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 PTSD. The company today announced that it has improved its financial position, significantly reduced cash burn, increased efficiencies and expanded its intellectual property (“IP”) portfolio. “We’ve spent a significant amount of time refining our core focus to be sustainable, elegant and efficient while still retaining the blue sky that we believe the various drugs we’re developing hold,” said Josh Bartch, Mydecine chairman and CEO. “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. Capital market risks have been felt strongly across the industry, forcing companies to pivot or die, as we’ve recently seen. Throughout this time, the Mydecine team has been collectively dedicated, with the vast majority of management deferring cash compensation while continuing to put in 100% effort and focus. We have concentrated on expanding our novel drug development and intellectual property portfolios, as well as finding innovative ways to partner, fund and advance the development of our drug families, while not bearing the total cost associated with it. We look forward to updating the market on our results and evolving partnerships that have occurred in recent months and are ongoing.”

To view the full press release, visit https://ibn.fm/wU0ql

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 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. Founded in 2020, Mydecine is based in Colorado, USA, with extended offices in Alberta, Canada, and Leiden, Netherlands. For more information about the company, 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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