Mydecine Innovations (CSE: MYCO) (AQSE: MYIG) (OTC: MYCOF), a biotechnology company engineering the next wave of innovative medications and treatment protocols to directly address mental health with a particular emphasis on addiction and PTSD, has released a fourth-quarter 2023 company update. According to the update, the company has worked to simplify its business model, streamline workflow and processes, and reduce burn rate while increasing output and efficiencies in order to ensure future success. Consequently, the company has made key decisions designed to benefit shareholders and increase long-term success, including focusing on becoming a true preclinical biopharmaceutical platform developing novel next-generation, improved drugs.
The company is working to develop a truly successful drug for shareholders and patients by making several structural changes and improvements to the first-generation MDMA and psilocybin/psilocin compounds, including faster onset, increased safety, significantly reduced half-life, elimination of certain undesirable side effects and selective receptor binding. The company noted the importance of its exclusive partnership with Applied Pharmaceutical Innovation (“API”), which houses the company’s drug-discovery and development efforts at the University of Alberta. The company believes by channeling its MYCO-005, MYCO-006 and MYCO-007 families of novel, patent-pending second-generation MDMA and psilocybin analogs through API, it has the best chance to enhance the global pharmaceutical landscape with these new molecules. Mydecine is committed to advance its leading candidates toward human clinical trials and anticipates providing significant updates in the near future.
“We’ve been working diligently, but the last few years have been extremely difficult for the entire industry and our company,” said Mydecine Innovations CEO and chair Josh Bartch in the press release. “Through adversity, Mydecine has become a more robust, well-managed, streamlined, efficient and productive organization 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. . . . Our robust drug pipeline is full, and we believe we have made the necessary improvements to generation one drugs to maximize the commercial viability and monetization of psychedelic medicine. We look forward to sharing with you a multitude of incredibly thrilling developments soon.”
To view the full press release, visit https://ibn.fm/96dpr
About Mydecine Innovations Group Inc.
Mydecine Innovations is a publicly traded, prerevenue biopharmaceutical company that began operations in North America and Europe in early 2020. Mydecine was founded to increase physicians’ access to serotonin-modulating medicine. Recent research has demonstrated the therapeutic potential of psychedelic substances such as psilocybin and MDMA for treating intractable conditions such as pain, anxiety, depression, addiction and PTSD, along with neurodegenerative disorders. Mydecine believes these compounds can be safer, more effective and more accessible for patients and medical professionals through modern drug chemistry paired with artificial intelligence (“AI”). Through its exclusive partnership with Applied Pharmaceutical Innovation based at the University of Alberta, Mydecine is developing innovative medications for target indications with high mortality rates that have lacked innovation for decades and are controlled by dominant corporations. Mydecine developed several prodrug families, beginning with a psilocybin-derived smoking cessation drug undergoing a NIDA-funded trial at Johns Hopkins University. The company is also developing MYCO-006, short-acting chemical analogs derived from MDMA for treating various conditions, including anxiety and pain. Mydecine utilizes cutting-edge AI and pharma research infrastructure at the University of Alberta to develop and manufacture new medications to make these medications affordable and accessible to the general public upon Health Canada and FDA approval. The Mydecine team is enthusiastic about its mission and is dedicated to creating a positive difference in the lives of others. 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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