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Mydecine Innovations Group Announces Mailing of Management Information Circular and Provides Update on Spin-Out of U.S. Cannabis Assets

Mydecine Innovations Group Announces Mailing of Management Information Circular and Provides Update on Spin-Out of U.S. Cannabis Assets

DENVER, Aug. 24, 2021 (GLOBE NEWSWIRE) — Mydecine Innovations Group Inc. (NEO: MYCO) (OTC: MYCOF) (“Mydecine” or the “Company”), is pleased to announce that it has filed and mailed its management information circular (the “Information Circular”) and related meeting and proxy materials for the annual general and special meeting of the shareholders of the Company to be held virtually on Monday, September 20, 2021 at 11:00 a.m. (Pacific time) (the “Meeting”).

The purpose of the Meeting is, among other things, to consider and, if thought advisable, to pass a special resolution approving the Company’s previously announced spin-out transaction (the “Transaction”) by way of a court-approved plan of arrangement under the Business Corporations Act (British Columbia) pursuant to an amended and restated arrangement agreement dated August 9, 2021 (the “Arrangement Agreement”) between Mydecine and Alt House Cannabis Inc. (“Spinco”). Spinco is a wholly-owned subsidiary of Mydecine, recently incorporated for the purposes of the Transaction. As part of the Transaction, Mydecine will transfer to Spinco all of the Company’s interests in: (i) 1176392 BC Ltd; (ii) Alternative Distribution Company, LLC; (iii) Drink Fresh Water, LLC; (iv) Tealief Brands, LLC; (v) Relyfe Brands, LLC; (vi) We are Kured, LLC; and (vii) Trellis Holdings Oregon OP, LLC (collectively, the “U.S. Cannabis Subsidiaries”) in exchange for 2,500,000 common shares of Spinco (the “Spinco Shares”). Mydecine’s current shareholders will receive such 2,500,000 Spinco Shares in proportion to their shareholdings in Mydecine, being 0.010416 Spinco Shares for each common share of Mydecine held. Holders of Mydecine warrants (NEO: MYCO.WT) who validly exercise such warrants following the Transaction shall receive, for each warrant held, one whole Mydecine common share and, for no additional consideration, 0.010416 Spinco Shares.

Upon completion of the Transaction, Mydecine’s principal business will focus on the development and commercialization of solutions for treating mental health problems through its psilocybin research and development and it will no longer be involved in the manufacturing or sale of cannabis and CBD products.

The purpose of the Transaction will be, among other things, to allow the Company to pursue business and financing opportunities unavailable to it while it continues to hold an interest in the U.S. Cannabis Subsidiaries, including its proposed listing on NASDAQ Capital Markets and the London Stock Exchange. The Information Circular contains, among other things, a detailed description of the Transaction, including additional reasons therefor, and other information relating to Mydecine and Spinco following the Transaction.

On August 20, 2021, the Company obtained an interim order (the “Interim Order”) of the Supreme Court of British Columbia, which, among other things, authorizes the calling and holding of the Meeting, stipulates the dissent rights granted to the Company’s shareholders, and specifies certain other matters relating to the conduct of the Meeting. The Transaction remains conditional on the approval of the shareholders of Mydecine at the Meeting in accordance with the Interim Order. The Transaction also remains conditional on the approval of the Aequitas Neo Exchange and final approval of the Supreme Court of British Columbia.

The Transaction is expected to close on or about September 27, 2021.

Following the Transaction, Spinco is expected to be an unlisted public company. Spinco intends to apply to list its common shares on the Canadian Securities Exchange or the Aequitas Neo Exchange following completion of the Arrangement, although there can be no assurances that such listing will be achieved.

