MYCOF - InvestorNewsBreaks - Mydecine Innovations Group (NEO: MYCO) (OTC: MYCOF) (FSE: 0NFA) Successfully Synthesizes Novel Psilocin Analogue
Mydecine Innovations (NEO: MYCO) (OTC: MYCOF) (FSE: 0NFA), a biotechnology and digital technology company aiming to transform the treatment of mental health and addiction disorders, has successfully synthesized a novel psilocin analogue, a tryptamine. This achievement means improved pharmaceutical properties to further strengthen MYCO’s library of patent-pending tryptamines. According to the announcement, the synthesis of the tryptamine results in the company adding a new compound to its growing library of compounds, supporting Mydecine’s commitment to improve the safety and efficacy of its drug-development candidates for use in therapy and medical practice. Since 2021 Mydecine has been working with Applied Pharmaceutical Innovation at the University of Alberta for its AI-driven drug-discovery program. The company noted that since the partnership began, Mydecine has increased its natural product research and novel drug design, which ultimately means the company can scale faster. “Our ability to rapidly uncover safer and more efficacious novel compounds, such as this psilocin analogue, is a true testament to the value and success of our AI-driven drug discovery program, bringing us closer to introducing the next-generation of psychedelic-based therapeutics to the market,” said Mydecine chief scientific officer Rob Roscow in the press release. “Utilizing this advanced technology, we have effectively produced an extensive base of preclinical, in vitro data that supports and expands our named drug pipeline. As we progress forward, we see great value from this development as we can now leverage the achieved receptor binding data for serotonin receptor (5-HT2A) and expand our drug pipeline focusing on the agonistic activity of psilocin and other tryptamines at different ratios on serotonin receptors.”
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About Mydecine Innovations Group
Mydecine Innovations is a biotechnology and digital technology company developing innovative first- and second-generation novel therapeutics for the treatment of mental health and addiction through world-class technology and drug-development infrastructure. Mydecine was founded in 2020 on the guiding principle that there is a significant unmet need and lack of innovation in the mental health and therapeutic treatment environments. Mydecine Innovations Group is dedicated to efficiently developing innovative therapeutics to treat PTSD, depression, anxiety, addiction and other mental health disorders. The company’s business model combines clinical trials and data outcome, technology, scientific and regulatory expertise with a focus on psychedelic therapy underpinned by other novel molecules with differentiated therapeutic potential. By collaborating with some of the world’s foremost authorities connected by best practices, Mydecine Innovations Group aims to responsibly fast-track the development of new medicines across its platforms, seeking to effectively treat and ultimately change the way mental health disorders are viewed. Mydecine's vision is to bridge the current gap between what the mental healthcare system currently provides with the needs of the patients. For more information about the company, please visit www.Mydecine.com
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