Mydecine Innovations Group Inc - MYCOF STOCK NEWS

Mydecine Innovations Group (NEO: MYCO) (OTC: MYCOF) reported financial results for the nine months ended September 30, 2022, with a net loss of $11.47 million or a loss per share of ($1.57), a decrease from a loss of $18.02 million in the same period last year. The company has maintained focus on drug development, particularly targeting smoking cessation, and reached significant milestones in its research pipeline, including advancements in psilocybin analogs. As of the reporting date, Mydecine had $88,933 in cash and continues to explore strategic partnerships for clinical trials.

Mydecine Innovations Group (MYCOF) announced a letter of intent to sell its digital technology subsidiary, Mindleap Health, to PanGenomic Health for C$4 million. This deal involves the issuance of units and a transition services agreement for a total consulting fee of C$100,000. Mydecine's CEO expressed satisfaction with Mindleap's performance and noted its potential for further growth under PanGenomic's management. The app has gained significant traction, with over 40,000 organic downloads, supporting the increasing interest in evidence-based mental health treatments.

Mydecine Innovations Group (MYCOF) announced a $10 million Common Share Subscription Agreement with a third-party investor. This arrangement enables the company to issue shares, providing financial flexibility and capital for ongoing research, clinical trials, and operational needs. CEO Josh Bartch highlighted strategic decisions leading to a reduced burn rate, aimed at ensuring long-term sustainability. The agreement maintains conditions like a monthly limit on draw notices, reinforcing Mydecine's commitment to responsible financing and development of its mental health therapies.

Mydecine Innovations Group (NEO: MYCO) (OTC: MYCOF) announced a Common Share Subscription Agreement with a third-party investor on August 15, 2022. The Company issued 326,666 shares at $0.75 each, raising approximately $245,000 for drug development. Additionally, interim members were appointed to the Audit Committee following the resignation of previous directors. CEO Joshua Bartch stated that these internal changes are crucial for the Company's future. Larry Dean Ditto resigned as CFO for personal reasons, with COO Damon Michaels stepping in as interim CFO.

Mydecine Innovations Group (MYCOF) reported financial results for the six months ending June 30, 2022, revealing a net loss of $8.09 million, or $(1.31) per share, an improvement from a loss of $13.53 million in the same period in 2021. As of June 30, 2022, the company held $324,146 in cash. Total assets decreased to $6.19 million from $7.58 million at year-end. Key expenses included substantial costs in corporate development and research, while total liabilities increased to $8.22 million, emphasizing financial challenges. The company continues to focus on advancing mental health treatments.

Mydecine Innovations Group (NEO: MYCO) announced the successful synthesis of short-acting MDMA analogs, named MYCO-006, aimed at enhancing treatment for mental health and addiction disorders. These compounds have a shorter half-life than traditional MDMA, potentially increasing their accessibility in healthcare settings. The company has applied for patent protection with the World Intellectual Property Organization. The new drug is designed to boost therapy effectiveness for conditions like PTSD, addressing significant unmet needs in mental health treatment.

Mydecine Innovations Group (NEO: MYCO) (OTC: MYCOF) has received FDA clearance for MYCO-001 through an Investigational New Drug (IND) application, marking a key milestone for the company. This enables participation in a $4 million NIH-funded Investigational trial assessing psilocybin’s impact on smoking cessation combined with cognitive-behavioral therapy. The study, led by recognized experts in psychedelic research, follows promising results from earlier trials, with a 80% success rate in smoking abstinence at six months. Mydecine plans to submit an IND for a Phase 2b study using MYCO-001.

Mydecine Innovations Group Inc. (NEO: MYCO) (OTC: MYCOF) announced a corporate update regarding clinical trials and drug development on June 9, 2022. The CEO highlighted progress amid market volatility, noting a reduced burn rate since Q4 2021 and raising $4.5 million in financings. With a shift in clinical strategy to enhance FDA approval chances, the company plans to submit key applications in early Q4 2022. Additionally, Todd Heinzl has been appointed to the Board of Directors, bringing over 30 years of financial experience, strengthening governance.

Mydecine Innovations Group Inc. reported its Q1 2022 financial results, showing a net loss of $5.6 million or $1.20 per share, slightly higher than the previous year's loss of $5.2 million. Total assets decreased to $5.21 million from $7.58 million year-over-year, while total liabilities rose to $8.92 million from $7.37 million. The company achieved a positive FDA pre-IND meeting for its MYCO-001 Smoking Cessation Study and received conditional IRB approval. Mydecine also made progress on their drug development pipeline, focusing on enhancing safety and efficacy in mental health therapeutics.