Mydecine Innovations Group Inc (OTC:MYCOF, NEO:MYCO) said it ended 2021 with C$1.5 million in cash and described the just-ended financial year as one in which it made significant strides toward creating and commercializing new treatments for mental health and addiction disorders.
The Denver-based firm reported a net loss of $28.9 million or $0.12 per share for the year to December 31, 2021 versus a loss of $26.9 million or $0.24 per share in the prior year.
"We have been working hard to reduce our expenses and increase our efficiencies to continue progressing our clinical trials and expand our IP portfolio," CEO Josh Bartach said in a statement.
"The conditional IRB (Institutional Review Board) approval we received is yet another positive signal that we will continue to advance our Phase 2b smoking cessation study, and we will hopefully receive full FDA IND approval in the second quarter of this year. I'd like to personally thank our shareholders, board members and highly dedicated team for enabling Mydecine to reach these significant milestones, and we look forward to another successful year," he added.
READ: Mydecine wins conditional approval from Institutional Review Board for Phase 2b smoking cessation study
Subsequent to the year end, Mydecine has secured additional funding and is moving forward with clinical trials and projects to expand its IP portfolio.
Chief Scientific Officer Rob Roscow offered a glimpse into Mydecine’s drug development program.
"Over the last year, our new chemical entity (NCE) program has produced multiple patents covering several second-generation novel molecules that we believe will offer significant improvements over classic psilocybin and MDMA. We're using a modular development approach to our patent strategy, which gives us the flexibility to license, partner or develop our lead drug candidates from our multiple families of NCEs, all wholly owned by Mydecine," he said.
Mydecine, which aims to transform treatments for mental health and addiction disorders, announced last year it has submitted an application to list on the NASDAQ.
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