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U.S. FDA Clears MYCO-001 for Multi-Site Government Funded Trial in Smoking Cessation

U.S. FDA Clears MYCO-001 for Multi-Site Government Funded Trial in Smoking Cessation

DENVER, June 17, 2022 (GLOBE NEWSWIRE) — Mydecine Innovations Group (NEO: MYCO) (OTC: MYCOF) (FSE: 0NFA) (“Mydecine” or the “Company”), a biotechnology aiming to transform the treatment of mental health and addiction disorders, today announced that the U.S. Food and Drug Administration (FDA) has cleared MYCO-001 in a recent Investigational New Drug (IND) application, marking the first clearance of the Company’s drug product.

The Investigator Initiated trial is funded by a near $4 million grant from the National Institutes of Health, making this the first time in 50 years the U.S. government has funded a study evaluating a psychedelic compound for therapeutic use. The randomized trial aims to determine if psilocybin increases smoking abstinence compared to a placebo, both paired with cognitive-behavioral therapy (CBT).

“Mydecine looks forward to supplying the placebo and our MYCO-001 drug product for this study,” said Mydecine CEO Josh Bartch. “The FDA clearance is encouraging as we prepare to submit the IND for our Industry Sponsored Phase 2b trial using the same drug products.”

The recently cleared grant-funded trial is led by Principal Investigator (PI) Dr. Matthew Johnson, Ph.D., Professor of Psychiatry and Behavioral Sciences at Johns Hopkins University. Dr. Johnson is a globally recognized leader who has researched and published extensively on the science of psychedelics for more than 16 years.

Other PI’s include Michael P. Bogenschutz, M.D., Director of the New York University (NYU) Langone Center for Psychedelic Medicine and Professor, Department of Psychiatry at NYU Grossman School of Medicine, as well as Peter Hendricks, Ph.D., professor in the Department of Health Behavior at the University of Alabama School of Public Health and a site principal investigator.

The grant-funded research and Mydecine’s Phase 2b study expand on previous research led by Dr. Johnson and his team. A study conducted in 2014 assessed the efficacy of psilocybin, in combination with CBT, as a treatment for tobacco addiction. At six months, 80 percent of individuals were biologically proven to be smoking abstinent.

“Supportive clinical trial results have generated interest in studying psychedelic-assisted therapy across multiple indications. We look forward to supplying psilocybin to help advance the exploration of research in this field,” said Mydecine Sr. Director of Clinical and Regulatory Affairs, Jessica Riggleman.

About Mydecine Innovations Group
Mydecine Innovations GroupTM (NEO:MYCO) (OTC:MYCOF) (FSE:0NFA) is a biotechnology company developing innovative first- and-second-generation novel therapeutics for the treatment of mental health and addiction using world-class technology and drug development infrastructure. Mydecine was founded in 2020 to address a significant unmet need and lack of innovation in the mental health and therapeutic treatment environments. Our global team is dedicated to efficiently developing new therapeutics to treat PTSD, depression, anxiety, addiction and other mental health disorders. The Mydecine business model combines clinical trials and data outcome, technology, and scientific and regulatory expertise with a focus on psychedelic therapy, as well as other novel, non-psychedelic molecules with therapeutic potential. By collaborating with some of the world’s foremost authorities, Mydecine aims to responsibly fast-track the development of new medicines to provide patients suffering from mental health disorders with safe and more effective treatment options. Mydecine Innovations Group is headquartered in Denver, Colorado, USA, with international offices in Leiden, Netherlands.

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

Sign up for Mydecine’s newsletter here.

For more information, please contact:
Media Contact
Morgan Kervitsky, Director of Marketing
pr@mydecineinc.com

Investor Relations
Morgan Kervitsky, Director of Marketing
contact@mydecineinc.com

On behalf of the Board of Directors:
Joshua Bartch, Chairperson and CEO
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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Source: Mydecine Innovations Group Inc.

Released June 17, 2022

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Mydecine Provides Company Update; Welcomes New Board Member

Mydecine Provides Company Update; Welcomes New Board Member

DENVER, June 09, 2022 (GLOBE NEWSWIRE) — Mydecine Innovations Group Inc. (NEO: MYCO) (OTC: MYCOF) (FSE: 0NFA) (“Mydecine” or the “Company”), a biotechnology company aiming to transform the treatment of mental health and addiction disorders, today provided an update on clinical trial and drug development initiatives, and appointed a new member to its Board of Directors.

Corporate Update

“As we near the end of the second quarter, I’m proud of the progress our team has made despite the volatile and uncertain market conditions,” said Mydecine CEO Josh Bartch. “Our focus remains on creating value for our shareholders by focusing on efforts to set Mydecine up for future success. We believe our recent consolidation will make the company’s share position more appealing to a broader range of investors moving forward; as well as face less resistance in the positive movement of the stock price. We have significantly decreased our burn rate since Q4 2021, in order to have sufficient capital available to meet our next clinical trial and drug development milestones.”

Mydecine closed two separate financings in May 2022 for a total of $4.5 CAD in gross proceeds to the company.

The Company also announced today the appointment of Todd Heinzl to its board of directors to replace Independent Director, Gordon Neal. Mr. Heinzl holds over 30 years of experience in the investment, merchant banking, and financial services industry. Mr. Heinzl’s expertise centers around assisting globally minded small and mid-cap companies by developing adequate corporate governance policies.

Clinical Trial Update

“Based on feedback  from the FDA during our pre-IND meeting in February, we’ve pivoted our clinical trial strategy from a seamless Phase 2/3 design, to a Phase 2b and subsequent  Phase 3 study,” said Mydecine Chief Medical Officer Dr. Rakesh Jetly. “We have increased the number of subjects for the Phase 2b trial and are optimistic that it will be considered a pivotal study by the FDA. By separating our single seamless trial into two, we also gain the advantage of making protocol adjustments between Phase 2b and Phase 3. This pivot has pushed our trial timeline slightly; however, it allows us to publish clinical data after the Phase 2b study rather than waiting for the entire Phase 2/3 study to be completed and could ultimately increase our speed to market.”

