Mydecine Reports Financial Results for the First Quarter of Fiscal Year 2023

VANCOUVER, British Columbia, May 16, 2023 (GLOBE NEWSWIRE) — Mydecine Innovations Group (NEO: MYCO) (OTC: MYCOF) (FSE: 0NFA) (“Mydecine” or the “Company”), 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, announces the financial results for the three months ended March 31, 2023. Financial Results for the Three Months Ended March 31, 2023 Net Loss: The net loss attributable to common stockholders was $7.65 million, from operations, or a basic and diluted loss per share of $(0.41). For the same period in 2022, loss from operations was $5.63 million, or a basic and diluted loss per share attributable to common stockholders of ($1.20). Cash Position: The Company had $10,291 in cash and cash equivalents as of March 31, 2023. Financial Position: Total assets at March 31, 2023 was $2,220,877 which included $1,756,110 of current assets as compared to total assets at March 31, 2022 of $5.21 million which included $3.24 million of current assets. Total liabilities as at March 31, 2022 was $10,274,478 which included $5,343,332 of current liabilities compared to total liabilities at $8.92 mission which included $4.31 million of current liabilities. Total Expenses: Total expenses for the three months ended March 31, 2023 was $3,980,438 compared to $4.74 million for the three-month ended March 31, 2022. CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION – UNAUDITED   As at,NoteMarch 31, 2023$December 31, 2022 $ Current assets    Cash 10,29111,030 Other receivables450,00086,667 Sales tax receivable 303,796276,135 Marketable securities4555,4234,617,885 Prepaids and deposits5836,6001,220,349 Total current assets 1,756,1106,212,066 Non-current assets    Prepaids and deposits5460,167678,916 Property and equipment64,6009,876 Total assets 2,220,8776,900,858 Current liabilities    Accounts payable and accrued liabilities145,257,4505,371,916 Notes payable885,88285,204 Derivative liabilities9-346,667 Total current liabilities 5,343,3325,803,787 Non-current liabilities    Convertible debentures, net74,931,1464,696,974 Total liabilities 10,274,47810,500,761 Shareholders’ equity (deficiency)    Share capital10119,119,011115,918,379 Contributed surplus1016,787,77816,787,778 Equity portion of convertible debentures7175,756175,756 Deficit (144,136,146)(136,481,816) Total shareholders’ equity (deficiency) (8,053,601)(3,599,903) Total liabilities and shareholders’ equity (deficiency) 2,220,8776,900,858  CONDENSED INTERIM CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS – UNAUDITED      For the three-months ended,     NoteMarch 31, 2023March 31, 2022      Expenses    Finance cost7234,918221,199 Corporate development 501,631127,880 Depreciation65,27560,672 Consulting fees 1,932,9381,423,873 Director and management fees12183,962110,572 Foreign exchange loss 9,63028,188 Insurance 28,724259,345 Office and miscellaneous 138,666119,736 Professional fees 325,621607,154 Regulatory and filing fees 100,68098,246 Research and development 143,3341,049,525 Salaries12375,059638,046 Total expenses 3,980,4384,744,436      Other income (expenses)    Change in fair value of derivative liabilities9-(893,450) Revaluation of marketable securities4(2,277,096)- Other income 26,667- Other receivable provision4(1,285,366)  Gain on settlement of debt10(5,425)- Transaction expense (132,672)- Total other income (expenses) (3,673,892)(893,450)      Net loss and comprehensive loss for the year (7,654,330)(5,637,886)      Net loss per share – Basic and diluted from continuing operations (0.41)(1.20) Weighted average number of shares outstanding – Basic and diluted 18,561,5654,708,788  For more information, please review the Company’s filed financial statements and management discussion on the SEDAR site. About Mydecine Innovations Group Mydecine Innovations Group is a publicly traded, pre-revenue biopharmaceutical company that began operations in North America and Europe in early 2020. Mydecine was founded to increase physicians’ access to serotonin-modulating medicine. Recent research has demonstrated the therapeutic potential of psychedelic substances such as psilocybin and MDMA for treating intractable conditions such as pain, anxiety, depression, addiction, and PTSD, along with neurodegenerative disorders. Mydecine believes these compounds can be safer, more effective, and more accessible for patients and medical professionals through modern drug chemistry paired with artificial intelligence (AI). Mydecine is developing innovative medications for target indications with high mortality rates that have lacked innovation for decades and are controlled by dominant corporations. Mydecine developed several prodrug families, beginning with a psilocybin-derived smoking cessation drug undergoing a NIDA-funded trial at Johns Hopkins University. Mydecine is also developing MYCO-006—short-acting chemical analogs derived from MDMA for treating various conditions, including anxiety and pain. Mydecine utilizes cutting-edge artificial intelligence (AI) and pharma research infrastructure at the University of Alberta to develop and manufacture new medications to make them affordable and accessible to the general public upon Health Canada and FDA approval. The Mydecine team is enthusiastic about its mission and is dedicated to creating a positive difference in the lives of others. Learn more at https://www.mydecine.com. For more information, please contact: Media Contact: [email protected] Investor Relations: [email protected] On behalf of the Board of Directors: Joshua Bartch, Chief Executive Officer [email protected] For further information about Mydecine Innovations Group, Inc., please visit the Company’s profile on SEDAR at www.sedar.com or the Company’s website at www.mydecine.com. This news release contains forward-looking information within the meaning of Canadian securities laws regarding the Company and its business, which relate to future events or future performance and reflect management’s current expectations and assumptions. Often but not always, forward- looking information can be identified by the use of words such as “expect”, “intends”, “anticipated”, “believes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would” or “will” be taken, occur or be achieved. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and information currently available to the Company. 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 regarding the COVID-19 pandemic, the availability and continuity of financing, the ability of the Company to adequately protect and enforce its intellectual property, the Company’s ability to bring its products to commercial production, continued growth of the global adaptive pathway medicine, natural health products and digital health industries, and the risks presented by the highly regulated and competitive market concerning 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 forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. 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 does not assume any obligation to update or revise them to reflect new events or circumstances save as required under applicable securities legislation.