Mydecine Innovations ends 1Q with C$11.3M to further its therapeutics growth strategy

Mydecine Innovations Group Inc (NEO:MYCO) (OTCMKTS:MYCOF) (FRA:0NFA) announced that it ended the first quarter of 2021 with cash and equivalents of C$11.3 million, which the company said will help it advance its intellectual property portfolio, build out its clinical trial calendar, expand its European operations and develop its technology division. As well, Mydecine said its strategic partnerships are expected to expand its drug development capabilities to more efficiently and rapidly lead the next generation of psychedelic-assisted therapeutics.   “Mydecine accomplished a number of key milestones in the first quarter of 2021, which collectively advanced our mission to bring one of the most robust portfolios of nature-sourced psychedelic-assisted therapeutics to the forefront of the mental health industry,” Mydecine CEO Joshua Bartch said in a statement.   READ: Mydecine Innovations partners with contract research organization LeadGen Labs to support its psychedelic drug development efforts  “Most notably, we achieved the first-ever international export of psilocybin mushrooms and solidified our clinical and commercial supply chain in order to advance our R&D,” Bartch added. “This supply advantage, combined with our API and LeadGens Lab partnerships, strategically advances our drug development and clinical trials, further positioning Mydecine to lead the next-generation of synthetic and naturally-derived psilocybin novel compounds.” As well, Mydecine noted that it submitted a formal application to list its shares on the Nasdaq Stock Exchange. The company also reported a net loss of $5.2 million for the period. Mydecine Innovations Group is an emerging biotech and life sciences company dedicated to developing and commercializing innovative solutions for treating mental health problems and enhancing vitality. The company’s world-renowned medical and scientific advisory board is building out a robust R&D pipeline of nature-sourced psychedelic-assisted therapeutics, novel compounds, therapy protocols and unique delivery systems. Mydecine also has exclusive access to a full cGMP certified pharmaceutical manufacturing facility with the ability to import/export, cultivate, extract/isolate, and analyze active mushroom compounds with full government approval through Health Canada. Contact Sean at sean@proactiveinvestors.com