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Mydecine Innovations Group (NEO: MYCO) (OTC: MYCOF) has announced four novel drug candidates as it prepares for Pre-Investigational New Drug (IND) meetings with the FDA and Health Canada. The candidates include MYCO-001 (pure psilocybin), MYCO-002 (entactogenic compound), MYCO-003 (psilocybin-based formula), and MYCO-004 (transdermal patch). These drugs aim to provide innovative treatments for mental illnesses, boasting improved safety profiles and unique delivery mechanisms. Mydecine believes these candidates are patentable, enhancing their pharmaceutical value.
Mydecine Innovations Group is now officially listed on the NEO Exchange under the symbol NEO:MYCO after voluntarily delisting from the Canadian Securities Exchange. The company focuses on developing psychedelic-assisted therapeutics aimed at improving mental health. CEO Josh Bartch expressed optimism about increased liquidity and access to institutional investors enhancing transparency and visibility. This migration is part of a broader trend of companies moving to NEO, which supports fundraising for innovative sectors like psychedelics.
Mydecine Innovations Group has commenced trading on the NEO Exchange under ticker symbol MYCO as of March 23, 2021. The company is focused on the research and development of psychedelic-assisted therapies targeting mental health disorders. Mydecine has achieved a significant milestone by completing the first harvest and commercial export of legal psilocybin mushrooms from Jamaica to Canada. This strategic move is expected to enhance investor visibility and shareholder value.
Mydecine Innovations Group has appointed Michel Rudolphie as President of European Operations, aiming to expand its clinical research initiatives. Rudolphie, with extensive pharmaceutical experience, will lead strategy and partnerships, overseeing ongoing trials for psilocybin-assisted therapy for PTSD. The company has also partnered with Dr. David Erritzoe to establish a psychedelic research clinic in collaboration with Imperial College London and a major NHS Trust. This initiative focuses on experimental psychopharmacology, exploring psychedelics' therapeutic benefits.
Mydecine Innovations Group (CSE: MYCO) (OTC: MYCOF) has appointed MNP LLP as its new auditor, replacing SHIM & Associates LLP. The company has filed a Notice of Change of Auditor on SEDAR. This change marks a shift in the company's financial oversight and aligns with its ongoing commitment to transparency and accountability in financial reporting. Stakeholders are encouraged to monitor future performance closely, as this transition may influence investor confidence and regulatory compliance.
Mydecine Innovations Group (CSE: MYCO) (OTC: MYCOF) has achieved a significant milestone by successfully completing the world’s first international legal export of dried psilocybin mushrooms. The company harvested 20 kilograms of mushrooms in December 2020, now forming a solidified commercial supply chain for psilocybin. This accomplishment allows Mydecine to support its research and supply other licensed facilities globally. The CEO stated that their natural-sourced psilocybin will be a cost-effective alternative to synthetic versions, which could enhance the company's R&D and market position.
Mydecine Innovations Group (CSE: MYCO, OTC: MYCOF) has successfully closed a bought-deal public offering, issuing 34.5 million units at C$0.50 each, raising C$17.25 million. This offering, led by Canaccord Genuity, includes an over-allotment option exercised in full. The company plans to utilize the proceeds for clinical trials, expanding its intellectual property portfolio, drug pipeline development, and general working capital. Each unit comprises one common share and a warrant, which will allow for further investment opportunities.
Mydecine Innovations Group (CSE: MYCO) (OTC: MYCOF) has filed its final short form prospectus in relation to its previously announced bought deal offering. The company plans to raise C$15 million by offering 30,000,000 units at C$0.50 each, with warrants exercisable at $0.70 over 36 months. An over-allotment option for an additional 4,500,000 units is also available. Proceeds will fund clinical trials, expand intellectual property, and support the development of its drug pipeline. The offering is expected to close by February 12, 2021, pending necessary approvals.
Mydecine Innovations Group (CSE:MYCO | OTC:MYCOF) has filed amended financial statements for the nine months ended September 30, 2020, reflecting significant adjustments. The revised reports show a decrease in total assets by $493,214, an increase in total liabilities by $1,830,594, and a drop in shareholders' equity by $2,323,808. Additionally, the net loss increased by $2,282,519 during this period. Key changes involve adjustments related to acquisitions and the write-off of inventory from subsidiaries, which amount to $458,921. All figures are in Canadian dollars.
Mydecine Innovations Group announces the appointment of Josephine Wu to its Board of Directors, aiming to enhance growth and strategic direction. Wu, with over 18 years in hedge fund and healthcare investment, replaces Michael Connolly, who resigned. This leadership change contributes positively to governance as the Caveat Emptor designation on OTC markets is lifted, facilitating Mydecine's compliance with U.S. trading regulations. The company focuses on developing innovative solutions in mental health, leveraging Wu's extensive experience to further its business model and partnerships.