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

VANCOUVER, British Columbia, Aug. 14, 2023 (GLOBE NEWSWIRE) — Mydecine Innovations Group (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 six months ended June 30, 2023. Financial Results for the Six Months Ended June 30, 2023         Net Loss: The net loss attributable to common stockholders was $3.18 million, from operations, or a basic and diluted loss per share of $(0.13). For the same period in 2022, loss from operations was $2.45 million, or a basic and diluted loss per share attributable to common stockholders of ($0.35) Cash Position: The Company had $40,458 in cash and cash equivalents as of June 30, 2023. Financial Position: Total assets at June 30, 2023 was $1,025,236 which included $563,872 of current assets as compared to total assets at June 30, 2022 of $6,190,930 which included $4,323,632 of current assets. Total liabilities as at June 30, 2023 was $10,109,978 which included $4,940,473 of current liabilities compared to total liabilities at June 30, 2022 of $8,217,304 which included $3,420,295 of current liabilities. Total Expenses: Total expenses for the six months ended June 30, 2023 was $2,650,920 compared to $3,143,805 for the six-month ended June 30, 2022. CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION – UNAUDITED(EXPRESS IN CANADIAN DOLLARS)As at,NoteJune 30,2023$ December 31,2022$ Current assets   Cash 40,458 11,030 Other receivables4- 86,667 Sales tax receivable 122,645 276,135 Marketable securities4- 4,617,885 Prepaids and deposits5400,769 1,220,349 Total current assets 563,872 6,212,066 Non-current assets   Prepaids and deposits5460,167 678,916 Property and equipment61,197 9,876 Total assets 1,025,236 6,900,858 Current liabilities   Accounts payable and accrued liabilities144,855,211 5,371,916 Notes payable885,262 85,204 Derivative liabilities9- 346,667 Total current liabilities 4,940,473 5,803,787 Non-current liabilities   Convertible debentures, net75,169,505 4,696,974 Total liabilities 10,109,978 10,500,761 Shareholders’ equity (deficiency)   Share capital10121,269,011 115,918,379 Contributed surplus1016,787,778 16,787,778 Equity portion of convertible debentures7175,756 175,756 Deficit (147,317,287) (136,481,816) Total shareholders’ equity(deficiency) (9,084,742) (3,599,903) Total liabilities and shareholders’ equity(deficiency) 1,025,236 6,900,858  CONDENSED INTERIM CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS – UNAUDITED(EXPRESS IN CANADIAN DOLLARS)  For the three-months ended,For the six-months ended, NoteJune 30,2023$ June 30,2022$ June 30,2023$ June 30,2022$       Expenses     Finance cost7239,621 238,464 474,539 459,663 Corporate development 2,018 13,594 503,649 141,474 Depreciation63,404 34,301 8,679 94,573 Consulting fees 1,523,776 703,895 3,456,714 2,127,768 Director and management fees12124,921 120,284 308,883 230,856 Foreign exchange loss (gain) (23,013) (53,964) (13,383) (25,776) Insurance 20,445 289,529 49,169 548,874 Office and miscellaneous 96,484 22,541 235,150 240,523 Professional fees 136,849 385,479 462,470 992,633 Regulatory and filing fees 30,914 – 131,594 – Research and development 101,750 652,486 245,084 1,702,011 Salaries12393,751 737,196 768,810 1,375,242 Total expenses 2,650,920 3,143,805 6,631,358 7,887,841       Other income (expenses)     Change in fair value of derivative liabilities9- 631,760 – (261,690) Revaluation of marketable securities4(530,221) – (2,807,318) – Other income – – 26,667 – Other receivable provision4- – (1,285,365) – Loss onsettlement of debt10- – (5,425) – Transaction costs – – (132,672) – Total other income (expenses) (530,221) 631,760 (4,204,113) (261,690)       Loss for the period (3,181,141) (2,512,045) (10,835,471) (8,149,531)       Foreign currency translation adjustment – 61,561 – 61,561       Net loss and comprehensive loss for the period (3,181,141) (2,450,484) (10,835,471) (8,087,970)       Net loss per share – Basic and diluted from continuing operations (0.13) (0.35) (0.49) (1.31) Weighted average number of shares outstanding – Basic and diluted 25,154,580 7,142,532 21,894,987 6,217,942  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.sedarplus.ca 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.