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Mydecine Reports Financial Results for the Year Ended December 2022

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DENVER, March 31, 2023 (GLOBE NEWSWIRE) — Mydecine Innovations Group (NEO: MYCO) (OTC: MYCOF) (FSE: 0NFA) (“Mydecine” or the “Company”), a biotechnology company aiming to transform the treatment of mental health and addiction disorders, today reported company highlights and financial results for the years ended December 31, 2022 and 2021.

Company Highlights

In 2022, Mydecine continued to define its focus and clinical trial execution strategy. The Company reached several milestones with the goal to become an efficiently operated biotechnology company. Of significant note, Mydecine announced several advancements in drug development including first and second-generation drug candidates. We have identified and pursued the indications that management believes will be most promising from the view of treating global populations in need. The Company has matured significantly in every aspect of its operations, focus, efficiencies, corporate governance and execution in the pursuit of being a world class, purpose driven, drug development platform that is focused, credible and qualified to successfully accomplish its goals and bring significant value to its loyal shareholders.

During the first half of 2022 management decided to cease the research that was being conducted in the research facility located in Denver, CO. During the quarter, the employees at this facility were released or transferred to other functions of the Company. Management began preparations to liquidate the laboratory equipment and furniture in this location and, subsequently, negotiated an amendment that changed the termination date of the lease. See the discussion of subsequent events for additional information. During 2020 and the nine-months ended September 30, 2021, the Company controlled a variety of hemp-derived cannabis assets that cultivated, designed, manufactured, and distributed products. As well, up to September 30, 2021, the Company had a portfolio that included a rental property and land assets. These business assets were spun out into a separate corporate entity as of October 1, 2021, therefore are not represented in the company’s year-to-date 2022 operating results.

On December 9, 2022, completed a private placement and issued 905,660 common shares for gross proceeds of $480,000.

On December 7, 2022, issued 905,263 common shares for gross proceeds of $541,650 pursuant to debt settlements.

On November 28, 2022, completed a private placement and issued 943,396 common shares for gross proceeds of $500,000.

On November 1, 2022, completed a private placement and issued 943,396 common shares for gross proceeds of $500,000.

On September 16, 2022, the Company completed a private placement and issued 1,754,386 common shares for gross proceeds of $1,000,000.

On September 1, 2022, the Company signed a Letter of Intent (“LOI”) to dispose of its Mindleap Health Inc. (“Mindleap”) subsidiary. Under the LOI terms, the Company would receive $4,000,000 for its shares of Mindleap and would receive a further $100,000 for post-closing consulting services. On December 12, 2022, the Company announced the closing of the transaction. The final purchase price was C$3.6 million, comprising 18 million unit of PanGenomic Health Inc. (“PanGenomic”), a company listed on the Canadian Stock Exchange (the “CSE”). In addition, the Company and PanGenomic entered into a transition services agreement whereby PanGenomic engaged Mydecine to assist in the transition, transfer, and integration of Mindleap’s technologies into PanGenomic’s technology platform (the “Services”) for two months. In return for the Services, PanGenomic will pay to Mydecine a consulting fee of C$100,000, payable on January 8, 2023.

The Mindleap division sale reduced the Company’s operating cash outflows, while allowing the Company to have more operating capital and narrow its focus on its remaining core projects.

On August 16, 2022, the Company completed a private placement and issued 326,666 common shares for gross proceeds of $245,000.

On July 19th, 2022 Mydecine announced it has successfully synthesized multiple short-acting MDMA analogs. This family of analogs have been specifically designed by experts at Mydecine to have a shorter half life than traditional MDMA. The Company has named this family of novel molecules MYCO-006 and have applied for patent coverage with the World Intellectual Property Organization.

On May 27, 2022 the Company completed an overnight offering and issued 2,447,130 common shares for gross proceeds of $2,814,200. The Company paid broker fees of $186,043.

