Mydecine Innovations Group: Initiation report
Mydecine Innovations Group is a biotech and life sciences company developing and commercializing new therapies for mental health and other conditions. The company has three lines of activity – pharmaceutical drug development, natural health products, and the Mindleap digital health platform.
We believe that the drug development pipeline represents the biggest value driver for the stock price over the next two years, and in this report we focus in particular on two therapies that are undergoing Phase II clinical trials. Both of these use Mydecine’s proprietary formulation MYCO-001, which is a purified form of psilocybin, a psychedelic compound found in mushrooms sometimes referred to as ‘magic mushrooms’.
The first clinical trial subject is a novel therapy for post-traumatic stress disorder (PTSD). This addresses a market of around US$1bn annually, and potentially greater if a new treatment proves more effective than existing drugs. Trials are being conducted at locations in Canada, the USA, and Europe. The program is also being conducted in collaboration with military veterans' organisations, and this partnership is a unique differentiator for Mydecine.
The other trial program is pursuing a nicotine addiction therapy, also using MYCO-001. This addresses a global market of around US$20bn, increasing to US$50bn if the same treatment is applied to other addictions which could be addressed going forward. We believe that this program could advance to Phase II / III trials during H2 2021.
Importantly, Mydecine has in place a compelling strategy for ring-fencing intellectual property (IP). This is one of the main challenges in psychedelic medicine as drugs are being derived from compounds that have been known to science for decades. In this report, we examine Mydecine’s position in the emerging psychedelic medicine space, its drug pipeline, and its IP strategy.
Quick facts: Mydecine Innovations Group Inc
Price: 0.27 USD
Market Cap: $64.45 m
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