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Mydecine Secures Financing And Provides Company Update On Clinical Trials, Drug Development And Technology Initiatives

Dec 09, 2021•over 3 years ago
Denver

Description

Mydecine Innovations Group (NEO: MYCO) (OTC: MYCOF) (FSE: 0NFA) (“Mydecine” or the “Company”), a biotechnology and digital technology company aiming to transform the treatment of mental health and addiction disorders, today announced it has entered into an agreement with an investor to complete a non-brokered private placement (the “Financing” ) of a convertible secured subordinated debenture (the “Debenture”) in the principal amount of C$5.5 million. The Financing is expected to close on December 10, 2021.

Company Information

Company

Mydecine

Location

Denver, Colorado, United States

About

The Company may redeem the Debenture for cash at any time prior to the maturity date without bonus or penalty, at a redemption price equal to the principal amount plus accrued and unpaid interest, if any, provided that the investor may elect to convert the Debenture into Common Shares prior to redemption. The Company has been in communication with the FDA and plans to hold their Pre-IND meeting in February for their seamless phase 2/3 smoking cessation clinical trial assessing MYCO-001, 99% pure psilocybin, to treat nicotine dependence. The Company expects to announce additional strategic sites in the near term. The Company believes Dr. Johnson’s recently reported results are significantly higher than similar trials utilizing a single dose, further signaling that Mydecine’s approach to smoking cessation shows significant promise to its competitors in the space. The Company continues to execute upon its plan of bringing new chemical entities (NCEs) through preclinical studies.