On May 2, 2022, the Company, in connection with its previously announced Common Share Subscription Agreement (the “Subscription Agreement”) with a third-party investor (the “Investor”) dated March 18, 2022 and the subsequent filing of a second shelf prospectus supplement (the “Prospectus Supplement”) in connection therewith on April 27, 2022, the Company has closed the second issuance (the “Offering”) under the Subscription Agreement. The Offering resulted in the issuance of 1,254,396 common shares in the capital of the Company (“Shares”) at a price of $1.35 per Share for aggregate gross proceeds of $1,693,434.60. The distribution of the Shares is qualified by the Prospectus Supplement.

On April 13, 2022, the Company completed a reverse stock-split, thereby consolidating all of the Company’s issued and outstanding common shares (“Common Shares”) on the basis of one (1) post-consolidation Common Share for every fifty (50) pre-consolidation Common Shares. As a result of elimination of partial shares, the share count was adjusted by 13 shares.

On February 16th, 2022 Mydecine announced the inclusion of a novel molecule with potentially heart-safe microdose enabling properties in their family of psilocin analogs. The Company has named this group of patent pending molecules MYCO-005.

Ongoing Operations

The Company’s main focus is novel drug development. The Company’s primary target indication at this time is Smoking Cessation. During the next 12 months, the Company intends to advance these projects on the following fronts:

  • Using advanced artificial intelligence and machine learning to design and screen drugs of interest.
  • Commence animal studies and subsequent human trials.
  • Work closely with internationally recognized firms to conduct the clinical trials.
  • Continue to develop molecule families MYCO-004, MYCO-005 and MYCO-006.
  • Explore new strategic partnerships to leverage the company’s ongoing efforts.

The Company is currently conducting its psilocybin research in Canada at the University of Alberta. The Company also has a number of planned research and clinical trial sites internationally including Johns Hopkins University School of Medicine, Leiden University Medical Center, Macquarie University, The Imperial College of London, and several other prominent Universities throughout the United States and elsewhere.

The Company’s expectation on receiving regulatory approval to develop and market psychedelic medicine including but not limited to psilocybin and derivatives of psilocybin.

The Company has been in communication with several clinical research organizations (CRO) on a global level that were chosen for their experience with similar compounds and the geographic support for psychedelic research. The location for the Phase I trial of a psilocybin analog will be chosen late 2022 with plans to dose the first patient in the Q2.

Efforts towards MYCO-001, were pivoted towards MYCO-004, a psilocybin analog. Shortly after a positive pre-IND meeting with the FDA regarding MYCO-001, psilocybin prodrug development reached a point where a lead candidate could be chosen. The investigational psilocybin drug product received FDA approval NIDA grant funded trial at Johns Hopkins University (JHU) on smoking-cessation by Matt Johnson & Al Garcia-Romeu. The Company is donating the drug product for the NIDA trial and plans to have the MYCO-004 Phase II trial at JHU in lieu of the originally planned MYCO-001 trial, as part of the 5-year research collaboration agreement. Additionally, the company is planning to supply MYCO-001 drug substance for multiple studies in the European Union in 2023.

The Company’s expectations with respect to future performance, results and terms of strategic initiatives, strategic agreements and supply agreements.

The Company has continued building the patent portfolio based on improving natural psychedelics so they may better fit into the current medical care system. The novel compound development pipeline increased production in Q3 (September) and looks to finish 2022 ahead of schedule. Multiple provisional & PCT applications and realized the publication of Novel Psilocin Analog Compositions And Methods of Synthesizing The Same.

The Company is preparing for licensing relationships after another patent publication, Novel Functional Fungal Compound Formulations and Their Therapeutic Methods Of Use, became available. The Company plans to develop the technology further with a manufacturing partner and will be able to pursue licensing relationships with food, drink, and skincare brands by Q2 of 2023.

Financial Results for the Year Ended December, 2022

Net Loss: The net loss attributable to common stockholders was $11.56 million, from operations, or a basic and diluted loss per share of $(1.34). For the same period in 2021, loss from operations was $28.89 million, or a basic and diluted loss per share attributable to common stockholders of ($6.17) and which included a loss of $279,623 from discontinued operations.

Cash Position: The Company had $11,030 in cash and cash equivalents as of December 31, 2022; the Company received $1.8M subsequently in early January 2023 from the sale of investments.

