- In 2021, Mydecine made significant progress in creating and commercializing new treatments for mental health and addiction disorders
- It also made a noteworthy shift in focus to reducing expenses and increasing efficiencies for continued clinical trials and the expansion of its IP portfolio
- For 2022, the company plans to build on the progress achieved in 2021
- With new additions to its board, its conditional IRB approval, and the clinical research it has lined up for the new year, Mydecine is confident that it will meet its anticipated capital markets initiatives for 2022
Founded in 2020, Mydecine Innovations Group (NEO: MYCO) (OTC: MYCOF) (FSE: 0NFA) has pushed the envelope, particularly in innovating both first- and second-generation novel therapeutics for the treatment of unmet needs in mental health and addiction disorders. Over the past couple of years, it has pursued indications including, but not limited to Post-Traumatic Stress Disorder (“PTSD”), addiction and anxiety, and has made significant progress while at it.
In 2021 the company made significant strides toward creating and commercializing new treatments for mental health and addiction disorders, and received conditional IRB approval to advance its Phase 2b smoking cessation study, which the company is confident will yield FDA Investigational New Drug (“IND”) approval in Q2 2022 (https://ibn.fm/sv7UB).
More importantly, the year marked a significant shift for the company, focusing on reducing its expenses and increasing efficiencies in a bid to continue progressing its clinical trials and expanding its intellectual property (“IP”) portfolio.
As of December 31, 2021, Mydecine had $1.5 million in cash and cash equivalents. Additionally, the company secured additional funding for its clinical trials and its IP portfolio expansion projects. Going forward, Mydecine plans to focus on clinical research, particularly Phase 2b of its smoking cessation clinical study, along with drug development, mainly highlighted by its Artificial Intelligence (“AI”) drug discovery program.
“Over the last year, our new chemical entity (“NCE”) program has produced multiple patents covering several second-generation novel molecules that we believe will offer significant improvements over classic psilocybin and MDMA,” noted Rob Roscow, the Chief Scientific Officer at Mydecine.
“We’re using a modular development approach to our patent strategy, which gives us the flexibility to license, partner or develop our lead drug candidates from our multiple families of NCEs, all wholly owned by Mydecine,” he added.
In 2021, the company filed several provisional and full patent applications for novel molecules with the potential to outperform first-generation compounds safely. These applications covered novel MDMA analogs, improved psilocybin, other tryptamines, and potential heart-safe micro-dosing drugs, among others. Its management is confident that these patents will aid in taking the company to the next level in terms of performance and creating value for its shareholders.
Mydecine also announced new independent board member appointments, including Gordon Neal, Josephine Wu, Dr. Saeid Babaei, and Dr. Victoria Hale. They bring a wealth of experience in drug development, clinical trials, and technology, and will be integral to the company meeting its anticipated capital markets initiatives for 2022.
Mydecine is optimistic about the new year. With great things lined up, from clinical trials to new drug developments, the company is confident that it will help push the industry forward and create incredible value for its shareholders.
“I’d like to personally thank our shareholders, board members, and highly dedicated team for enabling Mydecine to reach these significant milestones, and we look forward to another successful year,” noted Josh Bartch, Mydecine’s Chief Executive Officer (“CEO”).
For more information, visit the company’s website at www.Mydecine.com.
NOTE TO INVESTORS: The latest news and updates relating to MYCOF are available in the company’s newsroom at https://ibn.fm/MYCOF
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