ON BEHALF OF THE BOARD OF MYDECINE INNOVATIONS GROUP

“David Joshua Bartch”

David Joshua Bartch, Chief Executive Officer

For more information:

Media Contact
Courtney Ryan
LS2group
cryan@ls2group.com
515-770-4823

Investor Contacts
Charles Lee, Investor Relations
corp@mydecineinc.com
1-720-277-9879

Allison Soss / Erika Kay
KCSA Strategic Communications
myco@kcsa.com
1-212-896-1267

About Mydecine Innovations Group

Mydecine Innovations Group™ (NEO:MYCO) (OTC:MYCOF) (FSE:0NFA) is an emerging biotech and life sciences company dedicated to developing and commercializing innovative solutions for treating mental health problems and enhancing vitality. The company’s world-renowned medical and scientific advisory board is building out a robust R&D pipeline of nature-sourced psychedelic-assisted therapeutics, novel compounds, therapy protocols, and unique delivery systems. Mydecine has exclusive access to a full cGMP certified pharmaceutical manufacturing facility with the ability to import/export, cultivate, extract/isolate, and analyze active mushroom compounds with full government approval through Health Canada. Mydecine also operates out of a state-of-the-art mycology lab in Denver, CO to focus on genetic research for scaling commercial cultivation of rare (non-psychedelic) medicinal mushrooms.

Learn more at: https://www.mydecine.com/ and follow us on Facebook, Twitter, and Instagram.

Forward-Looking Statements

This news release contains forward-looking information within the meaning of Canadian securities laws regarding the Company and its business, which relate to future events or future performance and reflect management’s current expectations and assumptions. Often but not always, forward-looking information can be identified by the use of words such as “expect”, “intends”, “anticipated”, “believes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would” or “will” be taken, occur or be achieved. Forward looking-information in this news release includes, but is not limited to: statements with respect to completion of the Arrangement; benefits of the Arrangement; obtaining Shareholder and final court approval of the Arrangement; the listing of Spinco Shares on a stock exchange and timing thereof; the listing of Mydecine shares on NASDAQ Capital Markets and the London Stock Exchange; and timing of closing of the Arrangement. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and information currently available to the Company. Readers are cautioned that these forward-looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected including, without limitation, risks regarding the COVID-19 pandemic, the availability and continuity of financing, the ability of the Company to adequately protect and enforce its intellectual property, the Company’s ability to bring its products to commercial production, continued growth of the global adaptive pathway medicine, natural health products and digital health industries, and the risks presented by the highly regulated and competitive market concerning the development, production, sale and use of the Company’s products. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances save as required under applicable securities legislation.

Source: Mydecine Innovations Group Inc.

Released August 24, 2021

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Mydecine Innovations strikes five-year research agreement with John Hopkins University to study psychedelic therapies

Mydecine’s chief scientific officer Rob Roscow said the research agreement “demonstrates our commitment to advancing psychedelic medicine by exploring multiple molecules and medicines for a variety of indications”
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Mydecine Innovations Group Inc -

Mydecine will work with the team at Johns Hopkins, led by Dr Matthew Johnson and the Behavioural Pharmacology Research Unit

Mydecine Innovations Group Inc (OTC:MYCOF, FRA:0NFA, NEO:MYCO) announced a new multi-year research collaboration with Johns Hopkins University School of Medicine to study psychedelic therapies.

The five-year agreement will see Denver-based Mydecine working with the team at Johns Hopkins, led by Dr Matthew Johnson and the Behavioural Pharmacology Research Unit.

In a statement, Mydecine told shareholders that the team has “extensive” experience working on clinical research related to the therapeutic use of psychedelics.

READ: Mydecine Innovations finishes 2Q with C$7M in cash after busy research period pinpoints four new lead drug candidates

“We are excited to expand on the current work we are conducting with Dr Matt Johnson and his team at JHU in regards to smoking cessation to include numerous other projects over the next five years,” Mydecine CEO Josh Bartach said. “The researchers at JHU have proven their incredible depth of knowledge in the field.”

Mydecine’s chief scientific officer Rob Roscow hailed the long-term potential of the research agreement, saying it “demonstrates our commitment to advancing psychedelic medicine by exploring multiple molecules and medicines for a variety of indications.”

Much of Mydecine’s current research looks into how psychedelics can help people to stop smoking. The company’s chief medical officer Dr Rakesh Jetly cited CDC statistics showing that cigarette smoking is the leading cause of preventable disease and death in the US, killing more than 480,000 Americans each year.

