Medicine announces its financial results for the first quarter of 2022 and
DENVER, May 16, 2022 (GLOBE NEWSWIRE) — Mydecine Innovations Group Inc. (NEO: MYCO) (OTC: MYCOF) (FSE: 0NFA) (“Mydecine” or the “Company”), a biotechnology company aiming to transform the treatment of mental health and addictions disorders, today announced its financial results and business update for the first quarter of 2022.
“Our team had an extremely productive first quarter,” said Josh Bartch, CEO of Mydecine. “Management has worked diligently to reduce expenses and increase efficiency, setting Mydecine up for future success. On the heels of Mydecine’s positive pre-investigational new drug application (“IND”) meeting with the FDA and conditional Institutional Review Board (“IRB”) approval, we are excited and working towards submitting our full IND and Breakthrough Therapy applications for our MYCO-001 Phase 2b Discontinuation Study. previously announced short-term Tobacco Finally, the Mydecine science team has made progress on our New Second Generation Chemical Entities (“NCEs”) which we hope will lead to increased accessibility by better addressing the needs of our existing healthcare infrastructure.”
Highlights of activity during and after the first quarter of 2022
- Submission of a pre-IND information package for the company’s previously announced multi-site Phase 2b smoking cessation study MYCO-001 and positive pre-IND meeting with the FDA; and
- Received conditional approval from the IRB for the multi-site MYCO-001 Phase 2b smoking cessation study.
- Announcement of the MYCO-005 family of new microdosed molecules with improved safety which the Company hopes will lead to better safety;
- Collection of positive non-clinical data for several NCEs that indicate potential improvement in safety, efficacy, stability, dosage and reduced side effects; and
- Completed several serotonin receptor models for the company’s artificial intelligence drug development program enabling rapid screening of billions of compounds.
- Welcomed to the Mydecine Board of Directors, pharmaceutical scientist and global health executive and social entrepreneur, Dr. Victoria Hale;
- Announcing a plan to launch a Special Access Supply and Support Program in Canada to work to expand access to psychedelic-assisted psychotherapy for patients;
- Identified as an authorized provider of psilocybin in Canada through Mydecine’s exclusive partnership with Applied Pharmaceutical Innovation to provide drug substance to patients in need; and
- Signed a letter of intent with The Newly Institute to provide psychedelic-assisted psychotherapy to patients under Health Canada’s Special Access Program.
As announced on April 13, 2022, the Company completed a 1:50 stock consolidation (the “Consolidation”) whereby shareholders received one (1) post-Consolidation common share of the Company for every fifty ( 50) pre-Consolidation ordinary shares. held by that shareholder. The company’s post-consolidation common stock began trading on April 21, 2022. EPS in the first quarter financial statements and other information includes the effects of consolidation.
First quarter 2022 financial results
Net loss: Net loss attributable to common shareholders was $5.6 million for the first quarter of 2022, or basic and diluted loss per common shareholder of $1.20, compared to net loss attributable to common shareholders of $5.2 million for the first quarter of 2021, or a basic and diluted loss per share attributable to common shareholders of $1.26.
Financial situation: Total assets as of March 31, 2022 were $5.21 million, including $3.24 million of current assets, compared to total assets as of March 31, 2021 of $7.58 million, of which $5.2 million in current assets. Total liabilities as of March 31, 2022 were $8.92 million, including $4.31 million of current liabilities, compared to total liabilities of $7.37 million, which includes 2, $95 million in current liabilities.
Total expenses: Total expenses for the quarter ended March 31, 2022 were $4.74 million compared to $5.00 million for the quarter ended March 31, 2021.
Treasury : As of March 31, 2022, the Company had cash and cash equivalents of $264,679. After March 31, 2022, as announced on April 27, 2022 and May 2, 2022, the Company raised an additional $1.65 million in funding.
About Mydecine Innovations Group Inc.
Mydecine Innovations Group Inc. (NEO: MYCO) (OTC: MYCOF) (FSE: 0NFA) is a biotechnology company that develops novel first- and second-generation innovative therapies for the treatment of mental health and addiction using world-class technology and medicines. development infrastructure. Mydecine was founded in 2020 to address a significant unmet need and lack of innovation in mental health and therapeutic treatment environments. Our global team is dedicated to the effective development of new therapies to treat PTSD, depression, anxiety, addiction and other mental health disorders. Mydecine’s business model combines clinical trials and data outcomes, technology, and scientific and regulatory expertise with a focus on psychedelic therapy, as well as other novel non-psychedelic molecules with therapeutic potential. By collaborating with some of the world’s leading authorities, Mydecine aims to responsibly accelerate the development of new medicines to provide patients with mental disorders with safe and more effective treatment options. Mydecine Innovations Group is headquartered in Denver, Colorado, USA, and international offices in Leiden, The Netherlands.
Learn more at: https://www.mydecine.com and follow us on Twitter, LinkedIn, YouTube and Instagram.
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For more information please contact:
Morgan Kervitsky, Chief Marketing Officer
On behalf of the Board of Directors:
Joshua Bartch, General Manager
For additional information about Mydecine Innovations Group, Inc., please see the company’s profile on SEDAR at www.sedar.com or visit the company’s website at www.mydecine.com.
This press release contains forward-looking information within the meaning of Canadian securities laws concerning the Company and its business, which relates to future events or future performance and reflects management’s current expectations and assumptions. Often, but not always, forward-looking information can be identified by the use of words such as “expects”, “intends”, “anticipates”, “believes” or variations (including variations negative) of these words and expressions, or declare that certain actions, events or results “could”, “might”, “would” or “would” be undertaken, occur or be achieved. These forward-looking statements reflect management’s current beliefs and are based on assumptions made by the Company and information currently available to it. Readers are cautioned that these forward-looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected, including, without limitation, risks relating to the COVID-19 pandemic, the availability and continuity of financing, the Company’s ability to adequately protect and enforce its intellectual property, the Company’s ability to put its products into commercial production, the continued growth of global adaptive medicine, natural health products and digital health industries, and the risks presented by the highly regulated and competitive marketplace regarding the development, production, sale and use of the Company’s products. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information, there may be other factors that cause results not to be those anticipated, estimated or expected. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. These forward-looking statements are made as of the date hereof, and the Company undertakes no obligation to update or revise them to reflect new events or circumstances, except as required by applicable securities laws.