MYDECINE INNOVATIONS GROUP INC.
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(EXPRESSED IN CANADIAN DOLLARS)
       
As at,   December 31,
2022

$
  December 31,
2021
$
 
Current assets      
Cash   11,030   1,495,311  
Other receivables   86,667   3,856  
Sales tax receivable   276,135   201,060  
Marketable securities   4,617,885    
Prepaids and deposits   1,220,349   3,521,125  
Total current assets   6,212,066   5,221,352  
Non-current assets      
Prepaids and deposits   678,916   1,793,894  
Right-of-use asset     130,546  
Property and equipment   9,876   434,910  
Total assets   6,900,858   7,580,702  
Current liabilities      
Accounts payable and accrued liabilities   5,371,916   1,587,238  
Notes payable   85,204    
Derivative liabilities   346,667   1,280,294  
Lease liability – current portion     79,728  
Total current liabilities   5,803,787   2,947,260  
Non-current liabilities      
Convertible debentures, net   4,696,974   4,354,302  
Long-term portion of lease liability     67,821  
Total liabilities   10,500,761   7,369,383  
Shareholders’ equity (deficiency)      
Share capital   115,918,379   107,662,388  
Contributed surplus   16,787,778   17,288,315  
Equity portion of convertible debentures   175,756   175,756  
Deficit   (136,481,816 ) (124,915,140 )
Total shareholders’ equity (deficiency)   (3,599,903 ) 211,319  
Total liabilities and shareholders’ equity (deficiency)   6,900,858   7,580,702  
       
MYDECINE INNOVATIONS GROUP INC.
CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS
(EXPRESSED IN CANADIAN DOLLARS)
 
    For the years ended,
   
    December 31,
2022
  December 31,
2021
 
       
Sales     7,493  
Cost of goods sold      
Gross margin     7,493  
       
Expenses      
Finance cost   911,594   205,267  
Corporate development   2,574,487   3,401,645  
Depreciation   128,861   235,177  
Consulting fees   5,321,179   5,220,556  
Director and management fees   535,482   1,346,468  
Foreign exchange loss   175,669   355,671  
Insurance   926,848   511,501  
Office and miscellaneous   162,435   925,568  
Professional fees   1,367,862   2,216,950  
Regulatory and filing fees   113,382   349,777  
Research and development   3,589,434   3,960,232  
Salaries   1,669,181   1,424,012  
Share-based payments     3,099,743  
Total expenses   17,476,414   23,252,567  
       
Other income (expenses)      
Change in fair value of derivative liabilities   627,869   43,688  
Revaluation of marketable securities   (418,011 )  
Impairment of loan receivable     (382,902 )
Other income   93,656    
Gain on settlement of debt     1,377  
Gain on forgiveness of accounts payable   247,521    
Loss on disposal of asset   (316,208 )  
Total other income (expenses)   234,827   (337,837 )
       
Loss from continuing operations   (17,241,587 ) (23,582,911 )
       
Income (loss) from discontinued operations   5,674,911   (5,314,488 )
       
Net loss and comprehensive loss for the year   (11,566,676 ) (28,897,399 )
       
Net loss per share – Basic and diluted from continuing operations   (1.34 ) (6.17 )
Weighted average number of shares outstanding – Basic and diluted   8,647,471   4,681,721  
       

For more information, please review the Company’s audited financial statements and accompanying management discussion and analysis which are posted on www.SEDAR.com.

About Mydecine Innovations Group

Mydecine Innovations Group™ (NEO:MYCO) (OTC:MYCOF) (FSE:0NFA) is a biotechnology company developing innovative first- and-second-generation novel therapeutics for the treatment of mental health and addiction using world-class technology and drug development infrastructure. Mydecine was founded in 2020 to address a significant unmet need and lack of innovation in the mental health and therapeutic treatment environments. Our global team is dedicated to efficiently developing new therapeutics to treat PTSD, depression, anxiety, addiction and other mental health disorders. The Mydecine business model combines clinical trials and data outcome, technology, and scientific and regulatory expertise with a focus on psychedelic therapy, as well as other novel, non-psychedelic molecules with therapeutic potential. By collaborating with some of the world’s foremost authorities, Mydecine aims to responsibly fast-track the development of new medicines to provide patients suffering from mental health disorders with safe and more effective treatment options. Mydecine Innovations Group is headquartered in Denver, Colorado, USA, with international offices in Leiden, Netherlands.

