Mydecine Innovations Group Inc., a biotechnology company focusing on mental health treatments, has received approval to list its common shares on the Canadian Securities Exchange (CSE). The company has also submitted a request to delist its common shares from the NEO Exchange Inc. The delisting from the NEO is expected to occur on October 5, 2023, and trading on the CSE will commence on October 6, 2023. This move to a junior stock exchange is expected to reduce regulatory compliance costs for the company and support its path towards financial self-sustainability.
Mydecine Innovations Group aims to address mental health conditions such as addiction and PTSD by developing innovative medications and treatment protocols. The company focuses on psychedelic substances such as psilocybin and MDMA, which have shown therapeutic potential in treating various conditions including pain, anxiety, depression, addiction, and PTSD. By combining modern drug chemistry with artificial intelligence (AI), Mydecine aims to make these compounds safer, more effective, and more accessible to patients and medical professionals.
The company has already developed a prodrug family, starting with a psilocybin-derived smoking cessation drug that is currently undergoing a trial funded by the National Institute on Drug Abuse at Johns Hopkins University. Mydecine is also working on MYCO-006, which are short-acting chemical analogs derived from MDMA for the treatment of conditions such as anxiety and pain.
By utilizing cutting-edge AI and research infrastructure, Mydecine aims to develop and manufacture new medications that are affordable and accessible to the general public upon approval from Health Canada and the FDA. The company is committed to creating a positive difference in the lives of individuals by targeting indications with high mortality rates that have lacked innovation for decades.
The approval for listing on the CSE provides Mydecine Innovations Group with new opportunities and benefits for its investors. With a focus on reducing regulatory compliance costs and preserving capital, the company can continue its growth process and work towards financial self-sustainability.
For more information about Mydecine Innovations Group Inc., please visit their profile on SEDAR+ or their official website.
Disclaimer: This news release contains forward-looking information that is subject to risks and uncertainties. The actual results and future events could differ materially from those anticipated in the forward-looking information. The company is not obligated to update or revise the forward-looking statements, and there can be no assurance that the information will be accurate. The securities being offered have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States without registration or an applicable exemption from the registration requirements.