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Mydecine Discovers Over 40 Groundbreaking Potential Pharmacologically Active Novel Compounds in Mushrooms

Published at Yahoo! Finance

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DENVER, June 08, 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, announces that the Mydecine R&D team has made groundbreaking advances in psilocybin research with the discovery of over 40 compounds with pharmacological potential in mushrooms.

Over the past months, Mydecine’s research and development teams have screened over 25 mushroom species, including various varieties of p. cubensis, and has selected and analyzed over 40 unique compounds found throughout the various species. Of these compounds, a large majority appear to have never been reported before and could be vital to the critical effects of naturally-sourced mushrooms on human health and wellbeing as well as synergistic effects with pure psilocybin.

“Most mushrooms, especially the noxious species, have not been investigated for their chemical components,” says Senior Scientist, Duff Sloley. “Most of these compounds are evolved to protect the mushroom’s fruiting body from predation by insects, nematodes and bacteria and are complex and metabolically expensive to produce. Since these compounds are evolved to affect biological systems and aspects of metabolic pathways, they stand a higher chance of proving to be useful pharmaceuticals,” he continued. “As a consequence, studies of the structural, chemical, and possibly fortuitous pharmacological properties of these unknown compounds may lead to the development of beneficial pharmacological treatments for a number of disease states.”

Dr. Sloley holds a PhD in Biology from the University of Waterloo and has over 35 years of experience in analytical research and product development including positions at the University of Saskatchewan’s Neuropsychiatric Research Unit, Novokin Biotech, Sinoveda, and Radient Technologies. Dr. Sloley’s specialties include comparative neurobiology with a focus on neurotransmitter identification, metabolism and disruption as well as botanical composition. Dr. Sloley has extensive experience working in analytical biochemistry in a GLP setting including HPLC, LCMS/MS, UV absorbance and fluorescent detection. Additionally, Dr. Sloley is an active member of the Alberta Mycological Society and will be instrumental in characterizing and discovering new potent compounds as well as working with Society to source novel fungi.

“We have seen accelerated progress through Mydecine’s fully integrated research and cultivation facilities,” stated Josh Bartch, CEO of Mydecine. “These tremendous advances in our treatment development could not have been possible without our state-of-the-art R&D center and world-class research team. We not only have the ability to discover new compounds, but test them for efficacy, manufacture them for clinical research through a scientific rigor. This end-to-end capability is a critical to successful drug development and sets Mydecine apart.”

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 discovered more than 40 new compounds with medical potential in various mushroom species

Mydecine Discovers Over 40 Groundbreaking Potential Pharmacologically Active Novel Compounds in Mushrooms

Mydecine Innovations Group discovered over 40 new compounds with medical potential when screening 25 mushroom species. Mydecine’s senior scientist, Duff Sloley, said that chemical components in many species, especially the poisonous ones, have not been researched. Sloley explained that the compounds are very complex because they’ve evolved to protect the mushrooms from predators. “Since these compounds are evolved to affect biological systems and aspects of metabolic pathways, they stand a higher chance of proving to be useful pharmaceuticals”.

PDF of article

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The Dales Report: Microdosing, PTSD and Research: Mydecine COO Damon Michaels Talks Psychedelics

Published at The Dales Report

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Earlier this week we had COO Damon Michaels at The Dales Report to discuss some of the recent news that’s come out for Mydecine (NEO: MYCO) (OTCMKTS: MYCOF). Continuing on with his interview, Michaels tells us about the addressable market for PTSD, how quickly the industry for psychedelics is moving, and how big pharma may get involved.

This is part two of the interview – you can catch the first part here. Here are some of the highlights.

Michaels says that psychedelics usage for PTSD market may grow rapidly, doesn’t just have to be for veterans

Michaels says that “we’re very familiar with it in the veteran community,” but PTSD can stem from a lot of things. Another way of describing PTSD is moral injury. It could happen to first responders, victims in car accidents, and other situations. There’s a lot of things that spark PTSD, he says, and the depressive trauma that prevents people from living their life.

Not only is Michaels hoping that psychedelics become a normalized treatment for the veteran community, hopes it becomes a protocol for others, too.

