Mydecine Reports First Quarter 2021 Financial Results and Provides Business Update
(firmenpresse) - Strategic Partnerships Expand Drug Development Capabilities to More Efficiently and Rapidly Lead the Next Generation of Psychedelic-Assisted Therapeutics
DENVER - May 18, 2021 - Mydecine Innovations Group (NEO: MYCO) (OTC: MYCOF) (FSE: 0NFA) (Mydecine or the Company), an emerging biopharma and life sciences company committed to the research, development, and acceptance of alternative nature-sourced medicine for mainstream use, today reported its financial results for the first quarter ended March 31, 2021 and provided a business update.
Mydecine accomplished a number of key milestones in the first quarter of 2021 which collectively advanced our mission to bring one of the most robust portfolios of nature-sourced psychedelic-assisted therapeutics to the forefront of the mental health industry, stated Joshua Bartch, CEO of Mydecine. Most notably, we achieved the first-ever international export of psilocybin mushrooms and solidified our clinical and commercial supply chain in order to advance our R&D. This supply advantage, combined with our API and LeadGens Lab partnerships, strategically advances our drug development and clinical trials, further positioning Mydecine to lead the next-generation of synthetic and naturally-derived psilocybin novel compounds. We are extremely pleased to have reached this critical point in our development and look forward to building upon these successes in the months ahead.
Mr. Bartch added, In addition to the key operational milestones achieved In the first quarter of 2021, we raised C$20 million, and I am pleased to report that Mydecine is well-funded to continue to strategically act on our growth strategy, including the advancement of our IP portfolio, build out of our clinical trial calendar, expansion of our European operations and development of our technology division.
Business Highlights During and Subsequent to the First Quarter 2021
Enhanced Partner Relationships
- Entered into an exclusive partnership with Applied Pharmaceutical Innovation (API) at the University of Alberta, and further expanded capabilities that enable support of multiple drug development and clinical trial programs simultaneously.
- Partnered with LeadGen Labs, a custom synthesis and contract research organization, to support the Companys novel psychedelic drug development efforts and considerably increase the number of novel molecules it can synthesize concurrently.
Secured Clinical and Commercial Supply of Psilocybin Mushrooms
- Completed the first-ever international export of psilocybin mushrooms from a private mycology-focused research and cultivation facility in Jamaica.
Further Developed International Operational Footprint
- Michel Rudolphie, former Novartis Norway CEO and former CEO and President of Make-A-Wish International, joined the Company as President of European Operations to develop and lead strategy, business development and comprehensive success across Europe.
- Partnered with Principal Investigator Dr. David Erritzoe at Imperial College London (ICL) to conduct leading research in psychedelics, as well as the creation of novel collaborative pyschopharmacology/psychedelic research clinic between ICL and a major mental health NHS Trust in London.
Strengthened IP Portfolio
- Filed seven provisional patent applications with the United States Patent and Trademark Office (USPTO) in its efforts to discover valuable novel compounds in fungi for medicinal and pharmaceutical use.
- Filed provisional patent for Mindleaps mental health technology with the USPTO and the Canadian Intellectual Property Office.
Improved Capital Markets Positioning
- Raised C$20 million through bought deal offerings.
- Migrated to the NEO Exchange and commenced trading on March 23, 2021.
- Submitted formal application to list on the NASDAQ Stock Exchange.
Financial Results for the First Quarter 2021
Net Loss: Net loss attributable to common stockholders was $5.2 million for the first quarter 2021, or a basic and diluted loss per share attributable to common stockholders of $0.03, as compared to a net loss attributable to common stockholders of $0.2 million for the first quarter 2020, or a basic and diluted loss per share attributable to common stockholders of $0.01.
Cash Position: As of March 31, 2021, the Company had cash and cash equivalents of $11.3 million.
About Mydecine Innovations Group
Mydecine Innovations Group (NEO:MYCO) (OTC:MYCOF) (FSE:0NFA) is an emerging biotech and life sciences company dedicated to developing and commercializing innovative solutions for treating mental health problems and enhancing vitality. The companys world-renowned medical and scientific advisory board is building out a robust R&D pipeline of nature-sourced psychedelic-assisted therapeutics, novel compounds, therapy protocols, and unique delivery systems. Mydecine has exclusive access to a full cGMP certified pharmaceutical manufacturing facility with the ability to import/export, cultivate, extract/isolate, and analyze active mushroom compounds with full government approval through Health Canada. Mydecine also operates out of a state-of-the-art mycology lab in Denver, CO to focus on genetic research for scaling commercial cultivation of rare (non-psychedelic) medicinal mushrooms.
