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Denver-based Mydecine Innovations Group (NEO: MYCO) (OTC:MYCOF) released its 2020 yearly financial results this week, ending the year with $2.2 million in cash.
The company reported having raised over $30 million more since the beginning of 2021.
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Mydecine is a biotech company focused on the development and commercialization of mushrooms and natural medicines for psychedelic therapy and wellness purposes.
As the company builds the infrastructure for the medium-term development of a legal psychedelics industry, it reported a $26.9- million net loss for the year.
Mydecine's Clinical Studies, R&D: As the psychedelics industry moves forward, the key to success lies in preparation. Companies in the space are gearing up to start heavy operations once psychedelics are made legal for medicinal purposes.
This process is slow but has reached several successful milestones in recent years, with several U.S. jurisdictions removing penalties for the use and possession of psychedelic substances.
Important progress is also being made with the FDA for the legalization of compounds like psilocybin and MDMA in the treatment of specific mental health disorders.
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In this context, Mydecine launched a Phase 2a clinical trial to study the effects of psychedelic treatments for PTSD in veterans and first responders, with two study sites in Canada and one in the Netherlands.
The company also sponsored other studies, including a lab-based study of microdosing at Macquarie University in Australia and another on the neuron-level response to psilocybin at the University of Maryland.
Mydecine's Deals, Milestones: Mydecine completed the successful export of 20 kilograms of dried psilocybin mushrooms from a cultivation facility in Jamaica to a facility in Canada, which represents the first-ever legal international export of psilocybin mushrooms.
The company was able to receive the shipment by the exercise of a Health Canada Schedule 1 Dealer’s License held by its Canadian facility, which permits the “import/export, research and development, cultivation, product development, and commercial sale of active psychedelic medicinal compounds.”
Mydecine also entered into an exclusive partnership with Applied Pharmaceutical Innovation at the University of Alberta.
Mydecine's Patents, Drug Candidates: The company has filed nine distinct provisional patent applications. One of them relates to the use of psilocybin in the treatment of PTSD. A second one relates to the application of Mindleap, the company’s digital telehealth platform.
Seven other patents relate to the discovery of novel compounds in fungi for medicinal and pharmaceutical use.
Last month, Mydecine unveiled four psychedelic drug candidates that it expects to put through the research pipeline. These still need to undergo clinical research in order to prove the hypothesized potential:
- MYCO – 001: a form of pure psilocybin derived from natural fungal sources, targeted to be used in mid-to-late stage clinical trials.
- MYCO – 002: an empathogen with similar effects to MDMA that could have an improved safety profile.
- MYCO – 003: a psilocybin-based formula that could diminish the possibility of bad experiences by reducing patient anxiety.
- MYCO – 004: a hallucinogen delivered transdermally, offering precision dosing and long-term compound stability.
- Benzinga photo.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.