The Company plans to submit full Breakthrough Therapy Status and Investigational New Drug applications in early Q4 2022 and hopes to gain full clearance within 30 days after submission.

Drug Development Update

In January, Mydecine announced it completed a target based 5-HT2A model for its artificial intelligence (AI) and machine learning (ML) drug discovery program. Today the Company shares that it has completed the 5-HT2B model and intends to develop the entire family of serotonin receptors.

“As we continue to complete more target based models for our AI program, we exponentially increase our ability to produce viable drug candidates and diversify our molecule portfolio with long term treatment options that can reduce known risks. Mitigating the risk of valvulopathy due to long term activation of the 5-HT2B receptor, which is linked to heart valve disease, is one example,” said Chief Scientific Officer Rob Roscow.

Past research has shown there is strong correlation between binding to the 5-HT2B receptor and heart valve tissue fibrosis. By filtering its lead drug candidates against both receptor models, the Company can more efficiently filter out drug candidates that have strong binding affinity to the 5-HT2A receptor but weak or no binding to the 5-HT2B receptor. This process leads to increased likelihood of desired outcomes.

“Our lead drug candidates are showing strong promise in receptor selectivity. Preclinical data of our new chemical entities (NCEs) continues to support our initial hypothesis that these new families of molecules are safer and offer more control than the first generation psychedelic compounds. Our NCE program continues to gain interest from groups in the psychedelic space, who are specifically excited about our psilocin prodrugs, as we believe they offer a very quick regulatory pathway,” Roscow added.

The Company’s AI-driven drug discovery program is led by Principal Investigator Dr. Khaled Barakat out of the University of Alberta. The University of Alberta is ranked top 3 globally for AI research and considered Canada’s number one Computing Science Department.

Learn more about Mydecine’s drug development efforts by clicking here.

About Mydecine Innovations Group Inc.
Mydecine Innovations Group Inc. (NEO:MYCO) (OTC:MYCOF) (FSE:0NFA) is a biotechnology company developing innovative first- and-second-generation novel therapeutics for the treatment of mental health and addiction using world-class technology and drug development infrastructure. Mydecine was founded in 2020 to address a significant unmet need and lack of innovation in the mental health and therapeutic treatment environments. Our global team is dedicated to efficiently developing new therapeutics to treat PTSD, depression, anxiety, addiction and other mental health disorders. The Mydecine business model combines clinical trials and data outcome, technology, and scientific and regulatory expertise with a focus on psychedelic therapy, as well as other novel, non-psychedelic molecules with therapeutic potential. By collaborating with some of the world’s foremost authorities, Mydecine aims to responsibly fast-track the development of new medicines to provide patients suffering from mental health disorders with safe and more effective treatment options. Mydecine Innovations Group is headquartered in Denver, Colorado, USA, with international offices in Leiden, Netherlands.

Learn more at: https://www.mydecine.com and follow Mydecine on Twitter, LinkedIn, YouTube and Instagram.

Sign up for Mydecine’s newsletter here.

For more information, please contact:

Media Contact
Morgan Kervitsky, Director of Marketing
pr@mydecineinc.com

Investor Relations
Morgan Kervitsky, Director of Marketing
contact@mydecineinc.com

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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Source: Mydecine Innovations Group Inc.

Released June 9, 2022

Posted on

Mydecine Announces Closing of Overnight Marketed Public Offering of Units

Mydecine Announces Closing of Overnight Marketed Public Offering of Units

DENVER, May 27, 2022 /CNW/ – Mydecine Innovations Group Inc. (“Mydecine” or the “Company“) (NEO: MYCO) (OTC: MYCOF) (FSE: 0NFA) is pleased to announce that it has closed its previously announced best efforts overnight marketed offering (the “Offering“) of units (the “Units“) through a syndicate of agents led by Stifel Nicolaus Canada Inc. (“Stifel GMP“) and Roth Canada, Inc. (together with Stifel GMP, the “Agents“). Under the Offering, the Company issued 2,447,130 Units at a price per Unit of $1.15 for aggregate gross proceeds of $2,814,199.50. Each Unit consists of one common share (each a “Common Share”) and one common share purchase warrant of the Company (a “Warrant“). Each Warrant is exercisable to acquire one common share of the Company at an exercise price of $1.40 per Warrant until May 27, 2027.

The net proceeds of the Offering will be used by the Company to support its clinical trials and partnerships, as well as for working capital and general corporate purposes, as more particularly set out in the Company’s prospectus supplement (the “Prospectus Supplement“) dated May 20, 2022, available under the Company’s profile at www.sedar.com.

In consideration for their services, the Company paid to the Agents a cash commission equal to 7.0% of the aggregate gross proceeds of the Offering (other than from president’s list subscribers) and issued to the Agents 49,560 compensation warrants (the “Compensation Warrants“). Each Compensation Warrant may be exercised to acquire one Common Share (each, a “Compensation Share“) at an exercise price of $1.15 per Compensation Share until May 27, 2027. Separately, the Company paid an advisory fee in the form of 121,739 common share purchase warrants (the “Advisory Warrants“). The Advisory Warrants have the same terms as the Compensation Warrants.

Miller Thomson LLP acted as Canadian legal advisors to the Company and Bennett Jones LLP acted as Canadian legal advisors to the Agents in connection with the Offering.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in the United States or in any other jurisdiction in which such offer, solicitation or sale would be unlawful. The securities have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements thereunder.

