Psychedelic Company Sale: Mydecine Gets Over $2.5M For Wholly-Owned Tech Subsidiary Business

Mydecine Innovations Group Inc. MYCOF, a biotech company engineering next-gen psychedelic therapeutics, announced that it has closed the sale of all of issued and outstanding shares of its wholly-owned subsidiary, Mindleap Health Inc. to PanGenomic Health Inc., a precision health company delivering personalized, evidence-based information on natural treatments through technology platforms.

PanGenomic acquired all of Mindleap's outstanding shares for a purchase price of $2.658.960 (CA$3,600,000,) payable via the issuance of PanGenomic units at $0.15 (CA$0.20) each. Each unit consists of one Class A common share and one share purchase warrant to purchase one additional common share at a unit price of $0.22 (CA$0.30) until December 8, 2024.

Founded in 2020, Mydecine is based in the outskirts of Colorado and has offices in Canada and the Netherlands. The company intends to use the sale of Mindleap towards refocusing resources on its primary strategy of discovering and developing pharmaceutical psychedelic substances for a diverse set of health conditions.

“We are extremely proud of what we built with the Mindleap App”, said Mydecine’s chairman and CEO Josh Bartch. “Mindleap fills a necessary void in mental health and gives users the tools they need to improve their overall health and wellbeing. The Mydecine team looks forward to watching the application flourish and grow and will provide support at every step of the way.”

Bartch disclosed that the company spoke with several parties at the time of the decision to sell Mindleap, and “ultimately decided the team at PanGenomic shared the same vision and had the team and the expertise to take the application to the next level.”

On behalf of PanGenomic, president and CEO Maryam Marissen said, “We are excited about the acquisition of Mindleap as it represents a strategic addition to our PanGenomic portfolio of subsidiary businesses, We believe Mindleap’s technological know-how, mental health content library and marketing footprint will help us expand our reach to more users that align with PanGenomic’s Nara and PlantGx business strategies.”

Mydecine and PanGenomic entered into a transition services agreement in which Mydecine will assist in the transition, transfer and integration of Mindleap's technologies into the new owner's technology platform for two months. In return for the services, PanGenomic will pay Mydecine a consulting fee of $73.860 (CA$100,000.)

Upon completion of the transaction, Mydecine will hold approximately 19.4% of the issued and outstanding common shares.

Photo courtesy of PublicDomainPictures and janjf93 on Pixabay.