DENVER, Aug. 15, 2022 — Mydecine Innovations Group (NEO: MYCO) (OTC: MYCOF) (FSE: 0NFA) (“Mydecine”), a biotechnology company aiming to transform the treatment of mental health and addiction disorders, today reported financial results for the six months ended June 30, 2022.

Financial Results for the Six Months Ended June 30, 2022

Net Loss: The net loss attributable to common stockholders was $8.09 million, from operations, or a basic and diluted loss per share of $(1.31). For the same period in 2021, loss from operations was $13.53 million, or a basic and diluted loss per share attributable to common stockholders of ($3.04) and which included a $4.2 million impairment charge and a loss of $103,285 from discontinued operations,


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Cash Position: The Company had $324,146 in cash and cash equivalents as of June 30, 2022.

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS    РUNAUDITED.
                 
    Three-months ended
June 30,
  Six-months ended
June 30,
  Note 2022     2021
(Restated)
    2022     2021
(Restated)
 
    $     $     $     $  
                 
Sales                
Cost of goods sold                
Gross margin                
                 
Expenses                
Finance cost  6,7 238,464     27,960     459,663     123,697  
Corporate development   13,594     428,203     141,474     2,427,138  
Depreciation and amortization  5,8 34,301     37,663     94,573     79,195  
Consulting fees   703,895     1,193,840     2,127,768     2,217,495  
Director and management fees 12 120,284     341,632     230,856     832,508  
Foreign exchange loss (gain)   (53,964 )   97,293     (25,776 )   319,668  
Insurance   289,529     153,223     548,874     153,223  
Office and miscellaneous   22,541     (115,467 )   240,523     220,899  
Professional fees   385,479     697,414     992,633     1,350,469  
Regulatory filing fee       12,276         177,912  
Research and development   652,486     1,091,920     1,702,011     1,322,130  
Property taxes                
Salaries 12  737,196     234,331     1,375,242     234,331  
Share-based payments                
Total expenses   3,143,805     4,454,160     7,887,841     9,458,665  
                 
Other income (expenses)                
Change in fair value of derivative liabilities 9  631,760     249,549     (261,690 )   221.893  
Impairment of investment in associate       (4,169,616 )       (4,169,616 )
Consideration paid in excess of identifiable assets                
Rental income       32,310         32,307  
Gain (loss) on settlement of debt               (2,319 )
Total other income (expenses)   631,760     3,887,757     261,690     (3,917,735 )
                 
Loss from continuing operations   (2,512,045 )   (8,341,947 )   (8,149,531 )   (13,376,400 )
                 
Loss from discontinued operations 1     18,788         (103,285 )
                 
Foreign currency translation adjustment   61,561     (24,830 )   61,561     (48,628 )
                 
Net loss and comprehensive loss for the period   (2,450,484 )   (8,347,989 )   (8,087,970 )   (13,528,313 )
                 
Net loss per share ‚Äď Basic and diluted from continuing operations ¬† (0.35 ) ¬† (1.75 ) ¬† (1.31 ) ¬† (3.04 )
Weighted average number of shares outstanding ‚Äď Basic and diluted ¬† 7,142,532 ¬† ¬† 4,744,805 ¬† ¬† 6,217,942 ¬† ¬† 4,440,487 ¬†
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION    РUNAUDITED.
 
As at, Note June 30, 2022
$
  December 31,
2021
(Audited)
$
 
Current assets      
Cash   324,146   1,495,311  
Rent and other receivable     3,856  
Inventory      
Sales tax receivable   257,338   201,000  
Prepaids and deposits 4 3,742,147   3,521,125  
Total current assets   4,323,632   5,221,352  
Non-current assets      
Prepaids and deposits 4 1,504,484   1,793,894  
Right-of-use asset 8   130,546  
Property and equipment, net 5 362,815   434,910  
Total assets   6,190,930   7,580,702  
Current liabilities      
Accounts payable and accrued liabilities   3.252,719   1,587,238  
Notes payable 7 87,916    
Derivative liabilities 9 79,660   1,280,294  
Lease liability ‚Äď current portion 8 ¬† 79,728 ¬†
Total current liabilities   3,420,295   2,947,260  
Non-current liabilities      
Convertible debentures, net 6 4,797,009   4,354,302  
Long-term portion of lease liability 8   67,821  
Total liabilities   8,217,304   7,369,383  
Shareholders’ equity      
Share capital 10 113,908,425   107,662,388  
Contributed surplus 10 16,994,081   17,288,315  
Equity portion of convertible debentures 10 175,756   175,756  
Accumulated other comprehensive loss   61,561    
Deficit   (133,166,197 ) (124,915.140 )
Total shareholders’ equity   (2,026,374 ) 211,319  
Total liabilities and shareholders’ equity   6,190,930   7,580,702  

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‚ĄĘ (NEO:MYCO) (OTC:MYCOF) (FSE:0NFA) is a biotechnology company developing innovative first- and-second-generation novel therapeutics for the treatment of mental health and addiction using world-class technology and drug development infrastructure. Mydecine was founded in 2020 to address a significant unmet need and lack of innovation in the mental health and therapeutic treatment environments. Our global team is dedicated to efficiently developing new therapeutics to treat PTSD, depression, anxiety, addiction and other mental health disorders. The Mydecine business model combines clinical trials and data outcome, technology, and scientific and regulatory expertise with a focus on psychedelic therapy, as well as other novel, non-psychedelic molecules with therapeutic potential. By collaborating with some of the world‚Äôs foremost authorities, Mydecine aims to responsibly fast-track the development of new medicines to provide patients suffering from mental health disorders with safe and more effective treatment options. Mydecine Innovations Group is headquartered in Denver, Colorado, USA, with international offices in Leiden, Netherlands.

Learn more at: https://www.mydecine.com and follow us on Twitter, LinkedIn, YouTube and Instagram.

For more information, please contact:
Media Contact
Damon Michaels, Chief Operating Officer [email protected]

Investor Relations
Damon Michaels, Chief Operating Officer [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 visit 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‚Äôs current expectations and assumptions. Often but not always, forward- looking information can be identified by the use of words such as ‚Äúexpect‚ÄĚ, ‚Äúintends‚ÄĚ, ‚Äúanticipated‚ÄĚ, ‚Äúbelieves‚ÄĚ or variations (including negative variations) of such words and phrases, or state that certain actions, events or results ‚Äúmay‚ÄĚ, ‚Äúcould‚ÄĚ, ‚Äúwould‚ÄĚ or ‚Äúwill‚ÄĚ be taken, occur or be achieved.

Such forward-looking statements reflect management‚Äôs 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.