Neither the NEO Exchange nor its Market Regulator (as that term is defined in the policies of the NEO Exchange) accepts responsibility for the adequacy or accuracy of this release. No securities regulatory authority has either approved or disapproved of the contents of this press release.

About Mydecine Innovations Group Inc.

Mydecine Innovations Group™ (NEO:MYCO) (OTC:MYCOF) (FSE:0NFA) is a biotechnology company developing innovative first- and-second-generation novel therapeutics for the treatment of mental health and addiction using world-class technology and drug development infrastructure. Mydecine was founded in 2020 to address a significant unmet need and lack of innovation in the mental health and therapeutic treatment environments. Our global team is dedicated to efficiently developing new therapeutics to treat PTSD, depression, anxiety, addiction and other mental health disorders. The Mydecine business model combines clinical trials and data outcome, technology, and scientific and regulatory expertise with a focus on psychedelic therapy, as well as other novel, non-psychedelic molecules with therapeutic potential. By collaborating with some of the world’s foremost authorities, Mydecine aims to responsibly fast-track the development of new medicines to provide patients suffering from mental health disorders with safe and more effective treatment options. Mydecine Innovations Group is headquartered in Denver, Colorado, USA, with international offices in Leiden, Netherlands. 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, please visit the Company’s profile on SEDAR at https://sedar.com/ or visit the Company’s website at https://www.mydecine.com/

Cautionary Statement Regarding Forward-Looking Information

This news release includes certain “forward-looking statements” within the meaning of that phrase under Canadian securities laws. Without limitation, statements regarding future plans and objectives of the Company are forward looking statements that involve various degrees of risk. Forward-looking statements reflect management’s current views with respect to possible future events and conditions and, by their nature, are based on management’s beliefs and assumptions and subject to known and unknown risks and uncertainties, both general and specific to the Company. This forward-looking information in this news release includes, among other things, statements relating to: the use of net proceeds of the Offering. Although the Company believes the expectations expressed in such forward-looking statements are reasonable, such statements are not guarantees of future performance and actual results or developments may differ materially from those in our forward-looking statements. The following are important factors that could cause the Company’s actual results to differ materially from those expressed or implied by such forward looking statements: changes in the worldwide price of agricultural commodities, general market conditions, risks inherent in agriculture, the uncertainty of future profitability and the uncertainty of access to additional capital. Additional information regarding the material factors and assumptions that were applied in making these forward looking statements as well as the various risks and uncertainties we face are described in greater detail in the “Risk Factors” section of our annual and interim Management’s Discussion and Analysis of our financial results and the “Risk Factors” section of the Company’s amended and restated base shelf prospectus dated January 28, 2022 and other continuous disclosure documents and financial statements filed by the Company with the Canadian securities regulatory authorities which are available at www.sedar.com. The Company undertakes no obligation to update this forward-looking information except as required by applicable law. All of the forward-looking information contained in this news release is expressly qualified by the foregoing cautionary statements. The Company relies on litigation protection for forward looking statements.

SOURCE Mydecine Innovations Group Inc.

Released May 27, 2022

Posted on

Mydecine Announces Size of Previously Announced Overnight Marketed Public Offering of Units

Mydecine Announces Size of Previously Announced Overnight Marketed Public Offering of Units

DENVER, May 19, 2022 /CNW/ – Mydecine Innovations Group Inc. (“Mydecine” or the “Company“) (NEO: MYCO) (OTC:M YCOF) (FSE: 0NFA) is pleased to announce today that pursuant to its previously announced best efforts overnight marketed offering (the “Offering“), the Company will issue up to 3,478,260 units of the Company (the “Units“) at a price of $1.15 per Unit (the “Issue Price“) for aggregate gross proceeds of up to $4 million.

Each Unit will be comprised of one common share of the Company (a “Unit Share“) and one common share purchase warrant (a “Unit Warrant“) and will be offered at a price per Unit to be determined in the context of the market (the “Issue Price“). Each Unit Warrant shall be exercisable to acquire one common share of the Company at a price of $1.40 per share. The Offering will be conducted on a best efforts agency basis pursuant to the terms and conditions of an agency agreement to be entered into between the Company, Stifel Nicolaus Canada Inc. (“Stifel GMP“), Roth Canada, Inc. (“Roth” and together with Stifel GMP the “Co-Lead Agents“), and other members of the agency syndicate formed in connection with the Offering.

The Company will grant the Co-Lead Agents an option (the “Over-Allotment Option“) to sell up to an additional 15% of the Units sold under the Offering, at the Issue Price. The Over-Allotment Option may be exercised in whole or in part as determined by Co-Lead Agents upon written notice to the Company at any time up to 30 days following the closing date of the Offering.

The Offering will be conducted pursuant to the Company’s Canadian amended and restated base shelf prospectus dated January 28, 2022 (the “Base Shelf Prospectus“). A prospectus supplement (the “Prospectus Supplement“) relating to the Offering will be filed in each of the provinces of Canada, except the Province of Quebec. Copies of the Prospectus Supplement and accompanying Base Shelf Prospectus will be available under the Company’s profile on SEDAR at www.sedar.com.

The Company intends to use the net proceeds of the Offering for working capital and general corporate purposes.

The Offering is expected to close on or about May 25, 2022, subject to certain conditions, including, but not limited to, the receipt of all necessary approvals including the approval of the NEO Exchange.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in the United States or in any other jurisdiction in which such offer, solicitation or sale would be unlawful. The securities have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements thereunder.

Neither the NEO Exchange nor its Market Regulator (as that term is defined in the policies of the NEO Exchange) accepts responsibility for the adequacy or accuracy of this release. No securities regulatory authority has either approved or disapproved of the contents of this press release.

About Mydecine Innovations Group Inc.