At the heart of Mydecines core philosophy is that psychedelic-assisted psychotherapy will continue to gain acceptance in the medical community with many of the worlds best accredited research organizations demonstrating its remarkable clinical effectiveness. Mydecine recognizes the responsibility associated with psychedelic-assisted therapy and will continue to position itself as a long-term leader across the spectrum of clinical trials, research, technology, and global supply. Mydecine has also successfully completed multiple acquisitions since its inception.
Learn more at: https://www.mydecine.com/ and follow us on Facebook, Twitter, and Instagram.
For more information, please contact:
Media Contacts
Anne Donohoe / Nick Opich
KCSA Strategic Communications
myco(at)kcsa.com
1-212-896-1265 / 1-212-896-1206
Investor Contacts
Charles Lee, Investor Relations
corp(at)mydecineinc.com
1-720-277-9879
Allison Soss / Erika Kay
KCSA Strategic Communications
myco(at)kcsa.com
1-212-896-1267
On behalf of the Board of Directors:
Joshua Bartch, Chief Executive Officer
contact(at)mydecineinc.com
For further information about Mydecine Innovations Group, Inc., please visit the Companys profile on SEDAR at www.sedar.com or visit the Companys website at www.mydecine.com.
This news release contains forward-looking information within the meaning of Canadian securities laws regarding the Company and its business, which relate to future events or future performance and reflect managements current 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 state that certain actions, events or results may, could, would or will be taken, occur or be achieved. Such forward-looking statements reflect managements current beliefs and are based on assumptions made by 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 adequately protect and enforce its intellectual property, the Company''s ability to bring its products to commercial production, 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, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances save as required under applicable securities legislation.
MYDECINE INNOVATIONS GROUP INC. (FORMERLY NEWLEAF BRANDS INC.)
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(EXPRESSED IN CANADIAN DOLLARS)
As at, March 31,December
2021 31, 2020
$ (audited)
$
Current assets
Cash 11,324,992,190,702
9
Rent receivable 45,351 27,746
Accounts receivable 9,593 -
Inventory 36,620 47,262
Sales tax receivable 17,711 13,734
Prepaids and deposits 3,982,350216,003
Total current assets 15,416,622,495,447
4
Non-current assets
Intangible asset 155,617 -
Investment in joint venture 617,309 620,092
Investment in associate 4,304,8744,481,988
Right-of-use asset 198,036 223,645
Investment properties 1,400,8551,418,345
Property and equipment 405,961 291,614
Total assets 22,499,279,531,131
6
Current liabilities
Accounts payable and accrued 920,817 1,187,486
liabilities
Convertible debentures 464,770 2,959,755
Derivative liabilities 1,440,3681,586,744
Lease liability - current 71,760 69,329
portion
Total current liabilities 2,897,7155,803,314
Non-current liabilities
Long-term portion of lease 141,007 167,118
liability
Total liabilities 3,038,7225,970,432
Shareholders equity
Share capital 105,408,985,298,435
31
Contributed surplus 13,923,8912,734,636
9
Equity portion of 35,107 254,690
convertible debentures
Accumulated other (468,601)(444,803)
comprehensive income
Deficit (99,438,7(94,282,259
82) )
Total shareholders equity 19,460,553,560,699
4
Total liabilities and 22,499,279,531,131
shareholders equity 6
MYDECINE INNOVATIONS GROUP INC. (FORMERLY NEWLEAF BRANDS INC.)
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS
(EXPRESSED IN CANADIAN DOLLARS)
For the three-month period ended, March March
31, 30,
2021 2020
Sales 16,012 4,575
Cost of goods sold (10,128) (2,875)
Gross margin 5,884 1,700
Expenses
Finance cost 95,737 248
Corporate development 1,998,0274,978
Amortization 41,532 27,428
Consulting fees 1,023,9214,270
Director and management fees 490,876 117,617
Foreign exchange loss 222,375 (127,964
)
Office and miscellaneous 84,220 13,813
Share of losses from investment 2,783 -
in Joint Venture
Share of losses from investment 157,219 -
in Associate
Professional fees 653,055 25,474
Regulatory and filing fees 165,636 2,057
Research and development 230,210 -
Share-based payments - 174,028
Total expenses (5,165,59(241,949
1) )
Other income (expense)
Change in fair value of derivative (27,656) -
liabilities
Rental income 33,159 47,883
Loss on settlement of debt (2,319) -
3,184 47,883
Net loss for the period (5,156,52(192,366
3) )
Foreign currency translation (23,798) -
adjustment
Net loss and comprehensive loss for (5,180,32(192,366
the 1) )
period
Net loss per share - Basic and (0.03) (0.01)
diluted
Weighted average number of shares 206,368,233,438,2
outstanding - Basic and 98 05
diluted
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