Colorado and Leiden-based biotech company Mydecine Innovations Group (OTC:MYCOF) has shared its financial results and business highlights for the period ended December 31, 2022.
In ciphers:
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Total assets of $4.6 (CA$6.2) million as of Dec. 2022, of which cash constituted $8,216; compared to $3.8 million as of Dec. 2021 with cash position at $1.04 million. (Note: 2022 saw marketable securities for $3.4 million in 2022.)
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R&D expenses totaled $2.6 million for the period, slightly below the $2.9 million spent in 2021.
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Net and comprehensive loss of $8.61 million or a loss of almost $1 per share, compared to $21.4 million or a loss of $4.59 per share for the same period in 2021.
2022 Business Recap
The company developed first and second-generation drug candidates and performed budget moves including several placements, a reverse stock split and the selling of its subsidiary Mindleap Health Inc. for approximately $2.7 million.
Mydecine's pipeline grew through the successful synthesis of numerous short-acting MDMA analogs constituting the novel MYCO-006 family, and the development of a novel psilocin analog molecule with potentially heart-safe microdose-enabling properties.
Efforts on MYCO-001 were shifted toward psilocybin analog MYCO-004 following a pre-IND meeting with the FDA, the latter of which the agency approved to be used in a NIDA-funded trial at Johns Hopkins University on smoking cessation led by expert doctors Matthew Johnson and Alberto Garcia-Romeu.
Mydecine is donating MYCO-004 for the trial and plans to have a Phase 2 study at the university, instead of the originally planned MYCO-001 trial, as part of the 5-year research collaboration agreement.
Chairman and CEO Josh Bartch says the company has worked hard to refine its core focus to be "sustainable, elegant and efficient" while still retaining "the blue sky" they believe several of their drugs hold by using data from first-generation psychedelics and improving the novel molecules to fit into existing medical infrastructure.
"Capital market risks have been felt strongly across the industry, forcing companies to pivot or die, as we've recently seen," continued Bartch. "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 IP 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."
Photo: Benzinga edit with photo by Blue Planet Studio and ANDREI ASKIRKA on Shutterstock.
科罗拉多州和莱顿的生物技术公司Mydecine Innovation Group(场外交易代码:MYCOF)分享了截至2022年12月31日的财务业绩和业务亮点。
在密码中:
总资产截至2022年12月,现金为460万美元(620万加元),其中现金为8,216美元;而截至2021年12月,现金为380万美元,现金头寸为104万美元。(注:2022年有价证券的交易额为340万美元。)
研发费用这一时期的支出总额为260万美元,略低于2021年的290万美元。
净亏损和综合亏损861万美元,或每股亏损近1美元,而2021年同期为2,140万美元,或每股亏损4.59美元。
2022年业务总结
该公司开发了第一代和第二代候选药物,并进行了预算变动,包括几次配售、反向股票拆分以及以大约270万美元的价格出售其子公司MindLeap Health Inc.。
Mydecine的产品线是通过成功合成构成新的myco-006家族的许多短效MDMA类似物,以及开发具有潜在心脏安全微剂量使能特性的新的裸鼠毒素类似物分子而发展起来的。
在IND前与FDA举行会议后,myco-001的努力转向了裸盖菇素类似物myco-004,FDA批准将后者用于约翰霍普金斯大学由NIDA资助的由专家医生Matthew Johnson和Alberto Garcia-Romeu领导的戒烟试验。
Mydecine将为这项试验捐赠myco-004,并计划在该大学进行第二阶段研究,而不是最初计划的myco-001试验,作为为期5年的研究合作协议的一部分。
该公司董事长兼首席执行官乔希·巴奇表示,该公司一直在努力优化其核心重点,使其“可持续、优雅和高效”,同时仍保持“蓝天”。他们认为,通过使用第一代迷幻剂的数据并改进新分子以适应现有的医疗基础设施,他们相信他们的几种药物仍然有效。
巴奇继续说道:“整个行业都强烈感受到了资本市场的风险,迫使企业要么转型,要么倒闭,就像我们最近看到的那样。”在这段时间里,Mydecine团队一直在集体奉献,绝大多数管理层推迟现金补偿,同时继续投入100%的努力和重点。我们专注于扩大我们的新药开发和知识产权组合,以及寻找创新的方式来合作、资助和推进我们的药物家族的开发,同时不承担与之相关的总成本。“
照片:Benzinga编辑与Blue Planet Studio和Andrei ASKIRKA在Shutterstock上的照片。