Mydecine Innovations Group™ (NEO:MYCO) (OTC:MYCOF) (FSE:0NFA) is a biotechnology company developing innovative first- and-second-generation novel therapeutics for the treatment of mental health and addiction using world-class technology and drug development infrastructure. Mydecine was founded in 2020 to address a significant unmet need and lack of innovation in the mental health and therapeutic treatment environments. Our global team is dedicated to efficiently developing new therapeutics to treat PTSD, depression, anxiety, addiction and other mental health disorders. The Mydecine business model combines clinical trials and data outcome, technology, and scientific and regulatory expertise with a focus on psychedelic therapy, as well as other novel, non-psychedelic molecules with therapeutic potential. By collaborating with some of the world’s foremost authorities, Mydecine aims to responsibly fast-track the development of new medicines to provide patients suffering from mental health disorders with safe and more effective treatment options. Mydecine Innovations Group is headquartered in Denver, Colorado, USA, with international offices in Leiden, Netherlands. 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, please visit the Company’s profile on SEDAR at https://sedar.com/ or visit the Company’s website at https://www.mydecine.com/

Cautionary Statement Regarding Forward-Looking Information

This news release includes certain “forward-looking statements” within the meaning of that phrase under Canadian securities laws. Without limitation, statements regarding future plans and objectives of the Company are forward looking statements that involve various degrees of risk. Forward-looking statements reflect management’s current views with respect to possible future events and conditions and, by their nature, are based on management’s beliefs and assumptions and subject to known and unknown risks and uncertainties, both general and specific to the Company. This forward-looking information in this news release includes, among other things, statements relating to: the filing of the Prospectus Supplement qualifying the distribution of the Units; the use of net proceeds of the Offering; the closing, timing, and size of the Offering, including the satisfaction and timing of the receipt of all required regulatory approvals, including the approval of the NEO Exchange; satisfaction or waiver of other conditions to closing of the Offering; and Company’s financial position if the Offering is or is not completed. Although the Company believes the expectations expressed in such forward-looking statements are reasonable, such statements are not guarantees of future performance and actual results or developments may differ materially from those in our forward-looking statements. The following are important factors that could cause the Company’s actual results to differ materially from those expressed or implied by such forward looking statements: changes in the worldwide price of agricultural commodities, general market conditions, risks inherent in agriculture, the uncertainty of future profitability and the uncertainty of access to additional capital. Additional information regarding the material factors and assumptions that were applied in making these forward looking statements as well as the various risks and uncertainties we face are described in greater detail in the “Risk Factors” section of our annual and interim Management’s Discussion and Analysis of our financial results and the “Risk Factors” section of the Base Shelf Prospectus and other continuous disclosure documents and financial statements filed by the Company with the Canadian securities regulatory authorities which are available at www.sedar.com.  The  Company  undertakes  no obligation  to  update  this  forward-looking information except as required by applicable law. All of the forward-looking information contained in this news release is expressly qualified by the foregoing cautionary statements. The Company relies on litigation protection for forward looking statements.

SOURCE Mydecine Innovations Group Inc.

Released May 19, 2022

Posted on

Mydecine Overnight Marketed Public Offering of Units

Mydecine Overnight Marketed Public Offering of Units

DENVER, May 18, 2022 /CNW/ – Mydecine Innovations Group Inc. (“Mydecine” or the “Company“) (NEO: MYCO) (OTC: MYCOF) (FSE: 0NFA) is pleased to announce that it has commenced an overnight marketed public offering (the “Offering“) of units of the Company (the “Units“) at a price of $1.15 per Unit (the “Issue Price“). The size of the Offering will be determined in the context of the market.

Each Unit will be comprised of one common share of the Company (a “Unit Share“) and one common share purchase warrant (a “Unit Warrant“). Each Unit Warrant shall be exercisable to acquire one common share of the Company at a price of $1.40 per Unit Share. The Unit Warrants will expire sixty months from the date of issuance. The Offering will be conducted on a best efforts agency basis pursuant to the terms and conditions of an agency agreement to be entered into between the Company, Stifel Nicolaus Canada Inc. (“Stifel GMP“), Roth Canada, Inc. (“Roth” and together with Stifel GMP the “Co-Lead Agents“), and other members of the agency syndicate to be formed in connection with the Offering.

The Company will grant the Co-Lead Agents an option (the “Over-Allotment Option“) to sell up to an additional 15% of the Units sold under the Offering, at the Issue Price. The Over-Allotment Option may be exercised in whole or in part as determined by Co-Lead Agents upon written notice to the Company at any time up to 30 days following the closing date of the Offering.

The Offering will be conducted pursuant to the Company’s Canadian amended and restated base shelf prospectus dated January 28, 2022 (the “Base Shelf Prospectus“). A prospectus supplement (the “Prospectus Supplement“) relating to the Offering will be filed in each of the provinces of Canada, except the Province of Quebec. Copies of the Prospectus Supplement and accompanying Base Shelf Prospectus will be available under the Company’s profile on SEDAR at www.sedar.com.

The Company intends to use the net proceeds of the Offering for working capital and general corporate purposes.

The Offering is expected to close on or about May 25, 2022, subject to customary closing conditions.

Closing of the Offering is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the NEO Exchange.

Under section 10.10(1) of the NEO Exchange Listing Manual (the “NEO Manual“), the Company must obtain security holder approval of the Offering since the number of common shares of the Company (“Common Shares“) being issued (on a fully diluted basis) is expected to constitute more than 25% of the issued and outstanding Common Shares and the Issue Price is at discount to the last closing trading price of the Common Shares, unless it relies on the exemption under section 10.10(2) of the NEO Manual. The Company will not seek security holder approval of the Offering pursuant to section 10.10(2) of the NEO Manual on the following basis: if the Company does not complete the Offering, it is in serious financial difficulty; the Company has entered into an engagement letter in respect of the Offering; no Related Persons (as defined in the NEO Manual) of the Company is participating in the Offering; and the independent directors have determined that the Offering is in the best interests of the Company, is reasonable in the circumstances and that it is not feasible to obtain security holder approval or complete a rights offering to existing security holders on the same terms.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in the United States or in any other jurisdiction in which such offer, solicitation or sale would be unlawful. The securities have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements thereunder.