Texas Senate considering a bill to study the effectiveness of psychedelics in therapy – exciting news, says Michaels

Michaels acknowledges it’s not exactly surprising, but the news that Texas is considering permitting trials with psychedelics on PTSD is exciting. This is going to help pave the way and show that even people in government are starting to accept that psychedelics might be an acceptable way to treat people, he says.

Psychedelics industry moving 6-7x as fast as cannabis

In an interview The Dales Report had with Rob Roscow, the CSO of Mydecine, Roscow said that that psychedelics were moving through the legislation process 6 to 7 times as quickly; Michaels agrees this does seem to be the case.

The cannabis industry would have moved a lot faster if it started with scientific data the way that the psychedelics industry is doing, Michaels says. Instead of beginning as a recreational product for years before research happens, many places are doing studies and finding the medicinal value of psychedelics like psylocibin right off the bat.

Many universities such as John Hopkins, NYU, and Imperial College London have all already published “amazing studies” on that prove efficacy, safety and value of psychedelics, says Michaels. He predicts that once it becomes normalized in government, the medical community will very quickly see what he calls “a renaissance” and that big pharma will begin to adapt these medicines and protocols – because they work.

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Mydecine to Participate in the H.C. Wainwright Psychedelics in Psychiatry and Beyond Conference

Published at globenewswire.com

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DENVER, June 03, 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 the H.C. Wainwright Psychedelics in Psychiatry and Beyond Conference to be hosted virtually on Thursday, June 17, 2021.

Mr. Bartch’s corporate presentation will be available on-demand starting at 7:00 a.m. ET. To attend, register here.

For more information about the H.C. Wainwright conference, or to schedule a one-on-one meeting with Mydecine management, please contact 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 COO Damon Michaels on Canada Cultivation and Mushroom Editing

Published at

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In early May, we had Mydecine (NEO: MYCO) (OTCMKTS: MYCOF) CSO Rob Roscow on the Dales Report to talk about their 2a clinical trials. Today we have Damon Michaels with us to discuss some of the recent news that’s come out for Mydecine including Health Canada’s approval of the expansion of their cultivation facilities here in Canada.

Here’s some highlights from the first of this two-part interview:

Canadian expansion means that Mydecine has “instant access” and allows them to supply clinical trials says Michaels

With the research facility in place, Michaels says, Mydecine can now take all the mushrooms that they’re producing in Jamaica and go after all the specific compounds that they’re finding in psilocybin and even non-psilocybin containing mushroom species. These compounds, he continues, are very valuable to Mydecine. Not only are they useful from a chemical perspective, they may help with the pharmacology.

With operations ongoing, having the ability to cultivate onsite allows Mydecine the instant access they need to conduct R&D experiments and clinical analytics. This ties into the development of the novel drug compounds. Mydecine requires the purified isolate from natural fungal sources, and this would fill that supply.

The possibility of editing mushrooms

Mushrooms, Michaels says, are not plants. They’re a unique organism. Cannabis has benefited greatly from hybridization techniques to create new species and different profiles, but an approach to change the chemical production of a mushroom might have to be a little different.

Mydecine CSO Rob Roscow, Michaels says, was the first scientist that we know of to successfully apply CRISPR to genetically edit plants. Whether this might apply to mushrooms, Michaels isn’t sure, but he says “…we still have the knowledge and resources to tackle any type of genetic editing we need to do” to enhance the chemical production.

Mydecine facility in Canada probably won’t scale to meet a commercial need, says Michaels

Or at least, it won’t be in the near future. Michaels says there is no real need for considering commercial scale until there’s an approved product on the market. The Canadian facility produces thousands of doses and is currently adequate to supply clinical trials around the world. He does add that as things progress into phase 3 trials, the capacity will be needed to expand and he’s confident that they’ll be ready to meet the demand.

The roadmap for the next 12 months? Proving efficacy and safety – and looking at protocols

Fortunately, a lot of this research has already been conducted through major universities, says Michaels. At least when it comes to efficacy and safety. But as far as proving specific protocols for psychedelic assisted psychotherapy and the administration of the medicines, there’s work to be done.

