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MYND Life Sciences Inc. is a medical biotech drug research and development company focused on neuropharmaceutical and novel drug development, diagnostics, and vaccines. MYND is dedicated to commercializing proprietary biomarker diagnostic tests and novel therapeutics for patients battling with Major Depressive Disorder (MDD), Treatment-Resistant Depression (TRD), and other neuro-inflammatory disorders. The company is currently in discussions regarding its unsecured convertible debentures and has formed a special committee to evaluate alternatives. Moreover, MYND has recently announced a potential merger with Cava Healthcare Inc, aiming to create a powerful new commercial entity by combining their patents and expertise to revolutionize treatments for neurological and inflammatory diseases.
MYND Life Sciences (CSE: MYND) (OTC Pink: MYNDF), a clinical-stage life sciences company focused on depression treatments, has announced a shares for debt transaction to settle outstanding debt of $2,273,062.30. The company will issue 22,730,623 common shares at a deemed price of $0.10 per share to creditors, including certain related parties.
The shares will be subject to a four-month plus one day hold period as per Canadian Securities Exchange policies. The transaction qualifies as a 'related party transaction' under MI 61-101 but is exempt from valuation and minority shareholder approval requirements as the shares are not listed on specified markets and the fair market value doesn't exceed 25% of the company's market capitalization.
MYND Life Sciences (MYNDF) has announced the Board's approval to issue 4,000,001 common shares at $0.71 per share, settling a previously announced $3.5 Million (CDN) debenture from January 10, 2025. The total value of the share issuance amounts to $2,840,000.71.
The company, focused on developing drug therapies and diagnostics for depression treatment and monitoring, considers this a significant milestone. According to CFO Lih Tam, this development enables MYND to engage with the investment community while advancing their mission to address major depressive disorder. The debenture settlement details will be reflected in upcoming financial statements.
MYND Life Sciences (CSE: MYND) (OTCQB: MYNDF) has announced two strategic moves to strengthen its position. The company has converted $800,619.65 (CDN) in loan and officer deferred salary debt into company shares, demonstrating leadership's commitment to its vision of commercializing a diagnostic biomarker test for depression. Additionally, Lana Hoogenboom, a pharmaceutical industry veteran with 12 years of experience at Otsuka Canada, has been appointed to the Board of Directors to advance commercialization strategies and partnership initiatives.
MYND Life Sciences (CSE: MYND) (OTCQB: MYNDF) announced a proposed issuance of 4 million shares at $0.71 per share to eliminate $3.5 million in debt, including an outstanding debenture. The debenture was originally issued to support the company's development of a diagnostic biomarker for major depressive disorder (MDD), Phase 2B Alzheimer's trial, and IL-33 biomarker for cancer monitoring. The company is now focusing solely on developing the MDD diagnostic biomarker. The new shares will be subject to a four-month hold period from issuance, pending regulatory approval.
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