“Despite all the public education and dire warnings, cigarette smoking remains one of the most difficult addiction to treat and contributes to more deaths than all the other substances combined, making research like this vital,” Jetly told investors.

Mydecine is an emerging biotech and life sciences company dedicated to developing and commercializing innovative solutions for treating mental health problems and enhancing vitality. The firm operates out of a state-of-the-art mycology lab in Denver to focus on genetic research for scaling commercial cultivation of rare (non-psychedelic) medicinal mushrooms, and has exclusive access to a full cGMP certified pharmaceutical manufacturing facility with the ability to import and export, cultivate, extract and isolate, and analyze active mushroom compounds with full government approval through Health Canada.

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The end to nicotine addiction?

Mydecine Innovations strikes five-year research agreement with Johns Hopkins University to study psychedelic therapies

Johns Hopkins University has been at the forefront of psychedelic research since the early 2000’s. Now, its researchers are partnering with Mydecine Innovations (MYCO) to end one of the most difficult addictions to treat.

The Denver-based company just signed into a 5-year research agreement with Johns Hopkins to study psychedelic therapies. Initial research will focus on smoking cession, expanding on previous findings that 80% of smokers were able to quit after one dose of psilocybin.

Mydecine also announced that it has added 4 news lead drug candidates to its portfolio.

 

 

 

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Mydecine Innovations finishes 2Q with C$7M in cash after busy research period pinpoints four new lead drug candidates

CEO Joshua Bartach told investors the company made “groundbreaking progress” and discoveries in its psilocybin compound research and drug development program
Mydecine Innovations Group Inc -

The firm’s net loss for the period narrowed to C$3.8 million

Mydecine Innovations Group Inc (OTC:MYCOF, FRA:0NFA, NEO:MYCO) reported its 2Q results showing the psychedelic firm ended the three-month period with C$7 million in cash and equivalents following a robust research program.

The Denver, Colorado-based company said it had identified four new lead drug candidates in its portfolio and discovered more than 40 potential pharmacologically active novel compounds in mushrooms.

CEO Joshua Bartach told investors that the company made “groundbreaking progress” and discoveries in its psilocybin compound research and drug development program during the three-month period to end June 30, 2021.

READ: Mydecine Innovations Group expands patent portfolio to include MDMA-like compounds

“We identified our four novel lead drug candidates in preparation for Pre-Investigational New Drug Application (Pre-IND) meetings with the US Food and Drug Administration (FDA) and Health Canada. As well as discovering over 40 potential pharmacologically active novel compounds in mushrooms, demonstrating the continued success of our integrated research and cultivation facilities as we build today’s most advanced and extensive portfolio of psychedelic-assisted therapeutics,” Bartach said in a statement.

Outside the drug discovery program, Mydecine also boosted its technology offering with the release of Mindleap 2.0, an upgraded version of its digital health platform to support the adoption of psychedelics into mental health and inner wellness.

Bartach highlighted that and other developments in his review of the quarter.

“We have also significantly leveraged our partnerships with research institutions to drive the evolution of the drug discovery process and partnered with the University of Alberta to initiate a next-generation AI-assisted drug discovery program,” the CEO said.

“We are focused on expanding into more technological end-to-end treatments and launched Mindleap 2.0 in July to support the widespread adoption and normalization of psychedelic-based integration with mental health. Our recent milestones exhibit revolutionary potential with layering applications of first and second-generation therapeutics.”

The firm’s net loss for the period narrowed to C$3.8 million or $0.02 loss per share from the $4.6 million loss or $0.05 loss per share in the same year-ago quarter.

Mydecine has exclusive access to a full cGMP certified pharmaceutical manufacturing facility with the ability to import and export, cultivate, extract/isolate, and analyze active mushroom compounds with full government approval through Health Canada. It also operates out of a state-of-the-art mycology lab in Denver to focus on genetic research for scaling commercial cultivation of rare (non-psychedelic) medicinal mushrooms.

