual effects and long-term events may also differ materially from those expected from such data. These forward-looking statements are made as of the date hereof, and the Company undertakes no legal responsibility to update or revise them to reflect new occasions or circumstances, as may be required by applicable securities laws.