Published at Microdose.com
Obstacles That Mydecine Overcame This Previous Year
2020 was both a phenomenal and challenging year for the psychedelic renaissance. In terms of sheer popularity, there is no question that psychedelic medicine has perked the ears of the public. This shift in attitude towards these powerful psychoactive compounds is reflected in our popular media, and likewise, the activity of investors at large. Headlines pertaining to the use of psychedelics to treat PTSD, for example, indisputably put the spotlight on innovative psychedelic biopharma company Mydecine Innovations Group (CSE: MYCO).
Mydecine not only had a successful year, but an important year, considering the company’s ability to accomplish things that have never been done before in this nascent industry. Indeed, Mydecine was first to get CGMP status to produce/sell/export medical psilocybin. Similarly, the life science company was first to execute a legal import and export of psilocybin mushrooms. But this is not to say that the company did not face difficulties.
According to Josh Bartch, CEO and Director at Mydecine, the psychedelic industry faced struggles in the same manner than all industries did in 2020 amid a public health crisis. “As you would expect, our number one hurdle was dealing with the unprecedented global pandemic which has temporarily hindered some of the progress with in-person clinical studies,” said Bartch. “With that said, we have introduced tools such as our digital telehealth platform, Mindleap Health, for patients and specialists to connect remotely to find innovative solutions which allow patients and specialists to connect remotely.”
Given that Mydecine was able to navigate this previous year, teaming with the University of Alberta to push the overton window of what is possible in psychedelic R&D, then surely they will be an even greater force to reckon with this year.
Mydecine is at a Significant Advantage Market-Wise
Clinical prowess is at the core of the excitement surrounding Mydecine, but from an investor’s standpoint, we ought to discuss Mydecine’s position marketwise. The company has exclusive access to a full cGMP certified pharmaceutical manufacturing facility with the ability to import/export, cultivate, extract/isolate, and analyze psychoactive mushroom compounds. More importantly, Mydecine does so with full government approval through Health Canada – making them inherently a key player in the emerging psychedelic market.
Clearly, the company is not tied down to any one specific goal. For example, the company’s acquisition of Mindleap – a digital platform and mobile app that connects patients to psychedelic therapy/specialists – makes them valuable in both medicinal and technological markets. Furthermore, the accessibility of the app will likely draw in the average interested consumer, making psychedelics less of a niche interest and more of a groundbreaking treatment for the masses. The app brings the entire industry forward in this regard. Mydecine is also pursuing the R&D of non-psychedelic medicinal mushrooms, and this additional facet of diversified revenue adds to their investor appeal.
The Clinical Efforts that Separate Mydecine from Other Companies
Psychedelic enthusiasts will recall that during the tail end of 2020, Mydecine announced that it has engaged Ethica CRO as a partner for their Phase 2A PTSD clinical trials. This brings society closer to helping the long neglected psychological needs of war veterans and EMS/frontline workers. Moreover, these trials are international (taking place at Leiden University Medical Centre in the Netherlands, the University of Western Ontario, and the University of Alberta), which means the aforementioned neglected demographics will be helped all across the globe. Mydecine has other clinical sites on the horizon in the USA, Europe, and Australia, too.
Furthermore, Mydecine’s SAB member Dr. David Erritzoe helped execute a large-scale microdosing study co-sponsored by the National Institute for Health Research at Imperial College of London (a name that should ring a bell for readers in the psychedelic medicine community). Similarly, Mydecine was involved with a first-of-its-kind Microdose study at Mcquery University in Australia. Though Mydecine is perhaps best known for their noble efforts to treat PTSD, we can expect Mydecine to tackle many indications with this level of clinical ambition (e.g., psychedelic-assisted therapy in treatment of substance use disorder).
With that being said, Mydecine is able to take on these projects with a clear advantage specific to only them: the ability to isolate compounds no one else has their hands on yet thanks to their collaboration with the University of Alberta. Mydecine filed seven patent applications to further explore the medicinal properties of mushrooms.
Curious how psychedelics can be utilized in the treatment of PTSD? Check out our PsyFi episode with Colonel Rakesh Jetly, MD, the senior advisor in Psychiatry for the Canadian Armed Forces and Head of the Centre of Excellence on Mental Health. Our PsyFi podcast can be found on YouTube, Spotify, and Apple Podcasts.
Mydecine Will Continue to Thrive in 2021
A capital markets analyst at Canaccord Genuity Group, one of the most prominent investment banks in psychedelic medicine, recently estimated that the psychedelic market will be worth nearly $100 billion. With recent decriminalization/legalization efforts surrounding psilocybin, the market is in a great position. It should be no surprise that Mydecine was listed as one of the “top psychedelic firms to watch” in the publication of this analyst’s estimate. Mydecine is uniquely positioned to thrive in 2021.
Moreover, Mydecine’s successes to come are good for society at large. We mustn’t forget that the company’s over encompassing goal is to alleviate mental health crisis, which is particularly important after the rough year we all shared. There is no doubt that Mydecine will continue to position itself as a long-term leader across the spectrum of clinical trials, research, technology, and global supply.