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Mydecine to Participate in Upcoming Investor Events in August 2021

DENVER, July 28, 2021 (GLOBE NEWSWIRE) — Mydecine Innovations Group (NEO: MYCO) (OTC: MYCOF) (FSE: 0NFA) (“Mydecine” or the “Company’), an emerging biopharma and life sciences company committed to the research, development, and acceptance of alternative nature-sourced medicine for mainstream use, today announced that Josh Bartch, CEO of Mydecine, will participate in two upcoming investor events in August 2021:

  • BTIG Biotechnology Conference to be held virtually on August 9-10, 2021. Mr. Bartch will present on Tuesday, August 10th at 3:00 p.m. ET.
  • Canaccord Genuity’s 41st Annual Growth Conference to be held virtually on August 10-12, 2021. Mr. Bartch will present on Tuesday, August 10th at 10:00 a.m. ET.

For more information about the conferences, or to schedule a one-on-one meeting with Mydecine management, please contact your appropriate BTIG or Canaccord representative directly, or send an email to KCSA Strategic Communications at MYCO@kcsa.com.

About Mydecine Innovations Group
Mydecine Innovations Group™ (NEO:MYCO) (OTC:MYCOF) (FSE:0NFA) is an emerging biotech and life sciences company dedicated to developing and commercializing innovative solutions for treating mental health problems and enhancing vitality. The company’s world-renowned medical and scientific advisory board is building out a robust R&D pipeline of nature-sourced psychedelic-assisted therapeutics, novel compounds, therapy protocols, and unique delivery systems. Mydecine has exclusive access to a full cGMP certified pharmaceutical manufacturing facility with the ability to import/export, cultivate, extract/isolate, and analyze active mushroom compounds with full government approval through Health Canada. Mydecine also operates out of a state-of-the-art mycology lab in Denver, CO to focus on genetic research for scaling commercial cultivation of rare (non-psychedelic) medicinal mushrooms.

At the heart of Mydecine’s core philosophy is that psychedelic-assisted psychotherapy will continue to gain acceptance in the medical community with many of the world’s best accredited research organizations demonstrating its remarkable clinical effectiveness. Mydecine recognizes the responsibility associated with psychedelic-assisted therapy and will continue to position itself as a long-term leader across the spectrum of clinical trials, research, technology, and global supply. Mydecine has also successfully completed multiple acquisitions since its inception.

Learn more at: https://www.mydecine.com and follow us on Facebook, Twitter, and Instagram.

On behalf of the Board of Directors:
Joshua Bartch, Chief Executive Officer
contact@mydecineinc.com

For further information about Mydecine Innovations Group, Inc., please visit the Company’s profile on SEDAR at www.sedar.com or visit the Company’s website at www.mydecine.com.

This news release contains forward-looking information within the meaning of Canadian securities laws regarding the Company and its business, which relate to future events or future performance and reflect management’s current expectations and assumptions. Often but not always, forward-looking information can be identified by the use of words such as “expect”, “intends”, “anticipated”, “believes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would” or “will” be taken, occur or be achieved. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and information currently available to the Company. Readers are cautioned that these forward-looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected including, without limitation, risks regarding the COVID-19 pandemic, the availability and continuity of financing, the ability of the Company to adequately protect and enforce its intellectual property, the Company’s ability to bring its products to commercial production, continued growth of the global adaptive pathway medicine, natural health products and digital health industries, and the risks presented by the highly regulated and competitive market concerning the development, production, sale and use of the Company’s products. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances save as required under applicable securities legislation.

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Mydecine: Nature’s Medicine for Mental Health

Watch VIDEO.

Treating mental health problems and enhancing vitality

Mydecine Innovations is dedicated to developing and commercializing innovative solutions for treating mental health problems and enhancing vitality. Its world-renowned medical and scientific advisory board is building out a robust R&D pipeline of nature-sourced psychedelic-assisted therapeutics, novel compounds, therapy protocols, as well as unique delivery systems.

“If Mydecine and others get to the commercial stage, they have enormous multibillion-dollar markets with very little competition,” says Elemer Piros.

