Mydecine Innovations Group Inc Q4 2023 Business Update
26 Oktober 2023 - 8:00AM
UK Regulatory
TIDMMYIG
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Mydecine Provides Q4 2023 Business Update
VANCOUVER, British Columbia, 26 Oct. 2023 (GLOBE NEWSWIRE) -- Mydecine
Innovations Group Inc. ("Mydecine" or the "Company") (CSE:MYCO) (AQSE:MYIG)
(OTC:MYCOF) (FSE:0NFA), a biotechnology company engineering the next wave of
innovative medications and treatment protocols to directly address mental health
with a particular emphasis on addiction and PTSD with psychedelic therapeutics,
is pleased to address its shareholders and provide a general update on the
Company's progress.
The Company has spent the past few months diligently working to simplify its
business model, streamline workflow and processes, and reduce burn rate while
increasing output and efficiencies in order to ensure the Company's future
success. Through this process, the Company has made a number of strategic
decisions that it believes will substantially benefit shareholders and increase
the probability of long-term success. Through this transformation, the Company
has become a true preclinical biopharmaceutical platform whose primary focus is
the development of novel next-generation, improved drugs, using first-generation
psychedelic compounds as a model or starting point. The Company believes that
to have a truly successful drug for shareholders and patients, several
structural changes and improvements must be made to the first-generation MDMA
and Psilocybin/Psilocin compounds, including but not limited to faster onset,
increased safety, significantly reduced half-life, elimination of certain
undesirable side effects, and selective receptor binding, all while maintaining
the high efficacy rates observed in generation one psychedelic compounds.
The exclusive partnership between the Company and Applied Pharmaceutical
Innovation, which houses the company's drug discovery and development efforts at
the University of Alberta, has been maintained and strengthened. The University
of Alberta consistently rates in the top five in the world for AI drug
development. As part of the Canadian Critical Drug Initiative, the Canadian
Government recently awarded Applied Pharmaceutical Innovation (API) a grant of
CAD 80.5 million. This funding will be used to enhance the 72,000-square-foot
Biotechnology Business Development Centre and build a new 40,000 square-foot,
state-of-the-art manufacturing center with the capacity to produce 70 million
drug doses per year. Through its partnership with API, the Company is able to
effectively leverage API's and the University of Alberta's world-class
facilities and human resources, while retaining full custody of all intellectual
property, inventions, and research produced. Channeling its MYCO-005, MYCO-006,
and MYCO-007 families of novel, patent-pending second-generation MDMA and
Psilocybin analogs through API, the Company believes it has the best chance to
achieve its objective of enhancing the global pharmaceutical landscape with
these new molecules. This confidence is supported by significant positive pre
-clinical and animal data compiled by the Company. The Company is rapidly
advancing its leading candidates toward impending human clinical trials and
anticipates providing significant updates in the near future.
Josh Bartch, CEO and Chairman of the Company stated, "We have been working
diligently over the last few years which have been extremely difficult for the
entire industry and our company. Through adversity, Mydecine has become a more
robust, well-managed, streamlined, efficient, and productive organisation with a
high likelihood of success. Recently, the industry has witnessed several strong
catalysts that we believe provide a glimpse into the future, such as large
successful financings with very notable participants, open market buys by
notable investors such as Steve Cohen, MAPS publishing their second and final
phase 3 with incredibly strong results and gearing up for FDA approval in early
2024, Mindset Pharma being acquired by Otsuka, and many others." Josh also
mentioned, "Our robust drug pipeline is full, and we believe we have made the
necessary improvements to generation one drugs to maximise the commercial
viability and monetisation of psychedelic medicine. We look forward to sharing
with you a multitude of incredibly thrilling developments soon."
The Directors of Mydecine take responsibility for this announcement.
This announcement contains inside information for the purposes of Article 7 of
the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by
virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in
accordance with the Company's obligations under Article 17 of MAR.
Learn more at
https://www.mydecine.com (https://www.globenewswire.com/Tracker?data=pYYeIgyfJNzt
JyMdZZn-VpwxQrtBtlSMsGBtRIzOm4yDrnPjpMN70JuFZb5zwysliiTHd1E
-OMW5uy96TYKYq3DlZw4jl7g9-VpYCutSPw4=).
