In mid-August, Mydecine released a corporate update that provided visibility into the projects that the team is working on as well as the recent advancements and achievements by the business. Going forward, Mydecine plans to continue to create shareholder value and position itself as a genuine leader in the functional mushroom and psychedelic sectors.
One of the reasons we are excited about Mydecine is related to the strength and the diversity of the leadership team. The management team is positioning the company to make a significant impact on the future of psychedelic medicine including but not limited to clinical trials focused on post-traumatic-stress-disorder (PTSD), intellectual property (IP) development, functional consumer goods, and digital health market services.
From a balance sheet standpoint, Mydecine is well positioned and has closed two back-to-back rounds of financings, raising approximately CAD$6 million. The company plans to use the capital to expand operations and completion of its state-of-the-art mycology laboratory to advance its psychedelic medicine initiatives and IP patent portfolio.
Although most investors think of money when they hear the word capital, there is another former of capital and it is called human capital. When analyzing a company, we first look into the types of professionals that make up the management. In regard to Mydecine, we are impressed with the expertise that is associated with the team and have provided highlights on the executive below:
- Chief Operations Officer Damon Michaels is a driven thought leader with a 15+ year track record of executing growth strategies with large innovative companies
- Chief Science Officer Rob Roscow, an accomplished scientist with a foundation and keen interest in genetic engineering
- Chief Marketing Officer Jim Gunning, a former Red Bull Marketing Executive and experienced brand builder
- Denton Hoyer is on the Scientific Advisory Board and is a former Pfizer researcher and Director of Chemistry for the Yale Center for Molecular Discovery
- Vince Polito and Anton Gomez-Escolar were appointed as advisors to lead psilocybin microdosing research and development;
- Appointed Dr. Mali Reddy (M.S. Reddy) seven-time Nobel Prize Nominee and the Godfather of Pro-Biotics to the Scientific Advisory board;
- Appointed Dr. Aubrey Oliver to Advisory board to spearhead the company’s expansion into Jamaica, one of the only legal psilocybin markets in the world;
Mydecine operates out of its Center of Mycology, a 7,500 sq. ft. state-of-the-art mycology laboratory that is based in Denver, Colorado. The company has launched world’s first psilocybin clinical trials initiative for PTSD and we consider this to be a major milestone for the business.
Mydecine Health Sciences (MHS), is taking a two-pronged approach on both psychedelic (clinical) and fungtional (consumer) avenues of commercializing fungi. MHS is developing proprietary blends of the unique active compounds while MHS will be infusing the blends into various product SKUs that will be distributed across North America by one of the largest private distribution companies called Alternative Distribution Company .
Developing Strategic Relationships
Antother important aspect of the Mydecine story is related to its growth strategy and how its advancing the business through strategic partnerships and accretive acquisitions. The company has established an R&D partnership with Applied Pharmaceutical Innovation through the faculty of drug discovery and pharmaceutical medicine out of the University of Alberta.
The relationship provides Mydecine with reliable and stable sourcing in the areas of cultivation, research, process, synthesize, and import/export for the company’s various R&D initiatives through API’s Health Canada Schedule 1 Substances and Drugs Dealer’s License.
Earlier this year, Mydecine announced a definitive share exchange agreement to acquire Mindleap Health which accelerates its entrance into the telemedicine market and allows it to virtually connect patients and clinicians for post-care psychedelic therapy.
Mydecine has also entered into a definitive share exchange agreement to acquire Neuropharm Inc., adding valuable intellectual property, world-class talent and the first ever clinical trials that are focused on treating PTSD with psilocybin. The company has retained a leading full-service Contract Research Organization, Ethica CRO to accelerate its psychedelic medicine initiatives. We are favorable on the relationships that are in place and will keep an eye on how the initiatives evolve over the next year.
Announces Key Acquisitions to Accelerate Growth
Another major development for Mydecine was the entrance into a definitive agreement to acquire Mindleap Health to further its initiatives in telehealth, specifically in the areas of therapist and therapeutic support. We find this announcement to be significant as Mindleap is the only digital telehealth platform that combines telemedicine with mood, emotion, and habit tracking with a unique focus on psychedelic aftercare.
Mindleap is an emerging player in the psychedelic market and is developing an advanced digital telehealth platform to provide support to people who are looking to achieve personal transformations and overcome mental health challenges. Mindleap is focused on improving daily life for people by making it easier to access mental health services that are more convenient and affordable.
Through a definitive acquisition agreement for NeuroPharm, Mydecine has been able to further strengthen its preclinical and clinical trial studies within global test sites for PTSD. NeuroPharm is focused on developing unique mental health therapies and approaches for veterans wellness, with a specific focus on the use of psilocybin. NeuroPharm continues to advance its research and development underpinned by IP strategy to treat various mental health conditions that are frequently experienced by veterans such as PTSD.
NeuroPharm also adds substantial human capital to Mydecine via its Scientific Advisory Board, to establish an extensive network of relevant relationships within many of the world’s veterans and military organizations allowing for a better understanding of the challenges our veterans face regardless of borders.Through NeuroPharm’s Scientific Advisory Board, they have been able to expand upon continued military relationships and successfully launched the world’s first psilocybin clinical trials initiative for PTSD
Through a strategic agreement with API, a not-for-profit commercial medicine development institute that works within the University of Alberta’s Faculty of Pharmacy and Pharmaceutical Sciences as well as research and institutions in Canada. The partnership provides Mydecine with:
- Ability to accelerate product R&D
- Access to a full cGMP certified pharmaceutical manufacturing facility
- Ability to import/export, extract, and analyze psychedelic medicine with full government approval through Health Canada
- Access to a wide range of world-class scientific researchers focusing on discovery, pharmaceutical analysis, medicine action, disposition, formulation, and clinical development
- Artificial intelligence capabilities to identify biosynthesis pathways for medicine discovery, optimize targeted medicine delivery systems and to design marketable medicinal compounds
Not Even in the First Inning of a Major Growth Cycle
Mydecine’s laboratory in Denver, Colorado will serve the needs for the genetic study, as well as selection and cultivation of valuable and rare fungi. The lab will incorporate state-of-the-art analytical chemistry, molecular biology, next-gen sequencing, and tissue culture. The lab will be able to scale the commercialization of the highest quality fungi. The capabilities of the lab will serve as a cornerstone for Mydecine’s research and development efforts and we are favorable on this.
The public has become more accepting of psychedelic as potential mental health treatment and the industry is not even in the first inning of a major growth cycle. Psychedelic medicine has the potential to revolutionize the mental health market and recent regulatory changes and scientific advancements have reduced the historical stigma associated with psychedelics
By 2025, the global mushroom market is projected to grow to $86.6 billion, at a CAGR of 8.04%. The psychedelic medicine market alone is projected to grow at a CAGR of 16.3% to reach $6.85 billion by 2027. The key factors that will fuel this growth include the increasing prevalence of depression and other mental health disorders in the U.S. (which have been dramatically compounded with COVID-19) and a growing acceptance of psychedelic medicine as a highly effective treatment for mental conditions like depression, OCD, and addiction.
We believe that Mydecine is an opportunity that is flying under the radar and is one that we are watching. Over the next year, we expect the management team to record substantial developments as it relates to the initiatives that it is currently working on.
If you are interested in learning more about Mydecine, please send an email to email@example.com.