Mydecine has exclusive access to a full cGMP certified pharmaceutical manufacturing facility. Further, they have the ability to import/export, cultivate, extract/isolate, and analyze active mushroom compounds. This is also all with full government approval through Health Canada. Additionally, Mydecine operates out of a state-of-the-art mycology lab in Denver, CO. There, the focus is on genetic research for scaling commercial cultivation of rare (non-psychedelic) medicinal mushrooms.

Moreover, Johns Hopkins, NYU, Imperial College of London are running controlled studies and are on a 12 month look back. The data results show that 67 percent of the individuals with severe PTSD no longer show the indication or signs of the indication. It also showed that over 80 percent show a significant reduction in their PTSD symptoms.

“I think it’s undeniable that this is the largest potential advancement in any sort of mental health treatment,” says Director, CEO & Co-Founder, Joshua Bartch.

A Remarkable Team

The Scientific Advisory Board (“SAB”) is enviable in the field of mental health solutions. Its current members are world-renowned medical and scientific professionals drawn from within academic, research and development, military, and corporate environments.

The members are leaders in the field of PTSD, Mental Health including clinical practice, and advocacy. Each member has therefore made significant contributions to advancing the field and is committed to furthering Mydecine’s mission. The SAB continues to provide strategic guidance and direction for Mydecine’s clinical trials for PTSD, underpinned by pure data research, therapy, and scientific programs, advise on intellectual property. It also contributes commentary on Mydecine’s telehealth platform, Mindleap Health™.

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Mydecine Expands Portfolio of Novel Molecules Filing New Patent for MDMA-like Compounds

DENVER, July 21, 2021 (GLOBE NEWSWIRE) — Mydecine Innovations Group (NEO: MYCO) (OTC: MYCOF) (FSE: 0NFA) (“Mydecine” or the “Company”), an emerging biopharma and life sciences company committed to the research, development, and acceptance of alternative nature-sourced medicine for mainstream use, today announced that the Company has filed a new patent for MDMA-like compounds further expanding its robust portfolio of novel compounds.

“At Mydecine, we are excited to expand our drug development program to include the improvement of entactogenic compounds,” said Rob Roscow, Chief Scientific Officer. “The groundbreaking progress that we’ve seen from the Multidisciplinary Association for Psychedelic Studies (MAPS) in its Phase 3 clinical trials of MDMA-assisted psychotherapy for Post-Traumatic Stress Disorder (PTSD), including receiving Breakthrough Therapy Designation from the Food and Drug Administration (FDA), shows great promise to date. It is our belief that the tailoring of the properties of these compounds will vastly improve their utility to medicine and therapy. This filing is part of our continued efforts to grow our robust IP portfolio as we consistently file for new patents that offer high potential to expand psychedelics for medical use.”

This expansive patent would allow Mydecine to scale its coverage in drug development research in lieu of promising discoveries and FDA-approval progress for novel therapeutics, including granting Breakthrough Therapy Designation to MDMA for the treatment of PTSD in recent years. With the filed patent on entactogenic compounds, the company would be able to further develop treatments that precisely match the needs of medical practice, by reducing harm and improving the safety profile when compared to traditional MDMA.

With full government approval through Health Canada for exclusive access to a full cGMP-certified pharmaceutical manufacturing facility, Mydecine continues to advance the clinical progress in its 4 leading novel compounds, MYCO-001 through 004 with the ability to import or export, cultivate, extract or isolate, and analyze active mushroom compounds. The new patent filings are anticipated to populate the pipeline beyond MYCO-004.

In addition to the patent, the Company increases its advantage to legally research psilocybin through its dedicated research labs and AI-assisted international research partnerships, which have led to the recent launch of Phase 2A on psilocybin-assisted psychotherapy to treat PTSD in veterans. The Company’s goal is to continually add novel modifications to its portfolio of bespoke customizable features for psychedelic drugs to strengthen its IP portfolio. The company is scaling its proprietary research and development methods in order to become one of the first to produce and bring to market psilocybin-based treatments.

