viewMydecine Innovations Group Inc

Mydecine Innovations Group expands patent portfolio to include MDMA-like compounds

The patents will allow Mydecine to scale its drug development program after promising discoveries in the field of MDMA research

Mydecine Innovations Group Inc -
The firm is also studying psilocybin-assisted psychotherapy to treat PTSD in veterans

Mydecine Innovations Group Inc (NEO:MYCO) (OTCMKTS:MYOCF) (FRA:0NFA) is widening its psychedelics portfolio to include MDMA-like compounds. 

The Denver-based psychedelics company said it had filed a patent to cover the new compounds, allowing it to scale its drug development program after promising discoveries in the field of MDMA research. 

The US Food and Drug Administration (FDA) has granted Breakthrough Therapy Designation to MDMA to treat post-traumatic stress disorder (PTSD). 

READ: Mydecine launching Mindleap 2.0, an online community for psychedelic education and support

With its new patent covering entactogenic compounds, Mydecine would be able to develop treatments that “precisely” match the needs of medical practice, by reducing harm and improving the safety profile when compared to traditional MDMA, it told shareholders.

“The groundbreaking progress that we’ve seen from the Multidisciplinary Association for Psychedelic Studies (MAPS) in its Phase 3 clinical trials of MDMA-assisted psychotherapy for PTSD, including receiving Breakthrough Therapy Designation from the FDA, shows great promise to date,” Mydecine’s chief scientific officer Rob Roscow said in a statement.

“It is our belief that the tailoring of the properties of these compounds will vastly improve their utility to medicine and therapy. This filing is part of our continued efforts to grow our robust IP portfolio as we consistently file for new patents that offer high potential to expand psychedelics for medical use.”

Treatment pipeline

Mydecine is also working to advance four leading novel compounds – MYCO-001 to -004 – with full government approval from Health Canada for exclusive access to a certified pharmaceutical manufacturing facility.

The firm is also studying psilocybin-assisted psychotherapy to treat PTSD in veterans.

Mydecine is hoping to become one of the first companies to produce and bring to market psilocybin-based treatments.

Contact Angela at angela@proactiveinvestors.com

Follow her on Twitter @AHarmantas

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Price: 0.2758 USD

Market Cap: $65.83 m

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