Mydecine Releases Q2 2023: Developer Of Smoke Cessation Psilocybin Prodrugs & MDMA Analogs

Novel psychedelic-based drugs biotech Mydecine Innovations Group MYCOF shared its financial results for the six months ended June 30, 2023.

Second quarter of FY2023 looks like this:

Cash position of $29.987 (CA $40,458) as of June 30, 2023.

Three and six months of R&D expenses totaled $75.417 and $181.656, compared to $483.622 and $1.26 million in the same periods of 2022.

Three and six months total expenses of $1.96 million and $4.9 million respectively, compared to $2.33 million and $5.8 million in the same periods in 2022.

Three and six months net loss attributable to common stockholders was $2.36 million (or a basic and diluted $0.9 loss per share) and $8.03 million (or $0.36 loss per share), vs. $1.82 million (or $0.26 loss per share) and $6.04 million (or $0.97 loss per share) for the comparable periods of 2022.

See Also: Mydecine 2022 Financials & Business Update By Next-Gen Psychedelics Producer, Smoke Cessation Trial And More

Accumulated deficit of $109.117.914, compared to $101.092.081 by Dec. 31, 2022.

Mydecine’s lab at the University of Alberta pairs modern drug chemistry with AI toward the goal of making psychedelic compounds safer, more effective and more accessible for patients and medical professionals. Its Novel Chemical Entities (NCEs) target indications with high mortality rates “that have lacked innovation for decades and are controlled by dominant corporations,” as the company states. 

See Also: Bright Mind Shares Surge 91% After Reporting Positive EEG Clinical Results Of Next-Gen Compound

Novel prodrug families include a psilocybin-derived smoking cessation drug undergoing a National Institutes of Drug Abuse (NIDA)-funded trial at Johns Hopkins University as well as the MYCO-006 family (see latest results), which are short-acting chemical MDMA analogs for the treatment of conditions like anxiety and pain.

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Photo: Benzinga edit with photo by Commons and Pexels.