Mydecine Innovations Group Reports Q2 Financial Results And Management Updates

After the resignation of several key board members on August 12, Mydecine Innovations Group MYCOF reported its financial results.

For the period corresponding to the six months ended June 30, 2022:

• Total cash was $324,146

• Net loss due to common stockholders was $8.09 million from operations, or a basic and diluted loss per share of $(1.31), compared to net loss from operations of $13.53 million, or a basic and diluted loss per share of ($3.04) for the same period of 2021.

• R&D expenses for the six-month period totaled $1,702,011, compared to $1,322,130 for the same period in 2021.

• R&D expenses for the three-month period totaled $652,486, compared to $1,091,920 for the same period in 2021.

In relation to the last category of expenses, Mydecine announced the start of a government-funded trial testing its proprietary, FDA-approved psilocybin-based MYCO-001 for tobacco addiction in June. In July, the company filed a patent application for MYCO-006, their family of novel short-acting MDMA analogs. 

The apparently sudden resignation of the company’s designated directors Damon Michaels, Josephine Wu, Dr. Saeid Babaei and Dr. Victoria Hale was announced on Friday, together with the launch of a search for candidates with knowledge of drug development to fill two board positions, as Michaels will remain as the company’s COO.

The three remaining board members are Josh Bartch, Rob Roscow and Todd Heinzl.

According to Mydecine’s statements, “The departures are part of a larger organizational shift that will allow the corporation to concentrate on its core competencies with more efficiency.” 

Photo by Sean Pollock on Unsplash