Nevertheless, the process will help normalize psychedelics, Michaels says, and allow people to gain acceptance.

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Psychedelic Solutions: How Mydecine Innovations Group is Working to Solve the Mental Health Crisis

Published at scienceworldreport.com

Until recently, the fields of mental health and psychedelics were rarely spoken about in the same sentence. However, thanks to landmark innovation and legalization, we are now in a psychedelic renaissance. Mydecine Innovations Group (NEO:MYCO) (OTC:MYCOF) (FSE:0NFA), is a key force driving this innovation and is bridging the gap between the two industries.

2021 has been a busy year for the Denver-based biopharma company after announcing a set of novel drug candidates just last month after successfully completing the first legal import of psychedelic mushrooms to Canada. This marks a major preliminary step in the creation of a comprehensive psychedelic supply chain. Beyond Mydecine’s import capabilities are the company’s upcoming clinical trials.

Mydecine’s main focus area is the study of mycology, which is the branch of biology centered around fungi. It is through this avenue which Mydecine has truly made their mark. In this arena, we find the company’s robust set of clinical trials which focus one the use of psychedelics in the treatment of PTSD. The first-of-their-kind clinical trials are a key step in the company’s mission to revolutionize the treatment of

mental health and wellbeing. The trials are a global feat of research capabilities, taking place in 7 countries around the world throughout 2021.

The third and final pillar of Mydecine’s business lies in their technology platform “Mindleap”. This platform is being developed in-house and is shaping up to be a groundbreaking piece of technology in the space of mental health service delivery.

“…with MindLeap, professionals that have been trained in the psychotherapy protocol under one roof and give patients access to be able to take the seven or eight-tenths of the equation, remotely, obvious vastly increases the scalability of the treatment.”

The fruits of this labour are becoming evident as Mydecine was recently chosen as the industry favorite in a survey by StrawPoll last month. Mydecine ranked as the favourite publicly traded company in the psychedelic sector. With a successful NEO uplisting, it is evident that Mydecine’s successes are catching up as the company continues to gain more attention and drive the industry forward.

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Mydecine wins Health Canada approval for expanding cultivation capabilities for psilocybin producing mushrooms

Published at ProactiveInvestors.com

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Mydecine Innovations Group Inc - Mydecine wins Health Canada approval for expanding cultivation capabilities for psilocybin producing mushrooms
It will allow the company to more quickly study the medical utility of naturally occurring psilocybin and psilocybin-like compounds

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Mydecine Innovations Group (NEO:MYCO) (OTCMKTS:MYCOF) (FRA:0NFA) said that it has received approval from Health Canada to “significantly expand” its cultivation capabilities at its current good manufacturing practice (cGMP) facility, at the Applied Pharmaceutical Innovation in Canada.

The Denver, Colorado-based biopharma company focused on the research and development of alternative nature-sourced medicine, said that it would use the new guidance from Health Canada to expand its cultivation facilities and rapidly scale up the supply of pharmaceutical-grade psilocybin for both its internal clinical research and for its industry partners.

“The increased cultivation will also allow the company to more efficiently and quickly study the medical utility of naturally occurring psilocybin and psilocybin-like compounds,” said the company.

READ: Mydecine Innovations updates on strategic reorganization to spin out US cannabis assets

Mydecine said it will also allow the firm to take a “more extensive look into the diversity and undiscovered chemistry of these compounds” and test their effectiveness in treating mental health conditions like post-traumatic stress disorder (PTSD) and addiction.

“Nature has produced a diversity of psilocybin producing fungi, all with their own unique chemistry and much of this diversity remains unstudied or undiscovered. The expansion of our cultivation capabilities will give us a unique lens into better understanding this incredible diversity and how it may be utilized in a therapeutic setting,” Mydecine Chief Science Officer Rob Roscow said in a statement.

“It will also enhance our ability to produce pharmaceutical-grade psilocybin at scale and increase our capacity to support our novel drug candidates like MYCO-001 and study its production in nature,” he added.

