MYDECINE INNOVATNS GP INC - MYCOF STOCK NEWS

Mydecine Innovations Group has received approval from Health Canada to expand its cultivation capacity for pharmaceutical-grade psilocybin at its cGMP facility. This expansion aims to enhance production for clinical research and partnerships, enabling faster studies of psilocybin's medical utility, particularly for mental health conditions like PTSD and addiction. The new facility will also contribute to Mydecine's research on diverse mushroom species, increasing its intellectual property and discovery potential. The partnership with Applied Pharmaceutical Innovation positions the company for long-term success in psychedelic drug development.

Mydecine Innovations Group is set to execute a strategic spin-out of its U.S. cannabis assets into a new subsidiary, SpinCo. This move aims to facilitate compliance with NASDAQ and London Stock Exchange requirements, enhancing the company's growth potential. The spin-out is expected to close around the week of July 12, 2021, contingent on shareholder approval and a Supreme Court order. Shareholders will receive SpinCo shares on a pro-rata basis. Post-spin-out, SpinCo intends to pursue a public listing, but timelines remain uncertain.

Mydecine Innovations Group (NEO: MYCO) reported financial results for Q1 2021, showcasing significant growth and operational milestones. The company raised C$20 million and achieved the first-ever international export of psilocybin mushrooms, enhancing its clinical and commercial supply chain. Strategic partnerships with API and LeadGen Labs were established to bolster drug development efforts. Despite a net loss of $5.2 million, Mydecine is well-positioned for future growth with robust funding and an expanding European presence.

Mydecine Innovations Group (NEO: MYCO) (OTC: MYCOF) has announced CEO Josh Bartch's participation in the Benzinga Global Small Cap Conference on May 13, 2021. He will address the panel titled Investing in the Mental Health Crisis Through Psychedelics at 4:15 p.m. ET. Mydecine focuses on developing nature-sourced medicine for mental health and operates a cGMP certified manufacturing facility. The company aims to lead in psychedelic-assisted therapy advancements and has established a robust R&D pipeline.

Mydecine Innovations Group (NEO: MYCO, OTC: MYCOF) has announced a partnership with LeadGen Labs to enhance its synthesis capabilities for novel psychedelic molecules. This collaboration aims to accelerate drug development and synthesis of multiple novel compounds concurrently. Mydecine's Chief Science Officer highlighted the potential for improved therapeutic use through enhanced safety and dosage control. The company is focused on expanding its drug development pipeline while building a robust intellectual property portfolio around patentable compounds.

Mydecine Innovations Group (MYCOF) reported a net loss of $26.9 million for the year ending December 31, 2020, but raised approximately $30 million post-year-end to strengthen its balance sheet. The company launched multiple clinical trials across three continents, focusing on psychedelic treatments for PTSD. Notably, it filed several provisional patents for unique drug candidates. The appointment of industry leader William Cook as interim CEO of Mindleap is part of a strategic leadership enhancement. Mydecine is well-funded to advance its drug development and clinical trials.

Mydecine Innovations Group (NEO: MYCO, OTC: MYCOF) will report its full year 2020 financial results on May 3, 2021. The conference call will take place at 10:30 a.m. ET, featuring CEO Josh Bartch and CFO Dean Ditto. The company focuses on developing nature-sourced medicines, particularly psychedelic-assisted therapies for mental health issues. Mydecine is advancing a robust R&D pipeline and has exclusive access to a certified pharmaceutical manufacturing facility. The call will also be available for replay until May 17, 2021.

Mydecine Innovations Group (NEO: MYCO) (OTC: MYCOF) has announced significant progress in its research on psilocybin and synthetic compounds, following the first international export of dried psilocybin mushrooms to its cGMP facility in Alberta. The company aims to extract and identify various therapeutic compounds and will begin testing their effects on serotonin receptors. Mydecine plans to leverage its advanced drug discovery platform to efficiently bring these compounds to clinical use, further establishing its position as a leader in psychedelic therapeutics.

Mydecine Innovations Group (NEO: MYCO) (OTC: MYCOF) has unveiled its four lead novel drug candidates as it approaches Pre-Investigational New Drug meetings with the FDA and Health Canada. The drug candidates include MYCO-001, a pure psilocybin; MYCO-002, an improved entactogenic compound; MYCO-003, designed to minimize anxiety; and MYCO-004, a transdermal delivery system. The company emphasizes that these candidates are unique and patentable, aiming to enhance safety and efficacy in treating mental health conditions.