For more information, please contact:
Media Contact:
pr@mydecineinc.com (https://www.globenewswire.com/Tracker?data=4Il8oIq2g7fyenjYSn
jWpMFsZ7e0YLabrlCqoQNQbBKVObUToXwTeCzItnpVQCdjIcgEZ4j3TfdlswfUvfNInQu46LpY4ybVouh
ECMWAWP8=)
Investor Relations:
investorrelations@mydecineinc.com (https://www.globenewswire.com/Tracker?data=lww
wRjmeVhEx
-4zNMrTofZ_TmectJQAzwXROUnYctmM7j7IqZ1Q0N1Ht9hR5zZufAPzCEr30RMt19yHDqfYd9UdOBq037
18wVk7KYQPrft8P1BncMOFs9ayccbCwfvCl0m6E-AwDx6mSRUHmaN3c7A==)
On behalf of the Board of Directors:
David Bartch, Chief Executive Officer
contact@mydecineinc.com (https://www.globenewswire.com/Tracker?data=XgmGtylsXA6VF
sl1t2XonXZxbdxgRJ4U5xUxRn_br82rGamHAHV8ETBkWYjJ90rG4PQcbbMn
-Muh8TkDqd7fyAwbkuzhVWKsnIOxGJ28TYQ=)
AQSE Corporate Advisor
Novum Securities LimitedTel: +44 (0)207 399 9400
David Coffman/ George Duxberry
For further information about Mydecine Innovations Group, Inc., please visit the
Company's profile on SEDAR+ at
www.sedarplus.com (https://www.globenewswire.com/Tracker?data=YNj_VUl08q2SdnpWepG
zP3_YOOiKuzJJrbnxDXCI1Leg1akLusipFW1vhWR1aMjJftNI
-Ah9OB2usnxVGSZ9KjqGwZNlR0P0XR3WIK5FFxY=) or the Company's website at
www.mydecine.com (https://www.globenewswire.com/Tracker?data=Dj2LE9v1Uzwr24a2BHYM
vXXmH94foLuMzvU__Lx5l3lzIOt3KMiShtj466xDkP89HTMUQUkeFIRxVLGRmv66iA==).
About Mydecine Innovations Group Inc.
Mydecine Innovations Group is a publicly traded, pre-revenue biopharmaceutical
company that began operations in North America and Europe in early 2020.
Mydecine was founded to increase physicians' access to serotonin-modulating
medicine. Recent research has demonstrated the therapeutic potential of
psychedelic substances such as psilocybin and MDMA for treating intractable
conditions such as pain, anxiety, depression, addiction, and PTSD, along with
neurodegenerative disorders. Mydecine believes these compounds can be safer,
more effective, and more accessible for patients and medical professionals
through modern drug chemistry paired with artificial intelligence (AI). Through
its exclusive partnership with Applied Pharmaceutical Innovation based at the
University of Alberta, Mydecine is developing innovative medications for target
indications with high mortality rates that have lacked innovation for decades
and are controlled by dominant corporations. Mydecine developed several prodrug
families, beginning with a psilocybin-derived smoking cessation drug undergoing
a NIDA-funded trial at Johns Hopkins University. Mydecine is also developing
MYCO-006-short-acting chemical analogs derived from MDMA for treating various
conditions, including anxiety and pain. Mydecine utilises cutting-edge
artificial intelligence (AI) and pharma research infrastructure at the
University of Alberta to develop and manufacture new medications to make them
affordable and accessible to the general public upon Health Canada and FDA
approval. The Mydecine team is enthusiastic about its mission and is dedicated
to creating a positive difference in the lives of others.
This news release contains forward-looking information about Canadian securities
laws regarding the Company and its business. It relates to future events or
performance and reflects management's 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 by stating that specific
actions, events, or results "may," "could," "would," or "will" be taken, occur,
or be achieved. Such forward-looking statements reflect management's beliefs and
are based on assumptions 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 protect and enforce its intellectual
property adequately, the Company's ability to bring its products to commercial
production, the 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, other
factors may cause effects not to be as anticipated, estimated, or intended.
There can be no assurance that such information will be accurate, as actual
results and future events could differ materially from those anticipated. These
forward-looking statements are made as of the date hereof. The Company is not
obligated to update or revise them to reflect new events or circumstances as
required under applicable securities legislation.
This information was brought to you by Cision http://news.cision.com
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