About Mydecine Innovations Group

Mydecine Innovations Group™ (NEO:MYCO) (OTC:MYCOF) (FSE:0NFA) is an emerging biotech and life sciences company dedicated to developing and commercializing innovative solutions for treating mental health problems and enhancing vitality. The company’s world-renowned medical and scientific advisory board is building out a robust R&D pipeline of nature-sourced psychedelic-assisted therapeutics, novel compounds, therapy protocols, and unique delivery systems. Mydecine has exclusive access to a full cGMP certified pharmaceutical manufacturing facility with the ability to import/export, cultivate, extract/isolate, and analyze active mushroom compounds with full government approval through Health Canada. Mydecine also operates out of a state-of-the-art mycology lab in Denver, CO to focus on genetic research for scaling commercial cultivation of rare (non-psychedelic) medicinal mushrooms.

At the heart of Mydecine’s core philosophy is that psychedelic-assisted psychotherapy will continue to gain acceptance in the medical community with many of the world’s best accredited research organizations demonstrating its remarkable clinical effectiveness. Mydecine recognizes the responsibility associated with psychedelic-assisted therapy and will continue to position itself as a long-term leader across the spectrum of clinical trials, research, technology, and global supply. Mydecine has also successfully completed multiple acquisitions since its inception.

Learn more at: https://www.mydecine.com and follow us on Facebook, Twitter, and Instagram.

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On behalf of the Board of Directors:
Joshua Bartch, Chief Executive Officer
contact@mydecineinc.com

For further information about Mydecine Innovations Group, Inc., please visit the Company’s profile on SEDAR at www.sedar.com or visit the Company’s website at www.mydecine.com.

This news release contains forward-looking information within the meaning of Canadian securities laws regarding the Company and its business, which relate to future events or future performance and reflect management’s current expectations and assumptions. Often but not always, forward-looking information can be identified by the use of words such as “expect”, “intends”, “anticipated”, “believes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would” or “will” be taken, occur or be achieved. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and information currently available to the Company. Readers are cautioned that these forward-looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected including, without limitation, risks regarding the COVID-19 pandemic, the availability and continuity of financing, the ability of the Company to adequately protect and enforce its intellectual property, the Company’s ability to bring its products to commercial production, continued growth of the global adaptive pathway medicine, natural health products and digital health industries, and the risks presented by the highly regulated and competitive market concerning the development, production, sale and use of the Company’s products. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances save as required under applicable securities legislation.

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Mydecine Innovations Group (OTCMKTS:MYCOF) Stock Soars 65% in a Month: Now What?

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If you are currently taking a look at stocks which have recorded considerable gains in recent weeks then it might be a good time to take a look at the Mydecine Innovations Group (OTCMKTS:MYCOF) stock. The company is an emerging entity in the biopharma and life sciences space and over the course of the past month or so; it has managed to clock gains of 65%.

Last week the company announced that it is going launch the second version of its virtual health platform later on this month on July 30 through its subsidiary company Mindheap Health.

The health platform in question is meant for providing an infrastructure that can help in the adoption of psychedelics for the purposes of treating wellness as well as mental health issues. The technical director and the interim Chief Executive Officer of the company William Cook spoke about the platform.

He stated that it is a platform that can help in transforming the lives of people. He went on to state that Mindleap is committed to providing people with reliable support for mental health issues that they might face on a daily basis. In light of the gains made by the Mydecine stock in recent weeks, it is a stock that investors could do well to keep in their watch lists.

Market Reaction:

On Friday, MYCOF stock jumped 1.80% at $0.3977 with more than 1 million shares, compared to its average volume of 1.12 million shares. The stock had moved within a range of $0.3849 – 0.4000 after opening the trade at $0.3936. Over the past 52-week, the stock has been trading within a range of $0.1990 – 0.5200.

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Mydecine Innovations Group™️ Proactive One2One Virtual Forum – 15th July 2021

Mydecine Innovations Group™️ (NEO: MYCO) (OTC:MYCOF) (FSE:0NFA) Proactive One2One Virtual Forum – 15th July 2021 Mydecine Innovations Group™️ (NEO: MYCO) (OTC:MYCOF) (FSE:0NFA) is an emerging biotech and life sciences company dedicated to developing and commercialising innovative solutions for treating mental health problems and enhancing vitality.