Neither the NEO Exchange nor its Market Regulator (as that term is defined in the policies of the NEO Exchange) accepts responsibility for the adequacy or accuracy of this release. No securities regulatory authority has either approved or disapproved of the contents of this press release.

About Mydecine Innovations Group Inc.

Mydecine Innovations Group™ (NEO:MYCO) (OTC:MYCOF) (FSE:0NFA) is a biotechnology company developing innovative first- and-second-generation novel therapeutics for the treatment of mental health and addiction using world-class technology and drug development infrastructure. Mydecine was founded in 2020 to address a significant unmet need and lack of innovation in the mental health and therapeutic treatment environments. Our global team is dedicated to efficiently developing new therapeutics to treat PTSD, depression, anxiety, addiction and other mental health disorders. The Mydecine business model combines clinical trials and data outcome, technology, and scientific and regulatory expertise with a focus on psychedelic therapy, as well as other novel, non-psychedelic molecules with therapeutic potential. By collaborating with some of the world’s foremost authorities, Mydecine aims to responsibly fast-track the development of new medicines to provide patients suffering from mental health disorders with safe and more effective treatment options. Mydecine Innovations Group is headquartered in Denver, Colorado, USA, with international offices in Leiden, Netherlands. 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 Office
contact@mydecineinc.com

For further information about Mydecine, please visit the Company’s profile on SEDAR at https://sedar.com/ or visit the Company’s website at https://www.mydecine.com/

Cautionary Statement Regarding Forward-Looking Information

This news release includes certain “forward-looking statements” within the meaning of that phrase under Canadian securities laws. Without limitation, statements regarding future plans and objectives of the Company are forward looking statements that involve various degrees of risk. Forward-looking statements reflect management’s current views with respect to possible future events and conditions and, by their nature, are based on management’s beliefs and assumptions and subject to known and unknown risks and uncertainties, both general and specific to the Company. This forward-looking information in this news release includes, among other things, statements relating to: the filing of the Prospectus Supplement qualifying the distribution of the Units; the use of net proceeds of the Offering; the closing, timing, and size of the Offering, including the satisfaction and timing of the receipt of all required regulatory approvals, including the approval of the NEO Exchange; satisfaction or waiver of other conditions to closing of the Offering; and Company’s financial position if the Offering is or is not completed. Although the Company believes the expectations expressed in such forward-looking statements are reasonable, such statements are not guarantees of future performance and actual results or developments may differ materially from those in our forward-looking statements. The following are important factors that could cause the Company’s actual results to differ materially from those expressed or implied by such forward looking statements: changes in the worldwide price of agricultural commodities, general market conditions, risks inherent in agriculture, the uncertainty of future profitability and the uncertainty of access to additional capital. Additional information regarding the material factors and assumptions that were applied in making these forward looking statements as well as the various risks and uncertainties we face are described in greater detail in the “Risk Factors” section of our annual and interim Management’s Discussion and Analysis of our financial results and the “Risk Factors” section of the Base Shelf Prospectus and other continuous disclosure documents and financial statements filed by the Company with the Canadian securities regulatory authorities which are available at www.sedar.com.  The Company  undertakes  no obligation  to  update  this  forward-looking information except as required by applicable law. All of the forward-looking information contained in this news release is expressly qualified by the foregoing cautionary statements. The Company relies on litigation protection for forward looking statements.

SOURCE Mydecine Innovations Group Inc.

Released May 18, 2022

Posted on

Mydecine Innovations Group Announces Closing Under Share Subscription Agreement

Mydecine Innovations Group Announces Closing Under Share Subscription Agreement

DENVER, May 2, 2022 /CNW/ – Mydecine Innovations Group Inc. (“Mydecine” or the “Company”) (NEO: MYCO) (OTC: MYCOF) (FSE: 0NFA) is pleased to announce that, in connection with its previously announced Common Share Subscription Agreement (the “Subscription Agreement“) with a third-party investor (the “Investor“) dated March 18, 2022 and the subsequent filing of a second shelf prospectus supplement (the “Prospectus Supplement“) in connection therewith on April 27, 2022, the Company has closed the second issuance (the “Offering“) under the Subscription Agreement.

The Offering resulted in the issuance of 1,254,396 common shares in the capital of the Company (“Shares“) at a price of $1.35 per Share for aggregate gross proceeds of $1,693,434.60. The distribution of the Shares is qualified by the Prospectus Supplement.

The Company will use the proceeds of the Offering as described in the Prospectus Supplement. In connection with the closing of the Offering, the Company paid a cash finder’s fee equal to 3% of the net proceeds to a certain finder.

The Company’s first issuance under the Subscription Agreement, announced on March 22, 2022, was completed on March 31, 2022 and resulted in aggregate gross proceeds to the Company of $333,333.35.

The Prospectus Supplement and Base Shelf Prospectus are available on the Company’s profile on the System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com.

About Mydecine Innovations Group Inc.

