Mydecine Reports Full Year 2020 Financial Results and Provides Business Update
Positioned as Leader in Emerging Psychedelic Therapeutics Market through Robust IP Portfolio, Novel Clinical Trials and Evolving Proprietary Technology
Strengthened Balance Sheet with Approximately $30 Million in Capital Raised Subsequent to the Year-End
Announced Appointment of Experienced Software and Engineering Leader, William Cook as Interim CEO of Mindleap
DENVER, May 03, 2021 (GLOBE NEWSWIRE) -- Mydecine Innovations Group (NEO: MYCO) (OTC: MYCOF) (FSE: 0NFA) (“Mydecine” or the “Company’), an emerging biopharma and life sciences company committed to the research, development, and acceptance of alternative nature-sourced medicine for mainstream use, today reported its financial results for the full year ended December 31, 2020 and provided a business update.
“In 2020, our team worked diligently and effectively to establish the foundation of Mydecine. We focused on closing strategic acquisitions and partnerships, advancing our clinical trials and building our intellectual property portfolio to position Mydecine as a key player in the advancement of psychedelic-assisted psychotherapy,” stated Josh Bartch, CEO of Mydecine. “Now, as we move ahead in 2021 with a vertically-integrated business model in place supported by a strengthened balance sheet and expanded team of world-class executives, we are strongly positioned to enter the next chapter of Mydecine’s journey to lead the future of the psychedelic therapeutics industry.”
“In addition, we are extremely excited to announce the appointment of William Cook as the Interim CEO & Technical Director of Mindleap, at this important juncture of our Company’s development. Mr. Cook’s extensive technical and leadership experience combined with his passion for individuals’ mental health brings an exceptional combination to the leadership of Mindleap.
As a West Point grad, Mr. Cook designed the Patriot missile system software parameters for the Army and then at Raytheon, led the development of Patriot software including that used in Desert Storm. Mr. Cook architected and led a team of over 200 engineers developing the THAAD missile defense ‘brain’ software at Litton Industries, receiving Litton’s highest honors for technical achievement and leadership.
Thereafter, Mr. Cook founded an engineering firm, demonstrating his critical role in leadership and driving growth for several major companies and projects. Mr. Cook also received his master’s degree in Marriage, Family and Child Therapy and has performed thousands of hours of deep trauma-healing work in group and private psychotherapy, placing mental healthcare at the center of his passions. Mr. Cook a trusted leader of our Mindleap team as we launch Mindleap 2.0 in the spring of 2021,,” commented Mr. Bartch.
Business Highlights During and Subsequent to the Fourth Quarter 2020
Novel Clinical Studies
Robust IP Portfolio
Financial Results for the Full Year 2020
Net Loss: Net loss attributable to common stockholders was $26.9 million for the year ended December 31, 2020, or a basic and diluted loss per share attributable to common stockholders of $0.24, as compared to a net loss attributable to common stockholders of $21.5 million for the year ended December 31, 2019, or a basic and diluted loss per share attributable to common stockholders of $0.96.
Cash Position: As of December 31, 2020, the Company had cash and cash equivalents of $2.2 million. Subsequent to the year-end 2020, the Company raised approximately $30 million and is well-funded to advance its IP portfolio, expand clinical trial calendar, expand European operations; and build out its technology division.
Conference Call and Webcast Information
The Company will host a conference call and audio webcast on Monday, May 3rd at 10:30 a.m. ET. The dial-in numbers for the conference call are 1-877-407-4018 (U.S. Toll Free) or 1-201-689-8471 (International). Please dial in 10 to 15 minutes prior to the start time of the conference call and an operator will register your name and organization.
For interested individuals unable to join the conference call, a replay of the call will be available through May 17, 2021, at +1-844-512-2921 (U.S. Toll Free) or +1-412-317-6671 (International). Participants must use the following code to access the replay of the call: 13718466. The online archive of the webcast will be available on https://www.mydecine.com/#investors after the conclusion of the call.
About Mydecine Innovations Group
At the heart of Mydecine’s core philosophy is that psychedelic-assisted psychotherapy will continue to gain acceptance in the medical community with many of the world’s best accredited research organizations demonstrating its remarkable clinical effectiveness. Mydecine recognizes the responsibility associated with psychedelic-assisted therapy and will continue to position itself as a long-term leader across the spectrum of clinical trials, research, technology, and global supply. Mydecine has also successfully completed multiple acquisitions since its inception.
For more information, please contact:
Allison Soss / Erika Kay
On behalf of the Board of Directors:
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.
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