Learn more at: https://www.mydecine.com and follow us on Twitter, LinkedIn, YouTube and Instagram.

For more information, please contact:

Media Contact:
[email protected]

Investor Relations:
[email protected]

On behalf of the Board of Directors:
Joshua Bartch, Chief Executive Officer [email protected]

For further information about Mydecine Innovations Group, Inc., please visit the Company’s profile on SEDAR at www.sedar.com or visit the Company’s 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 management’s 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 management’s 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.

GlobeNewswire is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.

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A Fond Farewell: Memories to Treasure from MWC 2024

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HONG KONG, March 4, 2024 /PRNewswire/ — As IPLOOK reflects on its successful participation in MWC 2024, the company is left with countless memories, insights and opportunities that will continue to inspire its team long after the event has ended.

IPLOOK’s Impressive Showing 
IPLOOK’s booth was a hub of activity throughout the 4-day event, drawing in crowds of attendees eager to learn more about IPLOOK’s innovative core network solutions. Some of the key achievements and gains for IPLOOK at MWC 2024 included:
Strong partnerships forged: IPLOOK nailed several new partnerships with leading telecom companies, expanding its reach and impact in the industry.Positive industry coverage: IPLOOK’s presence at MWC 24 attracted the attention of industry research outlets, resulting in conversations highlighting IPLOOK’s leading position in core network market, ability of innovation and integration capability of space, air and ground communications.Brand awareness increased: The event provided an excellent opportunity for IPLOOK to raise its profile and establish itself as a leader in the core network market. Its booth attracted a number of visitors who were already aware of its role as a core network expert, eager to explore the advancements presented by IPLOOK.Valuable feedback received: IPLOOK took the opportunity to gather feedback from attendees on its products and services, which will be invaluable in driving IPLOOK’s future product development and improvements.Innovations that Stole the Show
This year’s MWC, as per its theme “Future First”, was a testament to the power of technology to transform our future life. Attendees were treated to demonstrations of the latest innovation in AIGC, AI-RAN, Open Gateway, and 6G, showcasing how these technologies can revolutionize industries and improve people’s lives.
What’s Next for IPLOOK?
As IPLOOK sets its sights on the horizon, the company is energized by the prospect of deepening connections within the telecom ecosystem and discovering the groundbreaking advancements that lie ahead at MWC’s next chapter. With a steadfast dedication to product innovation, IPLOOK will also journey to key industry events like MVNOs World Congress and AfricaCom, forging new paths into uncharted markets and showcasing its unwavering commitment to the evolution of the telecom landscape.
Contact: [email protected] IPLOOK on LinkedIn @IPLOOK Networks
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Mobica Appoints Gary Butters as CEO, Building on Success and Fuelling Continued Growth

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LONDON, March 4, 2024 /PRNewswire/ — Mobica, the global software and engineering provider, has announced Gary Butters as their Chief Executive Officer (CEO).

 
Gary joined Mobica as Chief Revenue Officer (CRO) in November 2020 and as part of outgoing CEO Sam Kingston’s leadership team, delivered significant success, leading to Mobica’s acquisition by Cognizant in March 2023. 
This acquisition will significantly expand Cognizant’s IoT embedded software engineering capabilities as part of their overall strategy to help companies modernise technology, reimagine processes and transform experiences so they stay ahead in a fast-changing world.
 