Mydecine Innovations Group™ (NEO:MYCO) (OTC:MYCOF) (FSE:0NFA) is a biotechnology company developing innovative first- and-second-generation novel therapeutics for the treatment of mental health and addiction using world-class technology and drug development infrastructure. Mydecine was founded in 2020 to address a significant unmet need and lack of innovation in the mental health and therapeutic treatment environments. Our global team is dedicated to efficiently developing new therapeutics to treat PTSD, depression, anxiety, addiction and other mental health disorders. The Mydecine business model combines clinical trials and data outcome, technology, and scientific and regulatory expertise with a focus on psychedelic therapy, as well as other novel, non-psychedelic molecules with therapeutic potential. By collaborating with some of the world’s foremost authorities, Mydecine aims to responsibly fast-track the development of new medicines to provide patients suffering from mental health disorders with safe and more effective treatment options. Mydecine Innovations Group is headquartered in Denver, Colorado, USA, with international offices in Leiden, Netherlands.

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

For further information about Mydecine, please visit the Company’s profile on SEDAR at https://sedar.com/ or visit the Company’s website at https://www.mydecine.com/.

Forward-Looking Statements

Certain statements in this news release constitute “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking statements and information are provided for the purpose of providing information about management’s expectations and plans relating to the future. All of the forward-looking information made in this news release is qualified by the cautionary statements below and those made in our other filings with the securities regulators in Canada. Forward-looking information contained in forward-looking statements can be identified by the use of words such as “are expected,” “is forecast,” “is targeted,” “approximately,” “plans,” “anticipates,” “projects,” “anticipates,” “continue,” “estimate,” “believe” or variations of such words and phrases or statements that certain actions, events or results “may,” “could,” “would,” “might,” or “will” be taken, occur or be achieved. All statements, other than statements of historical fact, may be considered to be or include forward-looking information. This news release contains forward-looking information regarding, among other things, the closing of the Offering. 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.  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.

The forward-looking information set forth herein reflects the Company’s reasonable expectations as at the date of this news release and is subject to change after such date. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law. The forward-looking information contained in this news release is expressly qualified by this cautionary statement.

This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the United States Securities Act of 1933, as amended, and applicable state securities laws.

SOURCE Mydecine Innovations Group Inc.

Released May 2, 2022

Posted on

Mydecine Innovations Group Files Prospectus Supplement

Mydecine Innovations Group Files Prospectus Supplement

DENVER, April 27, 2022 /CNW/ – Mydecine Innovations Group Inc. (“Mydecine” or the “Company”) (NEO: MYCO) (OTC: MYCOF) (FSE: 0NFA) is pleased to announce that in connection with its previously announced Common Share Subscription Agreement (the “Subscription Agreement“) with a third-party investor in the Company (the “Investor“) dated March 18, 2022, the Company has filed a shelf prospectus supplement (the “Prospectus Supplement“) to the Company’s Final Short Form Base Shelf Prospectus for the province of Québec and Amended and Restated Final Short Form Base Shelf Prospectus for each of the provinces of Canada, dated January 28, 2022 (together, the “Shelf Prospectus“).

The Prospectus Supplement is the second supplement filed in connection with the Subscription Agreement and provides, among other things, that the Company is qualifying the distribution (the “Offering“) of up to 1,254,396 common shares (each a “Share“) in the capital of the Company to the Investor at a price of $1.35 per Share for aggregate gross proceeds of up to $1,693,434.60. The Company will use the proceeds of the Offering as described in the Prospectus Supplement.

The Prospectus Supplement and Base Shelf Prospectus are available on the Company’s profile on the System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com.About Mydecine Innovations Group Inc.

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.

For further information about Mydecine, please visit the Company’s profile on SEDAR at https://sedar.com/ or visit the Company’s website at https://www.mydecine.com/.Forward-Looking Statements

Certain statements in this news release constitute “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking statements and information are provided for the purpose of providing information about management’s expectations and plans relating to the future. All of the forward-looking information made in this news release is qualified by the cautionary statements below and those made in our other filings with the securities regulators in Canada. Forward-looking information contained in forward-looking statements can be identified by the use of words such as “are expected,” “is forecast,” “is targeted,” “approximately,” “plans,” “anticipates,” “projects,” “anticipates,” “continue,” “estimate,” “believe” or variations of such words and phrases or statements that certain actions, events or results “may,” “could,” “would,” “might,” or “will” be taken, occur or be achieved. All statements, other than statements of historical fact, may be considered to be or include forward-looking information. This news release contains forward-looking information regarding, the use of proceeds and the closing of the Offering. 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.  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.

The forward-looking information set forth herein reflects the Company’s reasonable expectations as at the date of this news release and is subject to change after such date. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law. The forward-looking information contained in this news release is expressly qualified by this cautionary statement.

This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the United States Securities Act of 1933, as amended, and applicable state securities laws.

SOURCE Mydecine Innovations Group Inc.

Released April 27, 2022

Posted on

Mydecine Announces Reverse Stock-Split

Mydecine Announces Reverse Stock-Split

DENVER, April 13, 2022 /CNW/ – Mydecine Innovations Group Inc. (NEO: MYCO) (OTC: MYCOF) (FSE: 0NFA) (“Mydecine” or the “Company“), today announces its Board of Directors has voted in favour of completing a reverse stock-split, thereby consolidating all of the Company’s issued and outstanding common shares (“Common Shares“) on the basis of one (1) post-consolidation Common Share for every fifty (50) pre-consolidation Common Shares (the “Consolidation“).

The Consolidation is expected to result in the number of issued and outstanding Common Shares being reduced from 268,515,954 pre-Consolidation Common Shares to approximately 5,370,319 post-Consolidation Common Shares. Shareholders of the Company, with or without a physical share certificate, do not need to take any action with respect to the Consolidation. The exercise or conversion price of warrants, convertible debentures, compensation options and options, and the number of Common Shares issuable thereunder will also be proportionately adjusted upon the completion of the Consolidation.

If, as a result of the Consolidation, a shareholder would otherwise be entitled to a fraction of a Common Share in respect of the total aggregate number of pre-Consolidation Common Shares held by such shareholder, no such fractional Common Share will be awarded. The aggregate number of Common Shares that such shareholder is entitled to will, if the fraction is less than one half of one share, be rounded down to the next closest whole number of Common Shares, and if the fraction is at least one half of one share, be rounded up to one whole Common Share.

