Colorado-based next-generation psychedelics biotech Mydecine Innovations Group Inc. (OTC:MYCOF) announced that, in connection with its common share subscription agreement with a third-party investor dated this past March 10, it has filed a shelf prospectus supplement to its final base shelf prospectus for the province of Quebec and its amended and restated final base shelf prospectus for each Canadian province dated January 28, 2022.

This supplement is the second filed in connection with the aforementioned subscription agreement and provides that Mydecine is entitled to the distribution of up to 15,151,515 common shares to the investor at a price of $0.24 (CA$0.33) per share for aggregate gross proceeds of up to $3.68 million.

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The company closed the first tranche of the first issuance under the subscription agreement, an offering which resulted in the issuance of 1,515,151 Shares at a price of $0.24 each, for aggregate gross proceeds of $368,000 following the prospectus supplement.

Some of Mydecine's recent developments include a new set of MDMA analogs, which have shown positive outcomes in preclinical trials including a "considerably shorter" half-life and accelerated onset while retaining MDMA's beneficial features.

Meanwhile, the company shared its financial statements for the first quarter of 2023, results potentially raising some concerns.

As of May 29, Mydecine announced Todd Heinzl's reappointment to the board of directors following his resignation on April 3.

Photo: Benzinga edit with photo by Pexels.