MYCOF - Mydecine modifies business model says improved financial position

2023-04-03 06:29:06 ET

• Mydecine Innovations Group ( OTCPK:MYCOF ) said it has improved its financial position, reduced cash burn, increased efficiencies and expanded its intellectual property (IP) portfolio.
• The company noted that is focusing on IP portfolio with novel molecules for mental health and addiction treatment.
• Mydecine added that it has modified its business model to collaborate with Contract Research Organizations (CROs), in-license its molecules, fund development of new drugs, and accelerate the stages of clinical trials.
• "The context and the goal for Mydecine is to build on data we are seeing from the first generation of psychedelic medicine and to improve the molecules to fit into existing medical infrastructure; we’ve made significant progress towards that goal," said Mydecine Chairman and CEO Josh Bartch.
• In addition, the company said Todd Heinzl resigned from the board and in his place Neil Stevenson-Moore has been appointed as an independent director and audit committee member.

For further details see: