MYDECINE

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

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August 16, 2021

Published at proactiveinvestors.com

By Angela Harmantas

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

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

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

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

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

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

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

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

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

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

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

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

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