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
June 30th,
Closed semester
June 30th,
To note 2022 2021
(Retirement)
2022 2021
(Retirement)
$ $ $ $
Sales
Cost of Goods Sold
Gross margin
Expenses
Financial cost 6.7 238,464 27,960 459,663 123,697
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
Property taxes
Wages 12 737 196 234 331 1,375,242 234 331
Share-based payments
Total expenses 3,143,805 4,454,160 7,887,841 9,458,665
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
Rental income 32,310 32,307
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,
2021
(Checked)
$
Current assets
Cash 324 146 1,495,311
Rents and other receivables 3,856
Inventory
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
Non-current assets
Prepayments and deposits 4 1,504,484 1,793,894
Right-of-use asset 8 130,546
Property and equipment, net 5 362,815 434 910
Total assets 6,190,930 7,580,702
Current liabilities
Accounts payable and accrued liabilities 3,252,719 1,587,238
Notes payable seven 87,916
Derivative liabilities 9 79,660 1,280,294
Lease debt – current portion 8 79,728
Total current liabilities 3,420,295 2,947,260
Non-current liabilities
Convertible debentures, net 6 4,797,009 4,354,302
Long-term portion of rental debt 8 67,821
Total responsibilities 8,217,304 7,369,383
Equity
Share the capital ten 113 908 425 107,662,388
Contributed surplus ten 16,994,081 17,288,315
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:
Media Contact
Damon Michaels, COO [email protected]

Investor Relations
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.

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