John Schroyer
Canadian psychedelics company Mydecine Innovations Group (NEO: MYCO) (OTC: MYCOF) (FSE: ONFA) was left with just over C$10,000 in the bank after losing C$7.65 million in the first three months of 2023, contrasted with C$10.2 million in liabilities the company was carrying and C$2.2 million in assets.
The losses were a substantial increase from Mydecine’s cash burn rate in 2022; the company lost C$5.63 million for the same period a year prior and C$11.56 million for all of last year.
The company has struggled to bring psilocybin-based therapeutic products to market in order to assist patients who deal with addiction and post-traumatic stress disorder, since its launch in 2020.
Mydecine said in its earnings report that it’s continuing its focus on “innovative medications for target indications with high mortality rates that have lacked innovation for decades and are controlled by dominant corporations.”
The company said trials for a “psilocybin-derived smoking cessation drug” in conjunction with Johns Hopkins University and funded by the U.S. National Institute on Drug Abuse, are still ongoing.
Mydecine also is continuing development on an MDMA-based drugs to treat anxiety and pain. And it’s using artificial intelligence in research at the University of Alberta to develop more psychedelics medicines.
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