Roscow noted that clinical use of natural extracts has seen a surge of commercial interest. “Expanding our capabilities to study the cultivation of a multitude of psilocybin producing mushrooms enables incredible intellectual property value and puts us on track for further discoveries of novel molecules and tryptamines,” he added.

Meanwhile, Applied Pharmaceutical Innovation CEO Andrew MacIsaac said the institution through its partnership with Mydecine, had built “a world-class” drug discovery platform.

“Once completed, the expanded facility will have the capability to cultivate various mushrooms in quantities needed for the expanding clinical trial production needs of Mydecine, as well as serve as one of the world’s broadest libraries of legally imported psilocybin producing mushrooms,” added MacIsaac. “Tying this with our significant capacity and research infrastructure and you’ve arguably got the most well-equipped companies in the space to truly move the field forward.”

Contact the author Uttara Choudhury at uttara@proactiveinvestors.com

Follow her on Twitter: @UttaraProactive

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Mydecine Provides Update on Spin-Out of U.S. Cannabis Assets

Published at globenewswire.com

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DENVER, May 19, 2021 (GLOBE NEWSWIRE) — Mydecine Innovations Group Inc. (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 provided an update on its strategic reorganization (the “Spin-Out”) pursuant to which the Company intends to spin off its U.S. cannabis assets and its interests in U.S. cannabis projects into a newly incorporated subsidiary (“SpinCo”) in order to spin off its holdings of common shares in SpinCo to its existing shareholders. The Company expects to receive the interim order from the Supreme Court of British Columbia on or about June 7, 2021. Then, subject to approval of the shareholders, the Spin-Out is anticipated to close on or about the week of July 12, 2021.

The purpose of the Spin-Out will be, among other things, to permit the Company to comply with NASDAQ Listing Qualification requirements and comparable London Stock Exchange requirements regarding cannabis assets as the Company continues its listing review process with NASDAQ. Management believes that holding the U.S. cannabis assets and cannabis projects in a separate public company removes an unintended obstacle to its planned NASDAQ and London Stock Exchange listings and the expected benefits that such listings will provide the Company and its shareholders. Additionally, the Company plans to leverage and monetize the Company’s U.S. cannabis assets and cannabis projects and commercial relationships in the sector by spinning out the Company’s U.S. cannabis assets and cannabis projects into SpinCo.

It is proposed that the Spin-Out will be carried out by way of statutory plan of arrangement pursuant to the Business Corporations Act (British Columbia). Under the terms of the Spin-Out, shareholders of the Company will receive common shares of SpinCo on a pro rata basis based on the number of common shares of the Company held. The number of common shares of SpinCo to be issued to each shareholder of the Company under the Spin-Out has not yet been determined. There will be no change in shareholders’ holdings in the Company as a result of the Spin-Out.

The proposed Spin-Out will be subject to approval of shareholders of the Company, which the Company intends to seek at its next annual general and special meetings of shareholders (the “Shareholders’ Meeting”). The date for the Shareholders’ Meeting has not yet been determined. The Spin-Out also requires the approval of the British Columbia Supreme Court

Following the completion of the Spin-Out, SpinCo intends to make an application to list the SpinCo common shares on either the Canadian Securities Exchange or the NEO Exchange, but no assurance can be provided that such a listing will be obtained in a timely manner or at all. Any such listing will be subject to SpinCo fulfilling all the requirements of the applicable stock exchange.

Further details in respect of the Spin-Out, including the date for the Shareholders’ Meeting and the number of SpinCo common shares to be granted to shareholders of the Company will be announced in the near future. Readers are cautioned that the final details of the Spin-Out has yet to be determined and there is no certainty that the Spin-Out will be completed on the terms currently proposed or at all.

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. Forward-looking statements herein include, without limitation, statements relating to completion and timing of the Spin-Out, the listing of securities of the Company on NASDAQ or the London Stock Exchange, benefits of the Spin-Out for shareholders of the Company, the structure of the Spin-Out, SpinCo being able to leverage and monetize the Company’s U.S. cannabis assets and cannabis projects, the listing of the common shares of SpinCo on a stock exchange and the Company’s ability to build out a robust R&D pipeline. 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 ongoing 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 Reports First Quarter 2021 Financial Results and Provides Business Update

Published at globenewswire.com

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DENVER, May 18, 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 reported its financial results for the first quarter ended March 31, 2021 and provided a business update.