Mydecine Innovations Group™️ (NEO: MYCO) (OTC:MYCOF) (FSE:0NFA) Proactive One2One Virtual Forum – 15th July 2021

Mydecine Innovations Group™️ (NEO: MYCO) (OTC:MYCOF) (FSE:0NFA) is an emerging biotech and life sciences company dedicated to developing and commercializing innovative solutions for treating mental health problems and enhancing vitality. The company’s world-renowned medical and scientific advisory board is building out a robust R&D pipeline of nature-sourced psychedelic-assisted therapeutics, novel compounds, therapy protocols, and unique delivery systems. Mydecine has exclusive access to a full cGMP certified pharmaceutical manufacturing facility with the ability to import/export, cultivate, extract/isolate, and analyze active mushroom compounds with full government approval through Health Canada. Mydecine also operates out of a state-of-the-art mycology lab in Denver, CO to focus on genetic research for scaling commercial cultivation of rare (non-psychedelic) medicinal mushrooms. At the heart of Mydecine’s core philosophy is that Psychedelic-assisted psychotherapy will continue to gain acceptance in the medical community with many of the world’s best accredited research organizations demonstrating its remarkable clinical effectiveness. Mydecine recognizes the responsibility associated with psychedelic-assisted therapy and will continue to position itself as a long-term leader across the spectrum of clinical trials, research, technology, and global supply. Team leadership is key, The Scientific Advisory Board (“SAB”) that Mydecine has pulled together from its operational branches is enviable in the field of mental health solutions. Its current members are world-renowned medical and scientific professionals drawn from within academic, research and development, military, and corporate environments. As leaders in the field of PTSD, Mental Health including clinical practice, and advocacy, each member has made significant contributions to advancing the field and are committed to furthering Mydecine’s mission. The mandate of this SAB continues to provide strategic guidance and direction for Mydecine’s clinical trials for PTSD, underpinned by pure data research, therapy, and scientific programs, advise on intellectual property; and, contribute commentary on Mydecine’s telehealth platform, Mindleap Health™. Mydecine has also successfully completed multiple acquisitions since its inception.

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Mydecine’s Prospects Look Magical, Like A Mushroom

Summary
  • The company is developing molecules based on psilocybin to treat PTSD and also has an app for psychedelic after-care remote therapy.
  • Mydecine is the first company in the world to complete an international legal export of dried magic mushrooms.
  • The future for psychedelic-assisted therapeutic solutions looks bright and it seems that their legalization in the USA is just a matter of time.
Psychedelics Investment
wildpixel/iStock via Getty Images
Investment thesis

I like the psychedelics sector because the regulatory tide seems to be turning. However, there seems to be little coverage of the companies from this field on SA and I think the reason for this is that many of them are based in Canada. Well, I’ve already covered Numinus Wellness (OTCPK:LKYSF) and Cybin (OTCQB:CLXPF) and today I’m taking a look at Mydecine Innovations Group (OTCPK:MYCOF). The latter has several advantages over its competitors such as collaborating with military personnel as well as access to a mycology lab. The company also has a license to legally research psilocybin and it owns a virtual telehealth app for psychedelic after-care remote therapy.

Just like Numinus and Cybin, Mydecine is another narrative-driven stock in the psychedelics space and I like the story behind it.

Overview of the business

In its own words, Mydecine is an emerging biotech and life sciences company dedicated to developing and commercializing innovative solutions for treating mental health problems and enhancing vitality.

What does this mean? Well, in layman’s terms, the company plans to use magic mushrooms to treat posttraumatic stress disorder (PTSD). Yes, psilocybin is found in magic mushrooms. Mydecine has seven molecule designs and its clinical trials are at Phase 2A, with test sites approved at Leiden University, University Of Alberta, Royal Ottawa Hospital, and Western Ontario University. Overall, it’s at a pretty early stage but it has developed partnerships and secured licenses that provide it with several advantages over its peers.

(Source: Mydecine)

It’s too early to tell if any of the molecules can lead a commercial success.

