DENVER, Aug. 15, 2022 (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 financial results for the six months ended June 30, 2022.
Financial Results for the Six Months Ended June 30, 2022
Net Loss: The net loss attributable to common stockholders was $8.09 million, from operations, or a basic and diluted loss per share of $(1.31). For the same period in 2021, loss from operations was $13.53 million, or a basic and diluted loss per share attributable to common stockholders of ($3.04) and which included a $4.2 million impairment charge and a loss of $103,285 from discontinued operations,
Cash Position: The Company had $324,146 in cash and cash equivalents as of June 30, 2022.
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS - UNAUDITED.
Cost of goods sold
Depreciation and amortization
Director and management fees
Foreign exchange loss (gain)
Office and miscellaneous
Regulatory filing fee
Research and development
Other income (expenses)
Change in fair value of derivative liabilities
Impairment of investment in associate
Consideration paid in excess of identifiable assets
Gain (loss) on settlement of debt
Total other income (expenses)
Loss from continuing operations
Loss from discontinued operations
Foreign currency translation adjustment
Net loss and comprehensive loss for the period
Net loss per share – Basic and diluted from continuing operations
Weighted average number of shares outstanding – Basic and diluted
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - UNAUDITED.
June 30, 2022
Rent and other receivable
Sales tax receivable
Prepaids and deposits
Total current assets
Prepaids and deposits
Property and equipment, net
Accounts payable and accrued liabilities
Lease liability – current portion
Total current liabilities
Convertible debentures, net
Long-term portion of lease liability
Equity portion of convertible debentures
Accumulated other comprehensive loss
Total shareholders’ equity
Total liabilities and shareholders’ equity
For more information, please review the Company’s filed financial statements and management discussion on the SEDAR site.
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.
For more information, please contact:
Damon Michaels, Chief Operating Officer email@example.com
Damon Michaels, Chief Operating Officer firstname.lastname@example.org
On behalf of the Board of Directors:
Joshua Bartch, Chief Executive Officer email@example.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.