Gary takes over the role with the remit to complete the integration of Mobica into Cognizant while continuing to deliver double-digit growth.
Mobica, which is headquartered in Manchester UK, with operations in Europe and the US, provides world-class software engineering and development expertise to many of the most recognised global brands. Founded in 2004, it serves a number of sectors, with particular expertise in the automotive, manufacturing, industrial and semiconductor industries.
In his role as CEO, Gary will continue Mobica’s vision of delivering exceptional value and innovation to it’s clients and customers, while spearheading its growth plan as demand for engineering and software expertise continues to rise.
Commenting on his appointment, Gary says:”Over the past few years, Mobica has seen demand for our world-class engineering increase significantly, particularly with the acceleration in AI and machine learning. This has seen some of the once ‘traditional’ industries such as automotive and manufacturing undergo a radical transformation. 
“As a result, companies are increasingly seeking skilled professionals – particularly in areas such as software development, AI, IoT, and data analytics – in order to stay competitive and meet evolving customer expectations. However, they are vying for a limited pool of technology talent, so access to Mobica engineering services has been vital to enable our customers to remain agile in a rapidly evolving landscape.
“Our ongoing growth is a testament to our team of dedicated ‘Mobicans’ and our unwavering dedication to delivering cutting-edge software engineering solutions. We have consistently provided clients with access to top-tier engineering talent, enabling them to drive digital transformation and achieve their business objectives. I am looking forward to working with our talented team as we continue our ambitious growth plans.”
www.mobica.com 
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Core to Cloud Partners with Cybersecurity Innovator SenseOn to Enable Comprehensive NDR and SIEM Security

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New strategic arrangement allows organisations to monitor identity, endpoint, network and cloud-based activity to stop threats immediately.
CIRENCESTER, England, March 1, 2024 /PRNewswire/ — Core to Cloud, a leading provider of cybersecurity services and solutions, is excited to announce a strategic alliance with SenseOn, a renowned threat detection management platform. This collaboration will empower businesses to bolster their advanced NDR and SEIM operations and secure end-to-end platforms.

In today’s integrated digital landscape, businesses rely on various systems and third-party suppliers. The launch of SenseOn’s platform marks a significant leap forward in proactive threat detection and response, offering a comprehensive solution to combat sophisticated cyber threats. Organisations can identify, detect and respond to vulnerabilities in traditional blind spots. Core to Cloud’s partnership with SenseOn aims to address these challenges by offering a comprehensive and efficient solution for managing threat detection and response.
James Cunningham, CEO and co-founder of Core to Cloud, said: “We are excited to announce our partnership with SenseOn, allowing Core to Cloud to bring our clients a more robust and complete threat detection and management solution. With an ever-changing digital landscape, our clients must be able to detect and respond to any threats within their cyber estate. This partnership offers an all-encompassing approach to managing these risks.” 
One of the critical features of this partnership is that the platform is built upon a foundation of Artificial Intelligence (AI) and Machine Learning (ML) technologies, meticulously designed to evolve alongside cyber threats. Leveraging its unique Deep Learning, SenseOn’s platform analyses vast and complex datasets, providing real-time threat detection, investigation, and autonomous response capabilities. This innovative approach and Core to Cloud’s cybersecurity expertise enables organisations to proactively address potential threats before they escalate, ensuring robust protection against evolving cyber-attacks.
SenseOn’s platform and Core to Cloud’s know-how empower security teams to navigate the complicated threat landscape efficiently. Intelligent automation streamlines incident response, allowing cybersecurity professionals to focus on strategic initiatives rather than routine tasks.
David Atkinson, CEO and Founder of SenseOn, added: “We are excited to announce a pivotal moment in SenseOn’s journey with establishing a strategic channel partnership with Core to Cloud. This collaboration is more than a partnership; it’s an alliance that leverages the strengths of both companies to propel us towards growth. By combining SenseOn’s consolidated threat detection platform with Core to Cloud’s technical and service expertise, we are poised to deliver a new standard in cybersecurity solutions.”
Moreover, Core to Cloud and SenseOn are committed to ongoing collaboration and continuous improvement. As cybersecurity threats evolve, so do the strategies and tools to counter them. This collaboration is not just a one-time solution; it represents an ongoing commitment to enhancing the cybersecurity landscape for businesses of all sizes. Core to Cloud and SenseOn will continue to work together to develop new features, refine existing tools, and provide unparalleled support to our clients.
Core to Cloud’s partnership with SenseOn signifies a major step forward in cybersecurity. By combining expertise, technology, and a shared commitment to excellence, the two companies are paving the way for businesses to navigate the complex digital landscape confidently. Together, they empower businesses to protect their NDR, SEIM and end-to-end platforms.
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