In December 2020, Mydecine completed a commercial harvest of 20 kilograms of magic mushrooms and in March 2021 it became the first company in the world to complete an international legal export of dried magic mushrooms.

Notice how I keep mentioning legal. This is because psychedelic-assisted therapeutic solutions companies are in limbo at the moment. Some of the leaders in the sector like COMPASS Pathways (CMPS), MindMed (MNMD), and Numinus have high valuations based on the eventuality that governments around the world will approve the therapeutic use of psychedelics. And as I mentioned at the start of this article, the tide is turning, especially in the USA.

In 2018, COMPASS’ synthetic psilocybin (COMP360) was granted breakthrough therapy status by the U.S. Food and Drug Administration. In June 2021, the Drug Policy Reform Act was introduced in Congress. It has the potential to become the first bill to federally decriminalize possession of all currently illicit drugs and this would likely lead to a loosening of restrictions on research into psychedelic therapies.

(Source: Numinus)

The mental health market opportunity for psychedelic-assisted therapeutic solutions is estimated to be pretty large. According to data from the National Institute of Mental Health, the direct and indirect economic costs of mental disorders in the USA alone are $467 billion.

(Source: Cybin)

Worldwide sales of antidepressant drugs are expected to reach almost $16 billion by 2023, according to a report of Allied Market Research.

As I said, this is a narrative-driven stock and the legalization of psychedelic-assisted therapeutic solutions is likely to provide a huge boost to most companies in the sector.

Let’s talk about the company’s telemedicine offering. In August 2020, Mydecine bought a company named MindLeap Health for C$2.5 million ($2 million) in shares, and in September 2020 it launched a digital telehealth mobile application for mental coaching and wellbeing.

The app is free and it aims to provide analytics into mental health to improve outcomes through goal-setting, mood, emotion, and habit tracking.

(Source: Mydecine)

Mydecine will make money through in-app purchases of mental health and wellbeing programs by charging a 9% fee for each session. At the moment, the app doesn’t seem to have gathered much traction but at least the reviews are pretty good. Most of them are five stars and the average rating stands at 4.8 stars as of the time of writing.

(Source: appgrooves)

The plans for the app are ambitious for 2021 as Mydecine plans to significantly expand the specialist and partner network as well as the social media presence.

(Source: Mydecine)

The acquisition agreement foresees several bonus payments based on revenue milestones but unfortunately, it seems unlikely that these will be met. However, I still view this app as a good asset considering the growing valuation of telemedicine companies due to the Covid-19 pandemic.

(Source: Sedar)

The most significant red flag for me regarding Mydecine is high expenses, especially G&A. As you can see, corporate development and consulting fees alone totaled over C$3 million ($2.5 million) in Q1 2021.

(Source: Mydecine)

The balance sheet looks fine at the moment thanks to C$20 million ($16.1 million) raised through bought-deal financings during the period. However, I think you should keep an eye on the cash burn rate.

(Source: Mydecine)

Turning our attention to valuation, it seems nearly impossible to come up with numbers for early-stage biotech companies. The story is narrative-driven and it’s not prudent to use traditional metrics such as P/S, P/E, or EV/EBITDA. Taking this into account, I’m just going to say that I’m bullish on Mydecine at today’s share price. I really like the company’s network, its ability to export magic mushrooms as well as its telehealth app.

In the long run, Mydecine needs to advance its molecules through the clinical trial process and hope it’s legal to sell them if they are proven to be effective. Also, the company has to bring its app to the mainstream and manage to monetize it successfully. It looks like a good app and the reviews are great so far.

Investor takeaway

I’m bullish on the psychedelics space and Mydecine is among the companies that I like in this market. What sets it apart from its competitors is its vast partnership network, its licenses, and its telehealth app. I think the latter has a pretty good potential to be successful.

I’m bullish on Mydecine and the company is listed on the NEO Exchange, just like Cybin. However, if you want to get exposure to its shares, the OTC market also seems like a good option as liquidity is similar there at the moment.

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Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Additional disclosure: I am not a financial adviser. All articles are my opinion – they are not suggestions to buy or sell any securities. Perform your own due diligence and consult a financial professional before trading.

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