Mydecine Innovations Group Inc Stock Price, News & Analysis

Mydecine Innovations Group (NEO: MYCO) (OTC: MYCOF) announced the completion of a target-based model for the serotonin receptor 5-HT_2A, enhancing its AI-driven drug discovery program. This model will expedite the screening of billions of compounds, aiming to identify novel psychedelic molecules with improved binding affinity. The integration of AI and ML is expected to significantly cut costs and development time. Mydecine's focus on psilocybin and its active metabolite psilocin aims to address challenges such as shelf stability and onset variability, ultimately enhancing treatment for mental health disorders.

Mydecine Innovations Group (NEO: MYCO) (OTC: MYCOF) has engaged JBN Partners, LLC for a six-month term to enhance public and investor relations, with a total payment of USD$150,000. The company focuses on developing innovative therapeutics for mental health disorders, including PTSD and addiction, using advanced technology and drug development infrastructure. Founded in 2020, Mydecine aims to bridge gaps in mental health treatment with a commitment to responsible development and collaboration with leading experts in the field.

Mydecine Innovations Group (NEO: MYCO) announced a collaboration with Maya to co-develop a digital therapeutics platform. This partnership aims to enhance Mydecine's digital health platform, Mindleap, improving personalized treatment for mental health and addiction disorders. The new platform seeks FDA clearance for insurance reimbursement, enabling physicians to prescribe it alongside existing treatments. This innovation could position Mydecine at the forefront of digital healthcare, with the global digital therapeutics market projected to grow to $10.62 billion by 2025.

Mydecine Innovations Group (MYCOF) announced a private placement agreement for a convertible secured subordinated debenture worth C$5.5 million, expected to close on December 10, 2021. The financing aims to support ongoing R&D, clinical trials, and technology initiatives. The Company is poised to launch significant studies, including a smoking cessation trial with Johns Hopkins University, following positive interim results showing 59% abstinence at 12 months. The Debenture will bear a 10% interest rate and is convertible into common shares at $0.17 each.

Mydecine Innovations Group (NEO: MYCO) (OTC: MYCOF) has announced the appointment of Dr. Saeid Babaei as an independent board member. The company has also filed a full patent application for stabilized psilocin analogs to enhance delivery control and shelf stability for medical use. This innovation aims to improve treatment standardization and reduce side effects, potentially advancing Mydecine’s psychedelic-based therapeutic candidates. Mydecine is focused on transforming mental health treatments and moving closer to securing a NASDAQ listing in Q1 2022.

Mydecine Innovations Group (NEO: MYCO, OTC: MYCOF) reported Q3 2021 results, announcing a significant 5-year research agreement with Johns Hopkins University to advance smoking cessation studies using its lead candidate, MYCO-001. This agreement marks a historic moment as it's the first U.S. government-funded psychedelic study in over 50 years. The net loss for Q3 2021 was $4.5 million, significantly down from $17.4 million in Q3 2020. The company holds $1.6 million in cash and aims for FDA meetings in early 2022 to expedite treatment development for mental health issues.

Mydecine Innovations Group (NEO: MYCO) has announced Dr. Rakesh Jetly's participation in a panel on psychedelic therapy for veterans, scheduled for November 10, 2021. The event, aiming to explore treatments like MDMA and psilocybin, is organized by Reconsider and Horizons PBC at Judson Memorial Church in NYC, with virtual access worldwide. Dr. Jetly emphasized the company's commitment to providing advanced therapies for veterans facing mental health issues. Alberta's Associate Minister of Mental Health, Mike Ellis, supports these therapies as legitimate solutions.

Mydecine Innovations Group (NEO: MYCO) (OTC: MYCOF) recently highlighted its involvement in a significant NIH-funded clinical trial led by Johns Hopkins University. The study examined the effectiveness of psilocybin in smoking cessation, revealing that 67% of participants remained nicotine-free after 12 months, a stark contrast to traditional methods (10%-35% success). Mydecine is supplying its lead drug candidate, MYCO-001, to support this groundbreaking research, which aims to address mental health issues and addiction through innovative therapeutic approaches.

Mydecine Innovations Group (MYCOF) has filed a technology patent for nanoemulsion formulations aimed at improving the delivery and efficacy of natural medicines. This technology, which enhances bioavailability, is pivotal for Mydecine's drug development, particularly in microdosing. CEO Josh Bartch highlighted the strategic importance of this patent in opening new licensing opportunities and reaching consumers through retail and wellness markets. The company combines traditional medicinal ingredients with modern technology to address mental health issues, including PTSD and addiction.