Mydecine Innovations has added an Aquis quotation to is listing on the Canadian Stock Exchange. The biotech and life sciences company believes that coming to Aquis will increase exposure in the UK and Europe. The main focus is addiction, PTSD and other mental conditions.
There have been no trades in the shares on Aquis since the introduction. The share price has stayed at 10p. The lack of liquidity is a concern.
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Mydecine Innovations (LON: MYIG)
Biotech and life sciences
Market: Aquis / Access
Flotation date: 10 October 2023
Introduction price: 10p
Amount raised: nil
Market capitalisation: £4.52m
Corporate adviser: Novum Securities
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What does it do?
British Columbia registered Mydecine Innovations is developing mental health treatments. The second generation molecules developed by the company are showing improvements over first generation psychedelic treatments.
The company has a Health Canada scheduled 1 drugs and substances dealer’s licence. There are four lead drug candidates that cover more than one area each. These cover areas such as smoking cessation, PTSD, anxiety and substance use disorder. There are ten pending patents.
A pre-clinical team is working with the University of Alberta to get the molecules through the Investigational New Drug enabling stage. Human clinical studies could commence in 2024.
There are other research partnerships with Imperial College London, Johns Hopkins University, and Macquarie University
Financials
There are no revenues. There was a $5.14m cash outflow from operating activities in the six months to June 2023 was slightly lower than in the previous first half. The main costs are consulting fees. During the period there was $4.625m raised from issuing shares. Net debt is $5.2m at the end of June 2023.
In 2022, Mydecine Innovations received shares and warrants in Pangenomic Health Inc for the sale of virtual health platform Mindleap. These have been sold for $1.8m at a total loss of $4.9m.