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Mydecine Innovations Group (OTC: MYCOF) has successfully completed the spin-out of its U.S. cannabis assets into ALT House Cannabis Inc. (SpinCo). Each shareholder received one new Mydecine share and 0.010300 SpinCo shares. The spin-out aims to comply with NASDAQ listing requirements by removing an obstacle presented by U.S. cannabis assets. Mydecine will now focus on developing end-to-end mental health treatments, leveraging its R&D capabilities for safe, FDA-approved solutions, while SpinCo aims to monetize its cannabis projects. New shares began trading on October 1, 2021.
Mydecine Innovations Group (MYCOF) has announced that its spin-out transaction with ALT House Cannabis Inc. has received shareholder approval, with 99.939% voting in favor during the annual meeting on September 20, 2021. The Supreme Court of British Columbia granted final approval on September 24, 2021. If Aequitas Neo Exchange's acceptance and other conditions are met, the spin-out is expected to complete by October 1, 2021. Additionally, six directors were elected, with David Joshua Bartch remaining as CEO. The company focuses on psychedelic-assisted therapeutics and has a cGMP certified manufacturing facility.
Mydecine Innovations Group (MYCOF) has filed a final patent application for its lead drug candidate, MYCO-003, aimed at treating anxiety and PTSD. The drug combines a serotonin agonist with a serotonin-releasing agent, showing potential in reducing anxiety during therapy compared to traditional psilocybin treatments. Positive preclinical data supports its continued development, with expectations of enhancing treatment efficacy and safety for patients suffering from severe anxiety and PTSD, according to company executives.
Mydecine Innovations Group (NEO:MYCO) has partnered with Dr. Matthew Johnson of Johns Hopkins University for a phase 2/3 clinical trial evaluating MYCO-001 in smoking cessation. The study, launching in Q1 2022, aims to assess the efficacy of MYCO-001 alongside a structured treatment program. This operationally seamless clinical trial design allows for adjustments as data is collected. Previous research highlighted an 80% abstinence rate at six months. Mydecine anticipates breakthrough therapy status for MYCO-001, driven by increasing efficacy rates compared to traditional therapies.
Mydecine Innovations Group (NEO: MYCO, OTC: MYCOF) announced CEO Josh Bartch will present at three upcoming virtual conferences. These include the H.C. Wainwright 23rd Annual Global Investment Conference from September 13-15, where his presentation will be available on-demand from September 13th at 7:00 a.m. ET. He will also participate in the Oppenheimer Fall Healthcare Life Sciences Summit on September 21st, and the Maxim’s Advances in Mental Health Conference on September 22nd, focusing on disruptive trends in mental health.
Mydecine Innovations Group (NEO: MYCO) (OTC: MYCOF) has announced its upcoming annual general and special meeting scheduled for September 20, 2021. Shareholders will vote on a special resolution for a spin-out transaction enabling Mydecine to transfer its U.S. Cannabis Subsidiaries to a newly formed entity, Spinco, in exchange for 2,500,000 shares. Post-transaction, Mydecine will focus exclusively on mental health solutions through psilocybin research. The process is contingent on shareholder and court approvals, with an expected completion date around September 27, 2021.
Mydecine Innovations Group has entered a five-year research agreement with Johns Hopkins University to explore therapeutic uses of psychedelics, led by Dr. Matthew W. Johnson. This collaboration aims to expand research on smoking cessation and other mental health treatments. Mydecine's CEO, Josh Bartch, and Chief Scientific Officer, Rob Roscow, emphasized the long-term potential of this partnership in advancing psychedelic medicine, particularly for nicotine dependence, which significantly impacts public health.
Mydecine Innovations Group (NEO: MYCO) reported significant advancements in its psychedelic-assisted drug development during Q2 2021. The company identified four novel drug candidates prior to Pre-IND meetings with the FDA and Health Canada. It discovered over 40 potential pharmacologically active compounds in mushrooms, enhancing its drug development pipeline. The launch of Mindleap 2.0 aims to facilitate the adoption of psychedelics in mental health. Financially, the net loss decreased to $3.8 million, down from $4.6 million in Q2 2020, while cash reserves stood at $7.0 million as of June 30, 2021.
Mydecine Innovations Group (NEO: MYCO, OTC: MYCOF) announces CEO Josh Bartch's participation in two virtual investor events in August 2021. He will present at the BTIG Biotechnology Conference on August 10 at 3:00 p.m. ET and the Canaccord Genuity's 41st Annual Growth Conference on the same day at 10:00 a.m. ET. Mydecine focuses on research and development of nature-sourced medicine and psychedelic-assisted therapy, backed by a robust R&D pipeline and a fully cGMP certified manufacturing facility. The company aims to enhance mental health treatment and vitality.
Mydecine Innovations Group (MYCOF) has filed a new patent for MDMA-like compounds, enhancing its drug development program focused on alternative medicine. This filing aims to improve the safety and efficacy of entactogenic compounds in psychotherapy, particularly for PTSD. The company has access to a cGMP-certified facility and is advancing its pipeline, which includes MYCO-001 through MYCO-004. Mydecine is also progressing in Phase 2A clinical trials for psilocybin-assisted therapy for veterans.