The Consolidation is subject to the receipt of all required regulatory approvals, including the approval of the NEO Exchange. The effective date for the Consolidation and announcement of the new CUSIP and ISIN numbers is expected to be completed within the next week, with an expected effective date of April 20, 2022, with the post-Consolidation Common Shares trading on the NEO exchange as of April 21, 2022. The Company anticipates that its current trading symbol will remain unchanged.About Mydecine Innovations Group

Mydecine Innovations Group™ (NEO:MYCO) (OTC:MYCOF) (FSE:0NFA) is a biotechnology company developing innovative first- and-second-generation novel therapeutics for the treatment of mental health and addiction using world-class technology and drug development infrastructure. Mydecine was founded in 2020 to address a significant unmet need and lack of innovation in the mental health and therapeutic treatment environments. Our global team is dedicated to efficiently developing new therapeutics to treat PTSD, depression, anxiety, addiction and other mental health disorders. The Mydecine business model combines clinical trials and data outcome, technology, and scientific and regulatory expertise with a focus on psychedelic therapy, as well as other novel, non-psychedelic molecules with therapeutic potential. By collaborating with some of the world’s foremost authorities, Mydecine aims to responsibly fast-track the development of new medicines to provide patients suffering from mental health disorders with safe and more effective treatment options. Mydecine Innovations Group is headquartered in Denver, Colorado, USA, with international offices in Leiden, Netherlands.

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

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.

SOURCE Mydecine Innovations Group Inc.

Released April 13, 2022

Posted on

Mydecine Reports Financial Results for the Fiscal Year 2021 and Provides a Business Update

Mydecine Reports Financial Results for the Fiscal Year 2021 and Provides a Business Update

MYCO-001 Smoking Cessation Clinical Trial Moves Forward Following Conditional IRB Approval

Company Advances IP Portfolio With New Patent Applications Covering Novel Molecule Families

DENVER, March 31, 2022 (GLOBE NEWSWIRE) — Mydecine Innovations Group (NEO: MYCO) (OTC: MYCOF) (FSE: 0NFA) (“Mydecine” or the “Company”), a biotechnology company aiming to transform the treatment of mental health and addiction disorders, today reported financial results and provided a business update for the fiscal year ended December 31, 2021.

“Last year, Mydecine made significant strides toward creating and commercializing new treatments for mental health and addiction disorders,” said CEO Josh Bartch. “The conditional IRB approval we received is yet another positive signal that we will continue to advance our Phase 2b smoking cessation study, and we will hopefully receive full FDA IND approval in the second quarter of this year. We have been working hard to reduce our expenses and increase our efficiencies to continue progressing our clinical trials and expand our IP portfolio. I’d like to personally thank our shareholders, board members and highly dedicated team for enabling Mydecine to reach these significant milestones, and we look forward to another successful year.”

“In addition to our clinical trials, our research and development team has been making significant progress in our drug development program,” said Chief Scientific Officer Rob Roscow. “Over the last year, our new chemical entity (NCE) program has produced multiple patents covering several second-generation novel molecules that we believe will offer significant improvements over classic psilocybin and MDMA. We’re using a modular development approach to our patent strategy, which gives us the flexibility to license, partner or develop our lead drug candidates from our multiple families of NCEs, all wholly owned by Mydecine.”

Highlights of the Business for the Full Year 2021

Clinical Research

  • Progressed Phase 2b smoking cessation study following a positive meeting with the Food and Drug Administration (FDA) to review Mydecine’s Investigational New Drug (IND) application. In Q2 2022, the company plans to file an IND and breakthrough status application and will begin patient recruitment upon receipt of FDA approval. The multi-site study’s lead investigator will be Johns Hopkins University.
  • Agreed to supply MYCO-001 for Dr. Matthew Johnson’s multi-site NIDA grant-funded smoking cessation study. Johns Hopkins University, New York University, and the University of Alabama in Birmingham are the investigative sites conducting the research. The results from this study will support the safety profile of MYCO-001.
  • Signed a five-year Master Collaboration Research Agreement with Johns Hopkins University School of Medicine, demonstrating the Company’s commitment to advancing psychedelic medicine by exploring multiple molecules and drugs for various indications.

Drug Development

  • Filed several provisional and full patent applications for novel molecules that outperform first-generation compounds in safety, efficacy, stability, dosing and side effects. This year, the Company intends to file a number of new composition of matter patents supporting its NCE program.
    • Patent applications include: novel MDMA analogs, improved psilocybin and other tryptamines (including a shorter duration with patch delivery), potentially heart-safe microdosing drugs, nanoemulsion technology, and technology patents covering the digital healthcare platform Mindleap.
  • Unveiled an Artificial Intelligence (AI) drug discovery program that enables rapid screening of billions of compounds and will encourage near-term patent filings for novel molecules. Completed a 5-HT2A serotonin receptor model for Mydecine’s AI program with the intention to build the entire family of serotonin receptors to test its novel molecules against.
  • Screened over 25 mushroom species, including various varieties of p. cubensis, and discovered and analyzed more than 40 unique compounds, with the majority appearing to be previously unreported.

Corporate

  • Welcomed several new independent board members, including Gordon Neal, Josephine Wu, Dr. Saeid Babaei and Dr. Victoria Hale, who bring a wealth of experience in drug development, clinical trials and technology. The additions assist Mydecine in meeting anticipated capital markets initiatives for 2022.
  • Listed on the NEO exchange and submitted an application to list on the NASDAQ.
  • Completed the first international export of psilocybin mushrooms.
  • Announced that Mydecine’s exclusive dealer was identified as a licensed psilocybin and MDMA supplier in Canada, allowing them to supply active pharmaceutical ingredients through Health Canada’s Special Access Program, which enables healthcare providers to request specific drugs for patients who have not responded well to other treatments.
  • Successfully spun out the Company’s legacy cannabis assets to help satisfy certain requirements for a potential future uplisting.

