Mydecine Innovations Group Inc - Q4 2023 Business Update
Announcement provided byMydecine Innovations Group Inc · MYIG
Mydecine Provides Q4 2023 Business Update
The Company has spent the past few months diligently working to simplify its business model, streamline workflow and processes, and reduce burn rate while increasing output and efficiencies in order to ensure the Company's future success. Through this process, the Company has made a number of strategic decisions that it believes will substantially benefit shareholders and increase the probability of long-term success. Through this transformation, the Company has become a true preclinical biopharmaceutical platform whose primary focus is the development of novel next-generation, improved drugs, using first-generation psychedelic compounds as a model or starting point. The Company believes that to have a truly successful drug for shareholders and patients, several structural changes and improvements must be made to the first-generation MDMA and Psilocybin/Psilocin compounds, including but not limited to faster onset, increased safety, significantly reduced half-life, elimination of certain undesirable side effects, and selective receptor binding, all while maintaining the high efficacy rates observed in generation one psychedelic compounds.
The exclusive partnership between the Company and Applied Pharmaceutical Innovation, which houses the company's drug discovery and development efforts at the University of
Josh Bartch, CEO and Chairman of the Company stated, "We have been working diligently over the last few years which have been extremely difficult for the entire industry and our company. Through adversity, Mydecine has become a more robust, well-managed, streamlined, efficient, and productive organisation with a high likelihood of success. Recently, the industry has witnessed several strong catalysts that we believe provide a glimpse into the future, such as large successful financings with very notable participants, open market buys by notable investors such as Steve Cohen, MAPS publishing their second and final phase 3 with incredibly strong results and gearing up for FDA approval in early 2024, Mindset Pharma being acquired by Otsuka, and many others." Josh also mentioned, "Our robust drug pipeline is full, and we believe we have made the necessary improvements to generation one drugs to maximise the commercial viability and monetisation of psychedelic medicine. We look forward to sharing with you a multitude of incredibly thrilling developments soon."
The Directors of Mydecine take responsibility for this announcement.
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of
Learn more at https://www.mydecine.com.
For more information, please contact:
On behalf of the Board of Directors:
David Bartch, Chief Executive Officer
AQSE Corporate Advisor
Novum Securities Limited Tel: +44 (0)207 399 9400
David Coffman/ George Duxberry
About Mydecine Innovations Group Inc.
Mydecine Innovations Group is a publicly traded, pre-revenue biopharmaceutical company that began operations in
This news release contains forward-looking information about Canadian securities laws regarding the Company and its business. It relates to future events or performance and reflects management’s expectations and assumptions. Often but not always, forward-looking information can be identified by the use of words such as “expect,” “intends,” “anticipated,” “believes,” or variations (including negative variations) of such words and phrases or by stating that specific actions, events, or results “may,” "could," "would,” or “will” be taken, occur, or be achieved. Such forward-looking statements reflect management’s beliefs and are based on assumptions and information currently available to the Company. Readers are cautioned that these forward-looking statements are neither promises nor guarantees and are subject to risks and uncertainties that may cause future results to differ materially from those expected, including, without limitation, risks regarding the COVID-19 pandemic, the availability and continuity of financing, the ability of the Company to protect and enforce its intellectual property adequately, the Company's ability to bring its products to commercial production, the continued growth of the global adaptive pathway medicine, natural health products, and digital health industries, and the risks presented by the highly regulated and competitive market concerning the development, production, sale, and use of the Company's products. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, other factors may cause effects not to be as anticipated, estimated, or intended. There can be no assurance that such information will be accurate, as actual results and future events could differ materially from those anticipated. These forward-looking statements are made as of the date hereof. The Company is not obligated to update or revise them to reflect new events or circumstances as required under applicable securities legislation.
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