Psychedelics Biotechs Clearmind And Mydecine Share Consolidation And Subscription Agreements

In connection with recent stock splits, psychedelics biotech Clearmind Medicine Inc. CMNDF announced it will proceed with the consolidation of all its issued and outstanding common shares on a 1:30 basis, effective as of September 30, 2022.

Clearmind’s 39,592,344 common shares to date issued and outstanding will be reduced to approx. 1,319,744 on a post-consolidation basis, with no fractional shares to be issued.

After the consolidation, trading of the common shares at the CSE will begin on or about October 3, 2022 under the same company name and trading symbol. Outstanding stock options and share purchase warrants will also become adjusted by the new ratio, as will their respective exercise prices.

Recap on Clearmind: IP currently includes seven patent families, yet the company intends to seek additional patents for its proprietary compounds -such as the most recent one filed jointly with Scisparc for the treatment of metabolic syndromes- as well as to consider purchasing others’ intellectual property to build its portfolio.

Mydecine Proceeds With Its New Share Subscription Agreement 

In other news, Mydecine Innovations Group Inc. MYCOF closed the second tranche of its first issuance under a common share subscription agreement with a third-party investor signed on August 26, 2022, of which a related shelf prospectus supplement was subsequently filed on September 7, 2022. 

Through the offering, the company issued 877,193 of its common shares at a price of $0.57 each for aggregate gross proceeds of $500,000, with their distribution qualified by the prospectus supplement.

Mydecine’s CEO, Josh Bartch said “in biotech, the ability to access capital in all forms is very important.” 

Mydecine, which focuses on mental health disorders such as addictions and PTSD involves combining advanced technology with an R&D infrastructure. The company recently filed a full-patent application to the World Intellectual Property Organization for its family of short-acting MDMA-based psychedelic compounds. 

Photo courtesy of Geralt on Pixabay and Wikimedia Commons.