Mydecine Innovations (NEO: MYCO) (OTC: MYCOF) (FSE: 0NFA), a biotechnology company aiming to transform the treatment of mental health and addiction disorders, is sharing key clinical-trial and drug-development updates as well as financial status; the company also appointed a new member to its board of directors. Mydecine is pivoting its clinical trial strategy based on feedback from FDA obtained in a pre-IND meeting; the company is moving from a seamless phase 2/3 design to a phase 2b and subsequent phase 3 study; the study will also involve more subjects than originally anticipated. The company hopes that by doing these things, it will gain the advantage of making protocol adjustments between studies. In addition, Mydecine completed a target-based 5-HT2A model for its artificial intelligence (“AI”) and machine learning (“ML”) drug-discovery program and has completed the 5-HT2B model with plans to develop the entire family of serotonin receptors. The company also noted it closed on two separate financings in May and appointed Todd Heinzl to its board of directors; Heinzl will replace Gordon Neal. Heinzl’s three decades of experience has been focused on assisting globally minded small- and mid-cap companies by developing adequate corporate governance policies. “As we near the end of the second quarter, I’m proud of the progress our team has made despite the volatile and uncertain market conditions,” said Mydecine CEO Josh Bartch in the press release. “Our focus remains on creating value for our shareholders by focusing on efforts to set Mydecine up for future success. We believe our recent consolidation will make the company’s share position more appealing to a broader range of investors moving forward; as well as faceless resistance in the positive movement of the stock price. We have significantly decreased our burn rate since Q4 2021, in order to have sufficient capital available to meet our next clinical trial and drug development milestones.”
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About Mydecine Innovations Group
Mydecine Innovations is a biotechnology company developing innovative first- and second-generation novel therapeutics for the treatment of mental health and addiction using world-class technology and drug-development infrastructure. Mydecine was founded in 2020 to address a significant unmet need and lack of innovation in the mental health and therapeutic treatment environments. The company’s global team is dedicated to efficiently developing new therapeutics to treat PTSD, depression, anxiety, addiction and other mental health disorders. The Mydecine business model combines clinical trials and data outcome, technology, and scientific and regulatory expertise with a focus on psychedelic therapy as well as other novel, nonpsychedelic molecules with therapeutic potential. By collaborating with some of the world’s foremost authorities, Mydecine aims to responsibly fast-track the development of new medicines to provide patients suffering from mental health disorders with safe and more effective treatment options. Mydecine Innovations Group is headquartered in Denver, Colorado, with international offices in Leiden, Netherlands. For more information about the company, please visit 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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