Mydecine Innovations Group Inc Q4 2023 Business Update

 
TIDMMYIG 
 
[A blue and white logo 
 
Description automatically generated] 
 
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 (https://www.globenewswire.com/Tracker?data=pYYeIgyfJNzt 
JyMdZZn-VpwxQrtBtlSMsGBtRIzOm4yDrnPjpMN70JuFZb5zwysliiTHd1E 
-OMW5uy96TYKYq3DlZw4jl7g9-VpYCutSPw4=). 
 
For more information, please contact: 
 
Media Contact: 
pr@mydecineinc.com (https://www.globenewswire.com/Tracker?data=4Il8oIq2g7fyenjYSn 
jWpMFsZ7e0YLabrlCqoQNQbBKVObUToXwTeCzItnpVQCdjIcgEZ4j3TfdlswfUvfNInQu46LpY4ybVouh 
ECMWAWP8=) 
 
Investor Relations: 
investorrelations@mydecineinc.com (https://www.globenewswire.com/Tracker?data=lww 
wRjmeVhEx 
-4zNMrTofZ_TmectJQAzwXROUnYctmM7j7IqZ1Q0N1Ht9hR5zZufAPzCEr30RMt19yHDqfYd9UdOBq037 
18wVk7KYQPrft8P1BncMOFs9ayccbCwfvCl0m6E-AwDx6mSRUHmaN3c7A==) 
 
On behalf of the Board of Directors: 
 
David Bartch, Chief Executive Officer 
 
contact@mydecineinc.com (https://www.globenewswire.com/Tracker?data=XgmGtylsXA6VF 
sl1t2XonXZxbdxgRJ4U5xUxRn_br82rGamHAHV8ETBkWYjJ90rG4PQcbbMn 
-Muh8TkDqd7fyAwbkuzhVWKsnIOxGJ28TYQ=) 
 
AQSE Corporate Advisor 
 
Novum Securities LimitedTel: +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 (https://www.globenewswire.com/Tracker?data=YNj_VUl08q2SdnpWepG 
zP3_YOOiKuzJJrbnxDXCI1Leg1akLusipFW1vhWR1aMjJftNI 
-Ah9OB2usnxVGSZ9KjqGwZNlR0P0XR3WIK5FFxY=) or the Company's website at 
www.mydecine.com (https://www.globenewswire.com/Tracker?data=Dj2LE9v1Uzwr24a2BHYM 
vXXmH94foLuMzvU__Lx5l3lzIOt3KMiShtj466xDkP89HTMUQUkeFIRxVLGRmv66iA==). 
 
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.

 
 
This information was brought to you by Cision http://news.cision.com 
https://news.cision.com/mydecine-innovations-group-inc/r/q4-2023-business-update,c3862623 
The following files are available for download: 
https://news.cision.com/mydecine-innovations-group-inc/i/3862623-0-png,c3231955 3862623_0.png 
 
 
END

(END) Dow Jones Newswires

October 26, 2023 02:00 ET (06:00 GMT)

Mydecine Innovations (AQSE:MYIG)
Graphique Historique de l'Action
De Mai 2024 à Juin 2024