REG-Mydecine Innovations Group Inc: Q4 2023 Business Update

Mydecine InnovationsAnnouncement

26/10/2023 07:15

 

 

 

 

 

Mydecine Provides Q4 2023 Business Update

 

VANCOUVER, British Columbia, 26 Oct. 2023 (GLOBE NEWSWIRE) -- Mydecine
Innovations Group Inc. (“Mydecine” or the “Company”) (CSE:MYCO)
(AQSE:MYIG) (OTC:MYCOF) (FSE:0NFA), a biotechnology company engineering the
next wave of innovative medications and treatment protocols to directly
address mental health with a particular emphasis on addiction and PTSD with
psychedelic therapeutics, is pleased to address its shareholders and provide a
general update on the Company's progress.

 

The Company has spent the past few months diligently working to simplify its
business model, streamline workflow and processes, and reduce burn rate while
increasing output and efficiencies in order to ensure the Company's future
success.  Through this process, the Company has made a number of strategic
decisions that it believes will substantially benefit shareholders and
increase the probability of long-term success. Through this transformation,
the Company has become a true preclinical biopharmaceutical platform whose
primary focus is the development of novel next-generation, improved drugs,
using first-generation psychedelic compounds as a model or starting point. 
The Company believes that to have a truly successful drug for shareholders and
patients, several structural changes and improvements must be made to the
first-generation MDMA and Psilocybin/Psilocin compounds, including but not
limited to faster onset, increased safety, significantly reduced half-life,
elimination of certain undesirable side effects, and selective receptor
binding, all while maintaining the high efficacy rates observed in generation
one psychedelic compounds.

 

The exclusive partnership between the Company and Applied Pharmaceutical
Innovation, which houses the company's drug discovery and development efforts
at the University of Alberta, has been maintained and strengthened. The
University of Alberta consistently rates in the top five in the world for AI
drug development. As part of the Canadian Critical Drug Initiative, the
Canadian Government recently awarded Applied Pharmaceutical Innovation (API) a
grant of CAD 80.5 million. This funding will be used to enhance the
72,000-square-foot Biotechnology Business Development Centre and build a new
40,000 square-foot, state-of-the-art manufacturing center with the capacity to
produce 70 million drug doses per year. Through its partnership with API, the
Company is able to effectively leverage API's and the University of Alberta's
world-class facilities and human resources, while retaining full custody of
all intellectual property, inventions, and research produced. Channeling its
MYCO-005, MYCO-006, and MYCO-007 families of novel, patent-pending
second-generation MDMA and Psilocybin analogs through API, the Company
believes it has the best chance to achieve its objective of enhancing the
global pharmaceutical landscape with these new molecules. This confidence is
supported by significant positive pre-clinical and animal data compiled by the
Company. The Company is rapidly advancing its leading candidates toward
impending human clinical trials and anticipates providing significant updates
in the near future.

 

Josh Bartch, CEO and Chairman of the Company stated, "We have been working
diligently  over the last few years which have been extremely difficult for
the entire industry and our company. Through adversity, Mydecine has become a
more robust, well-managed, streamlined, efficient, and productive organisation
with a high likelihood of success. Recently, the industry has witnessed
several strong catalysts that we believe provide a glimpse into the future,
such as large successful financings with very notable participants, open
market buys by notable investors such as Steve Cohen, MAPS publishing their
second and final phase 3 with incredibly strong results and gearing up for FDA
approval in early 2024, Mindset Pharma being acquired by Otsuka, and many
others." Josh also mentioned, "Our robust drug pipeline is full, and we
believe we have made the necessary improvements to generation one drugs to
maximise the commercial viability and monetisation of psychedelic medicine. We
look forward to sharing with you a multitude of incredibly thrilling
developments soon."

 

 

 

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.

 

Learn more at https://www.mydecine.com.

 

For more information, please contact:

Media Contact:
pr@mydecineinc.com

 

Investor Relations:
investorrelations@mydecineinc.com

 

On behalf of the Board of Directors:

David 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 utilises 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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