REG-Mydecine Innovations Group Inc: Mydecine Innovations Group Receives Notice of Allowance from USPTO for its MYCO-005 Compound

Mydecine InnovationsAnnouncement

18/12/2023 07:15

 

Mydecine Innovations Group Receives Notice of Allowance from USPTO for its
MYCO-005 Compound

 

 

VANCOUVER, British Columbia, 18 December 2023 (GLOBE NEWSWIRE) -- Mydecine
Innovations Group Inc. ("Mydecine" or the "Company") (CSE:MYCO) (AQSE:MYIG)
(OTC:MYCOF) (FSE:0NFA), a forefront biotechnology company dedicated to
revolutionising mental health and addiction treatment, proudly announces the
Company has received the issuance of a Notice of Allowance by the United
States Patent and Trademark Office (USPTO) for their MYCO-005 compound, "Novel
Aza-Substituted Psilocin Analogs And Methods Of Synthesizing The Same Unique
Compound (US20230348380A1)".

 

This Composition of Matter patent underscores Mydecine's commitment to
innovation in mental health therapeutics. MYCO-005, a novel compound, that
mimics psilocin as an improved version engineered to act therapeutically
similar to psilocin while dramatically reducing highly undesirable side
effects from long-term sustained use of psilocybin and almost all-known
classical serotonin agonists such as (LSD, DMT, etc.), specifically addressing
valvular fibrosis concerns recognised by leading clinicians and FDA
regulators. MYCO-005 is designed with selective binding to 5-HT2A receptors
and does not bind to 5-HT2B receptors for both macro and microdosing.

 

In 2020, Mydecine filed its provisional patent application encompassing
multiple families of psilocin analogs, with MYCO-005 emerging as a
second-generation breakthrough. This compound addresses stability and receptor
binding concerns associated with first-generation compounds, introducing a
novel psilocin analog with potentially heart-safe microdose-enabling
properties, eliminating a known cardiovascular risk factor.

 

Microdosing, gaining recognition as a potential treatment for ADHD,
depression, and anxiety, is often hindered by the cardiovascular risks
associated with psilocybin. Chief Scientific Officer, Rob Roscow, highlighted
the risks linked to the 5-HT2B receptor and heart valve tissue fibrosis.

 

"Mydecine's research on MYCO-005 demonstrates robust binding to the classic
psychedelic 5-HT2A receptor while avoiding binding to the 5-HT2B receptor,
suggesting an enhanced safety profile for microdosing," stated Roscow. This
advancement positions MYCO-005 as a safer alternative for those suffering from
anxiety or depression disorders.

 

Mydecine Innovations Group continues to lead the way in biotechnological
advancements, dedicated to pioneering safer and more effective solutions for
mental health and addiction disorders.

 

 

The Directors of Mydecine take responsibility for this announcement.

 

This announcement contains inside information for the purposes of Article 7 of
the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law
by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is
disclosed in accordance with the Company's obligations under Article 17 of
MAR.

 

 

For more information, please contact:

 

Media Contact

pr@mydecineinc.com

 

Investor Relations

investorrelations@mydecineinc.com


 

On behalf of the Board of Directors

 
Joshua Bartch, Chief Executive Officer contact@mydecineinc.com
 

AQSE Corporate Advisor

Novum Securities Limited  Tel: +44 (0)207 399 9400

David Coffman/ George Duxberry

 

For further information about Mydecine Innovations Group, Inc., please visit
the Company's profile on SEDAR+ at www.sedarplus.com or the Company's website
at www.mydecine.com.

 

About Mydecine Innovations Group Inc.

 

Mydecine Innovations Group is a publicly traded, pre-revenue biopharmaceutical
company that began operations in North America and Europe in early 2020.
Mydecine was founded to increase physicians' access to serotonin-modulating
medicine. Recent research has demonstrated the therapeutic potential of
psychedelic substances such as psilocybin and MDMA for treating intractable
conditions such as pain, anxiety, depression, addiction, and PTSD, along with
neurodegenerative disorders. Mydecine believes these compounds can be safer,
more effective, and more accessible for patients and medical professionals
through modern drug chemistry paired with artificial intelligence (AI).
Through its exclusive partnership with Applied Pharmaceutical Innovation based
at the University of Alberta, Mydecine is developing innovative medications
for target indications with high mortality rates that have lacked innovation
for decades and are controlled by dominant corporations. Mydecine developed
several prodrug families, beginning with a psilocybin-derived smoking
cessation drug undergoing a NIDA-funded trial at Johns Hopkins University.
Mydecine is also developing MYCO-006-short-acting chemical analogs derived
from MDMA for treating various conditions, including anxiety and pain.
Mydecine utilizes cutting-edge artificial intelligence (AI) and pharma
research infrastructure at the University of Alberta to develop and
manufacture new medications to make them affordable and accessible to the
general public upon Health Canada and FDA approval. The Mydecine team is
enthusiastic about its mission and is dedicated to creating a positive
difference in the lives of others.

 

 

This news release contains forward-looking information about Canadian
securities laws regarding the Company and its business. It relates to future
events or performance and reflects management's expectations and assumptions.
Often but not always, forward-looking information can be identified by the use
of words such as "expect," "intends," "anticipated," "believes," or variations
(including negative variations) of such words and phrases or by stating that
specific actions, events, or results "may," "could," "would," or "will" be
taken, occur, or be achieved. Such forward-looking statements reflect
management's beliefs and are based on assumptions and information currently
available to the Company. 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 regarding the COVID-19
pandemic, the availability and continuity of financing, the ability of the
Company to protect and enforce its intellectual property adequately, the
Company's ability to bring its products to commercial production, the
continued growth of the global adaptive pathway medicine, natural health
products, and digital health industries, and the risks presented by the highly
regulated and competitive market concerning 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 forward-looking information, other factors
may cause effects not to be as anticipated, estimated, or intended. There can
be no assurance that such information will be accurate, as actual results and
future events could differ materially from those anticipated. These
forward-looking statements are made as of the date hereof. The Company is not
obligated to update or revise them to reflect new events or circumstances as
required under applicable securities legislation.

 

 

 

 

 

 

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