Mydecine Innovations (NEO: MYCO) (OTC: MYCOF) (FSE: 0NFA), a biotechnology company engineering the next wave of innovative medications and treatment protocols to directly address mental health with a particular emphasis on addiction and post-traumatic stress disorder, has entered into a common share subscription agreement with a third-party investor. The agreement outlines the company’s plans to issue and sell up to $10 million of its ordinary shares the treasury to the investor in a series of draws and at the company’s discretion. According to the announcement, the subscription agreement will remain in force until either Feb. 28, 2023, or the date that the $10 million draw amount is reached or when the agreement is terminated by its terms. “Mydecine’s team has spent the last six months examining every part of the business to substantially reduce the burn rate, increase efficiencies, narrow focus and establish a viable, well-run biotech company,” said Mydecine Innovations chair and CEO Josh Bartch in the press release. “We’ve made some difficult and strategic decisions over this process that haven’t been easy, but I believe we have set the company up to be sustainable in the short, medium and long term. We thank our investors, partners and loyal shareholders for believing in our vision and supporting our goals. With a lower go-forward burn rate, we expect this capital to sustain the organization over a much longer period and provide the funds needed to execute all goals and objectives fully.”
To view the full press release, visit https://ibn.fm/bBxR2
About Mydecine Innovations Group
Mydecine Innovations is a biotechnology company developing the next generation of innovative medications and therapies to address mental health disorders such as nicotine addiction and post-traumatic stress disorder (“PTSD”). The core strategy blends advanced technology with an elaborate infrastructure for drug discovery and development. Mydecine’s dedicated multinational team constantly develops new paths for breakthrough treatment solutions in areas with considerable unmet needs. By collaborating with some of the world’s leading specialists, the company aspires to responsibly speed up the development of breakthrough medications to provide patients with safer and more-effective treatment solutions. At the same time, Mydecine’s approach focuses on the next generation of psychedelic medicine by creating innovative compounds with unmatched therapeutic potential through its clinical trial efforts with world-class scientific and regulatory expertise. Based out of Colorado, Mydecine was founded in 2020, and has offices in Canada and the Netherlands.
NOTE TO INVESTORS: The latest news and updates relating to MYCOF are available in the company’s newsroom at https://ibn.fm/MYCOF
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