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've been working diligently, but the last few years 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 organization 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
maximize the commercial viability and monetization of psychedelic
medicine. We look forward to sharing with you a multitude of
incredibly thrilling developments soon."
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.
The Directors of Mydecine take responsibility for this
announcement.
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:Joshua
Bartch, Chief Executive Officercontact@mydecineinc.com
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.
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.
Mydecine Innovations (AQSE:MYIG)
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