“Mydecine accomplished a number of key milestones in the first quarter of 2021 which collectively advanced our mission to bring one of the most robust portfolios of nature-sourced psychedelic-assisted therapeutics to the forefront of the mental health industry,” stated Joshua Bartch, CEO of Mydecine. “Most notably, we achieved the first-ever international export of psilocybin mushrooms and solidified our clinical and commercial supply chain in order to advance our R&D. This supply advantage, combined with our API and LeadGens Lab partnerships, strategically advances our drug development and clinical trials, further positioning Mydecine to lead the next-generation of synthetic and naturally-derived psilocybin novel compounds. We are extremely pleased to have reached this critical point in our development and look forward to building upon these successes in the months ahead.”

Mr. Bartch added, “In addition to the key operational milestones achieved In the first quarter of 2021, we raised C$20 million, and I am pleased to report that Mydecine is well-funded to continue to strategically act on our growth strategy, including the advancement of our IP portfolio, build out of our clinical trial calendar, expansion of our European operations and development of our technology division.”

Business Highlights During and Subsequent to the First Quarter 2021

Enhanced Partner Relationships

  • Entered into an exclusive partnership with Applied Pharmaceutical Innovation (API) at the University of Alberta, and further expanded capabilities that enable support of multiple drug development and clinical trial programs simultaneously.
  • Partnered with LeadGen Labs, a custom synthesis and contract research organization, to support the Company’s novel psychedelic drug development efforts and considerably increase the number of novel molecules it can synthesize concurrently.

Secured Clinical and Commercial Supply of Psilocybin Mushrooms

    Completed the first-ever international export of psilocybin mushrooms from a private mycology-focused research and cultivation facility in Jamaica.

Further Developed International Operational Footprint

  • Michel Rudolphie, former Novartis Norway CEO and former CEO and President of Make-A-Wish International, joined the Company as President of European Operations to develop and lead strategy, business development and comprehensive success across Europe.
  • Partnered with Principal Investigator Dr. David Erritzoe at Imperial College London (ICL) to conduct leading research in psychedelics, as well as the creation of novel collaborative pyschopharmacology/psychedelic research clinic between ICL and a major mental health NHS Trust in London.

Strengthened IP Portfolio

  • Filed seven provisional patent applications with the United States Patent and Trademark Office (USPTO) in its efforts to discover valuable novel compounds in fungi for medicinal and pharmaceutical use.
  • Filed provisional patent for Mindleap’s mental health technology with the USPTO and the Canadian Intellectual Property Office.

Improved Capital Markets Positioning

  • Raised C$20 million through bought deal offerings.
  • Migrated to the NEO Exchange and commenced trading on March 23, 2021.
  • Submitted formal application to list on the NASDAQ Stock Exchange.
Financial Results for the First Quarter 2021

Net Loss: Net loss attributable to common stockholders was $5.2 million for the first quarter 2021, or a basic and diluted loss per share attributable to common stockholders of $0.03, as compared to a net loss attributable to common stockholders of $0.2 million for the first quarter 2020, or a basic and diluted loss per share attributable to common stockholders of $0.01.

Cash Position: As of March 31, 2021, the Company had cash and cash equivalents of $11.3 million.

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.

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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.

MYDECINE INNOVATIONS GROUP INC. (FORMERLY NEWLEAF BRANDS INC.)
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(EXPRESSED IN CANADIAN DOLLARS)

To view financial chart, visit bottom of release at globenewswire.com.

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Posted on

Mydecine to Participate in the Benzinga Global Small Cap Conference on May 13th

Published at globenewswire.com

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DENVER, May 10, 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 the Benzinga Global Small Cap Conference to be hosted virtually on Thursday, May 13, 2021.

Mr. Bartch will speak on the panel titled Investing in the Mental Health Crisis Through Psychedelics at 4:15 p.m. ET. To attend, register here.

For more information about the conference, or to schedule a one-on-one meeting with Mydecine management, please contact 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.

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.