Medicine announces its financial results for the second quarter
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 substance abuse disorders, today released its financial results for the six months ended June 30, 2022.
Financial results for the six months ended June 30, 2022
Net loss: Net loss attributable to common shareholders was $8.09 million, from operations, or a basic and diluted loss per share of ($1.31). For the same period in 2021, the operating loss was $13.53 million, representing a basic and diluted loss per share attributable to common shareholders of ($3.04) and which included an impairment charge of $4. $.2 million and a loss of $103,285 from discontinued operations,
Treasury : The Company had $324,146 in cash and cash equivalents as of June 30, 2022.
|CONDENSED INTERIM CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE INCOME – UNAUDITED.|
|Three months completed
|Cost of Goods Sold||–||–||–||–|
|Business development||13,594||428 203||141,474||2,427,138|
|Depreciation and amortization||5.8||34,301||37,663||94,573||79 195|
|Consultation fees||703 895||1,193,840||2,127,768||2,217,495|
|Attendance and management fees||12||120,284||341,632||230,856||832 508|
|Exchange loss (gain)||(53,964||)||97,293||(25,776||)||319,668|
|Insurance||289,529||153 223||548,874||153 223|
|Office and miscellaneous||22,541||(115,467||)||240,523||220,899|
|Professional fees||385 479||697 414||992 633||1,350,469|
|Regulatory Filing Fees||–||12,276||–||177,912|
|Research and development||652,486||1,091,920||1,702,011||1,322,130|
|Wages||12||737 196||234 331||1,375,242||234 331|
|Other income (expenses)|
|Change in fair value of derivative liabilities||9||631,760||249 549||(261,690||)||221.893|
|Impairment of investment in associate||–||(4,169,616||)||–||(4,169,616||)|
|Consideration paid in addition to identifiable assets||–||–||–||–|
|Gain (loss) on debt settlement||–||–||–||(2,319||)|
|Total other income (expenses)||631,760||3,887,757||261,690||(3,917,735||)|
|Loss from continuing operations||(2,512,045||)||(8,341,947||)||(8,149,531||)||(13,376,400||)|
|Loss of discontinued operations||1||–||18,788||–||(103,285||)|
|Foreign currency translation adjustment||61,561||(24,830||)||61,561||(48,628||)|
|Net income and comprehensive income for the period||(2,450,484||)||(8,347,989||)||(8,087,970||)||(13,528,313||)|
|Net loss per share – basic and diluted from continuing operations||(0.35||)||(1.75||)||(1.31||)||(3.04||)|
|Weighted average number of shares outstanding – basic and diluted||7,142,532||4,744,805||6,217,942||4,440,487|
|CONDENSED CONSOLIDATED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION – UNAUDITED.|
|Like a,||To note||June 30, 2022
|The 31st of December,
|Rents and other receivables||–||3,856|
|Sales tax receivable||257 338||201,000|
|Prepayments and deposits||4||3,742,147||3,521,125|
|Total current assets||4,323,632||5,221,352|
|Prepayments and deposits||4||1,504,484||1,793,894|
|Property and equipment, net||5||362,815||434 910|
|Accounts payable and accrued liabilities||3,252,719||1,587,238|
|Lease debt – current portion||8||–||79,728|
|Total current liabilities||3,420,295||2,947,260|
|Convertible debentures, net||6||4,797,009||4,354,302|
|Long-term portion of rental debt||8||–||67,821|
|Share the capital||ten||113 908 425||107,662,388|
|Equity portion of convertible debentures||ten||175,756||175,756|
|Accumulated other comprehensive income||61,561||–|
|Deficit||(133 166 197||)||(124,915.140||)|
|Total equity||(2,026,374||)||211 319|
|Total liabilities and equity||6,190,930||7,580,702|
For more information, please see the Company’s filed financial statements and MD&A on SEDAR.
About the Medicine Innovations Group
Mydecine Innovations Group ™ (NEO: MYCO) (OTC: MYCOF) (FSE: 0NFA) is a biotechnology company that develops novel first and second generation innovative therapies for the treatment of mental health and addiction using a world-class technology and drug development infrastructure. Mydecine was founded in 2020 to address a significant unmet need and lack of innovation in mental health and therapeutic treatment environments. Our global team is dedicated to the effective development of new therapies to treat PTSD, depression, anxiety, addiction and other mental health disorders. The Mydecine business model combines clinical trials and data outcomes, 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 leading authorities, Mydecine aims to responsibly accelerate the development of new medicines to provide patients with mental disorders with safe and more effective treatment options. Mydecine Innovations Group is headquartered in Denver, Colorado, USA, and international offices in Leiden, The Netherlands.
Learn more at: https://www.mydecine.com and follow us on Twitter, LinkedIn, YouTube and Instagram.
For more information please contact:
Damon Michaels, COO [email protected]
Damon Michaels, Chief Operating Officer [email protected]
On behalf of the Board of Directors:
Joshua Bartch, Managing Director [email protected]
For additional information about Mydecine Innovations Group, Inc., please see the company’s profile on SEDAR at www.sedar.com or visit the company’s website at www.mydecine.com.
This press release contains forward-looking information within the meaning of Canadian securities laws concerning the Company and its business, which relates to future events or future performance and reflects management’s current expectations and assumptions. Often, but not always, forward-looking information can be identified by the use of words such as “expects”, “intends”, “anticipates”, “believes” or variations (including variations negative) of these words and expressions, or declare that certain actions, events or results “could”, “could”, “would” or “would” be undertaken, occur or be achieved.
These forward-looking statements reflect management’s current beliefs and are based on assumptions made by the Company and information currently available to it. 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 relating to the COVID-19 pandemic, the availability and continuity of financing, the Company’s ability to adequately protect and enforce its intellectual property, the Company’s ability to put its products into commercial production, the continued growth of global adaptive medicine, natural health products and digital health industries, and the risks presented by the highly regulated and competitive marketplace regarding 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 the forward-looking information, there may be other factors that cause results not to be those anticipated, estimated or expected. 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 undertakes no obligation to update or revise them to reflect new events or circumstances, except as required by applicable securities laws.