Mydecine Innovations Group: Research program moving to the next level
Mydecine Innovations Group is a biotech and life sciences company developing and commercializing new therapies for mental health and other conditions. The company has two therapies which are at phase II clinical trial stage. Both of these use Mydecine’s proprietary formulation MYCO-001, which is a purified form of psilocybin, a psychedelic compound derived from mushrooms.
Since our initiation of research coverage in June 2021, Mydecine has made significant new announcements on the progress of the business. The company announced a five-year research agreement with Johns Hopkins University School of Medicine (Sedar release Aug 18th 2021), which extends the length and scope of Mydecine’s existing collaboration with Johns Hopkins. The program will continue to research the use of psychedelics for nicotine addiction and will add further projects.
Johns Hopkins is a world-leading medical research institution, consistently ranked among the top three in the US, and we argue that this partnership provides a strong platform for furthering Mydecine’s proprietary drug developments.
Also in recent weeks, the company announced second-quarter results. These are in line with our expectations, and we reiterate our existing financial forecasts (details p3-4).
Quick facts: Mydecine Innovations Group Inc
Price: 0.271 USD
Market Cap: $64.68 m
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