Financial Results for the Fiscal Year 2021

Net Loss: The net loss attributable to common stockholders was $28.9 million, which consisted of $5.3 million loss from discontinued operations, for the fiscal year ended December 31, 2021, or a basic and diluted loss per share attributable to common stockholders of ($0.12). This is compared to a net loss attributable to common stockholders of $26.9 million, which consisted of $0.1 million loss from discontinued operations, for the fiscal year ended December 31, 2020, or a basic and diluted loss per share attributable to common stockholders of ($0.24).

Cash Position: The Company had $1.5 million in cash and cash equivalents as of December 31, 2021. Subsequent to the year end, the Company secured additional funding and is moving forward with clinical trials and projects to expand its IP portfolio.

MYDECINE INNOVATIONS GROUP INC.
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(EXPRESSED IN CANADIAN DOLLARS)

As at, December 31, 2021
$		 December 31, 2020
$		 
Current assets   
Cash 1,495,311 2,190,702 
Accounts receivable 3,856 27,746 
Inventory – 47,262 
Sales tax receivable 201,060 13,734 
Prepaids and deposits 3,521,125 216,003 
Total current assets 5,221,352 2,495,447 
Non-current assets   
Prepaids and deposits 1,793,894 – 
Investment in joint venture – 303,982 
Loan receivable, net – 316,110 
Investment in associate – 4,481,988 
Right-of-use asset 130,546 223,645 
Investment properties – 1,418,345 
Property and equipment 434,910 291,614 
Total assets 7,580,702 9,531,131 
Current liabilities   
Accounts payable and accrued liabilities 1,587,238 1,187,486 
Convertible debentures, net – 2,959,755 
Derivative liabilities 1,280,294 1,586,744 
Lease liability – current portion 79,728 69,329 
Total current liabilities 2,369,383 5,803,314 
Non-current liabilities   
Convertible debentures, net 4,354,302 – 
Lease liability 67,821 167,118 
Total liabilities 7,369,383 5,970,432 
Shareholders’ equity   
Share capital 107,349,388 85,298,435 
Contributed surplus 17,536,315 12,734,636 
Equity portion of convertible debentures 240,756 254,690 
Accumulated other comprehensive loss – (444,803)
Deficit (124,915,140)(94,282,259)
Total shareholders’ equity 211,319 3,560,699 
Total liabilities and shareholders’ equity 7,580,702 9,531,131 

MYDECINE INNOVATIONS GROUP INC.
CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS
(EXPRESSED IN CANADIAN DOLLARS)

  For the years ended,
  December 31,
2021		 December 31,
2020		 
    
Sales 7,493 2,617 
Cost of goods sold – – 
Gross margin 7,493 2,617 
    
Expenses   
Finance cost 205,267 182,866 
Corporate development 3,401,645 2,259,956 
Depreciation 235,177 57,080 
Consulting fees 5,220,556 3,381,726 
Director and management fees 1,346,468 539,347 
Foreign exchange loss 355,671 111,251 
Insurance 511,501 – 
Office and miscellaneous 925,568 292,070 
Professional fees 2,216,950 934,135 
Regulatory and filing fees 349,777 201,818 
Research and development 3,960,232 1,290,548 
Salaries 1,424,012 17,584 
Share-based payments 3,099,743 2,487,509 
Total expenses 23,252,567 11,755,890 
    
Other income (expenses)   
Change in fair value of derivative liabilities 43,688 545,194 
Consideration paid in excess of net assets acquired from acquisition – (10,645,239)
Impairment of goodwill and intangible assets – (5,031,967)
Impairment of loan receivable (382,902)– 
Other expenses – (24,025)
Gain on settlement of debt 1,377 33,304 
Total other income (expenses) (337,837)(15,122,733)
    
Loss from continuing operations (23,582,911)(26,876,006)
    
Loss from discontinued operations (5,314,488)(72,939)
    
Net loss for the year (28,897,399)(26,948,945)
    
Foreign currency translation adjustment – (382)
    
Net loss and comprehensive loss for the year (28,897,399)(26,949,327)
    
Net loss per share – Basic and diluted from continuing operations (0.12)(0.24)
Weighted average number of shares outstanding – Basic and diluted 234,086,043 113,714,260 
    

About Mydecine Innovations Group

Mydecine Innovations Group™ (NEO:MYCO) (OTC:MYCOF) (FSE:0NFA) is a biotechnology company developing innovative first- and-second-generation novel therapeutics for the treatment of mental health and addiction using world-class technology and drug development infrastructure. Mydecine was founded in 2020 to address a significant unmet need and lack of innovation in the mental health and therapeutic treatment environments. Our global team is dedicated to efficiently developing new therapeutics to treat PTSD, depression, anxiety, addiction and other mental health disorders. The Mydecine business model combines clinical trials and data outcome, technology, and scientific and regulatory expertise with a focus on psychedelic therapy, as well as other novel, non-psychedelic molecules with therapeutic potential. By collaborating with some of the world’s foremost authorities, Mydecine aims to responsibly fast-track the development of new medicines to provide patients suffering from mental health disorders with safe and more effective treatment options. Mydecine Innovations Group is headquartered in Denver, Colorado, USA, with international offices in Leiden, Netherlands.

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

For more information, please contact:
Media Contact
Morgan Kervitsky, Director of Marketing
pr@mydecineinc.com

Investor Relations
Morgan Kervitsky, Director of Marketing
contact@mydecineinc.com

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.