Mydecine (NEO: MYCO) (OTC: MYCOF) (FSE: 0NFA) is 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 (“PTSD”). The company today announced its entry into a common share subscription agreement with a third-party investor in the company (the “subscriber”) on Aug. 15, 2022. Per the agreement, the subscriber subscribed for, and the company issued, 326,666 common shares in the capital of the company at a subscription price of $0.75 per common share for aggregate gross proceeds to the company of $244,999.50. The company will utilize the funds raised through this private placement to further its drug development initiatives. Mydecine also announced the appointment of Joshua Bartch, Todd Heinzl and Robert Roscow, on an interim basis, as members of the company’s audit committee. This follows the resignation of the three independent directors who formerly constituted the audit committee from the company’s board of directors. “Mydecine is in the process of several internal changes that we believe will be vital to the future success of the company,” said Joshua Bartch, Mydecine’s chief executive officer and chairman of the board. “The company has made several positive changes to narrow focus, reduce cash burn, increase efficiency to ensure future success. We expect to make several positive updates to the market in near term.”

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About Mydecine Innovations Group Inc.

Mydecine is a biotechnology company developing the next generation of innovative medications and therapies to address mental health disorders such as nicotine addiction and 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. Headquartered in Colorado, USA, Mydecine was founded in 2020, with offices in Alberta, Canada, and Leiden, Netherlands. For more information about the company, please visit www.Mydecine.com.

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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