Mydecine Innovations says it is well-funded to advance its IP portfolio and expand clinical trial calendar

Mydecine Innovations Group (NEO:MYCO) (OTCMKTS:MYCOF) (FSE:0NFA) posted full year 2020 results that showed the company was well-funded to advance its intellectual property (IP) portfolio and expand its clinical trial calendar.  

As of December 31, 2020, the Denver, Colorado-based biopharma company focused on the research and development of alternative nature-sourced medicine, had cash and equivalents of $2.2 million. Subsequently, Mydecine raised around $30 million.

Mydecine said it is “well-funded to advance its IP portfolio, expand clinical trial calendar, expand European operations; and build out its technology division.”

WATCH: Mydecine Innovations Group identifies its first four psychedelic-related novel drug candidates

“In 2020, our team worked effectively to establish the foundation of Mydecine. We focused on closing strategic acquisitions and partnerships, advancing our clinical trials and building our intellectual property portfolio to position Mydecine as a key player in the advancement of psychedelic-assisted psychotherapy,” Mydecine co-founder and CEO Josh Bartch said in a statement.

“As we move ahead in 2021 with a vertically-integrated business model in place supported by a strengthened balance sheet and expanded team of world-class executives, we are strongly positioned to enter the next chapter of Mydecine’s journey to lead the future of the psychedelic therapeutics industry.”

The company has appointed William Cook as the interim CEO and Technical Director of Mindleap, the company’s first breakthrough digital technology which combines traditional telehealth, psychedelic medicine and advanced mood and behaviour tracking and analytics. The Mindleap platform offers a “powerful set of tools for managing mental healthcare,” noted the company.

“Mr Cook’s extensive technical and leadership experience combined with his passion for individuals’ mental health brings an exceptional combination to the leadership of Mindleap,” said Bartch.

Cook has designed the Patriot missile system software parameters for the US Army. At Raytheon, he has led the development of Patriot software including that used in Desert Storm. Cook was the architect and led a team of over 200 engineers in developing the THAAD missile defense ‘brain’ software at Litton Industries, receiving Litton’s highest honors for technical achievement and leadership.

Cook has also received his Master’s degree in marriage, family and child therapy and has performed thousands of hours of deep trauma-healing work in group and private psychotherapy, placing mental healthcare at the center of his passions.

“Mr Cook is a trusted leader of our Mindleap team as we launch Mindleap 2.0 in the spring of 2021,” said Bartch.

The company highlighted some of its clinicals studies:

• Launched clinical trials in three continents for the Phase 2a study of psychedelic treatments for PTSD in veterans, and first responders with aims to achieve safer and more accurate psychedelic-led psychotherapy results in a supervised setting;
• Completed the world’s first international legal export of dried psilocybin mushrooms providing access to a quality source of much needed product for both research purposes, as well as to sell and transfer CGMP naturally-derived psilocybin to other licensed research facilities around the globe;
• Sponsored several studies with academia, including the first lab-based study of established microdosing at Macquarie University in Australia and neuron level response to psilocybin at University of Maryland.

Mydecine has identified four lead novel drug candidates that are unique and patentable:

• MYCO – 001 is pure psilocybin from natural fungal sources;
• MYCO – 002 is an entactogenic compound that has been created with the goal of reducing harm and improving the safety profile versus MDMA;
• MYCO – 003 is a psilocybin-based formula with reduced anxiety potential, with the aim of removing the possibility of “bad trips,” even with severely ill patients;
• MYCO – 004 is a patch delivered tryptamine compound. Properties include short duration (around two hours), transdermal, precision dosing and long-term compound stability.

For the full year ended December 31, 2020, Mydecine’s net loss was $26.9 million, or a basic and diluted loss per share of $0.24, compared to a net loss of $21.5 million, or basic and diluted loss per share of $0.96 for the year ended December 31, 2019.

Contact the author Uttara Choudhury at [email protected]

Follow her on Twitter: @UttaraProactive

Story by ProactiveInvestors