Mydecine: Q3 Financials, Advances Research On Psychedelic Therapies For Mental Health & Addiction Disorders

Mydecine Innovations Group MYCO MYCOF (FSE:0NFA) reported its financial results on Tuesday and provided a business update for the third quarter ended September 30.

Q3 2021 Financial Highlights

• Net loss attributable to common stockholders was $4.5 million, or a basic and diluted loss per share attributable to common stockholders of $0.02, as compared to a net loss attributable to common stockholders of $17.4 million for the third quarter 2020, or a basic and diluted loss per share attributable to common stockholders of $0.11.
• As of September 30, the Denver-based company had cash and cash equivalents of $1.6 million.

Business Highlights During and Subsequent To Q3 2021

Clinical Trials

• Prepared to supply its lead drug candidate, MYCO-001, for a JHU multi-site NIDA grant-funded smoking cessation study led by Dr. Matthew Johnson.
• Announced upcoming launch of seamless Phase 2/3 smoking cessation clinical trial studying the science and efficacy of MYCO-001.
• Inked a five-year research deal with JHU School of Medicine to advance clinical trials and explore multiple molecules and medicines for a variety of indications.

“This marks the first time in over 50 years that the U.S government has funded a study of a psychedelic compound for therapeutics,” Joshua Bartch, CEO of Mydecine said. “As we prepare for the launch of these trials, we expect to meet with the FDA for Pre-Investigational New Drug Application (Pre-IND) meetings in early 2022, another step closer to bringing to market more effective treatments for today’s unmet needs in mental health and addiction.”

IP Portfolio

• Filed final patent application for MYCO-003 with the United States Patent and Trademark Office and the World Intellectual Property Organization, which is being developed to offer enhanced treatment of anxiety and PTSD.
• Filed new patent for MDMA-like compounds.
• Filed a technology patent that allows for creating formulations that utilize nanoemulsion technology to enhance, stabilize and make repeatable properties of ingredients from traditional medicine.

Technology

• Launched Mindleap 2.0, an updated version of its virtual health platform, which adds focus on the conscious and trustworthy adoption of psychedelics into the broader categories of mental health.
• Continued development of AI-driven drug discovery program.

Corporate

Completed its spin-out transaction of ALT House Cannabis Inc., which now holds the Company’s U.S. cannabis assets.

MYCOF Price Action

Mydecine Innovations’ shares traded 3.80% lower at $0.1684 per share at the time of writing on Tuesday afternoon.

Photo: Courtesy of Mydecine Innovations Group