- Biotechnology company Mydecine Innovations Group is devoted to advancing the use of psychedelics for the treatment of mental illnesses and addiction
- Mydecine has necessary license to provide psilocybin and MDMA under Canada’s SAP program, which allows medical providers to request otherwise unavailable drug substances for the treatment of patients who have not seen success with available treatment options
- The license allows Mydecine to provide psilocybin and MDMA (Ecstasy) through its licensed Alberta facility and collaboration with non-profit drug development institute Applied Pharmaceutical Innovation
- The company has named pharmaceutical scientist and entrepreneur Dr. Victoria Hale to its Board of Directors, strengthening the board’s well of experience
- Hale is the board chairwoman for the non-profit Multidisciplinary Association for Psychedelic Studies, which helps scientists design, fund, and obtain regulatory approval for their psychedelics studies
British Columbia, Canada-headquartered Mydecine Innovations Group (NEO: MYCO) (OTC: MYCOF) is a research-based company working to develop and commercialize psychedelic drugs that may prove effective in treating mental illnesses as government regulators become increasingly open to psychedelics’ potential. A pair of recent announcements show a more immediate response to providing mental health solutions and strengthening the company’s leadership role.
The dealer license which Mydecine operates under is listed as an eligible supplier in Canada enabling the company to provide drug products for Health Canada’s Special Access Program (“SAP”). SAP allows healthcare providers to seek specific drugs normally unavailable for sale in Canada for patients with serious or life-threatening conditions who are not responding to conventional, approved treatment options or whose anticipated treatments are simply not marketed in Canada, according to a Feb. 8 announcement (https://ibn.fm/NF5mV).
Mydecine’s exclusive agreement with not-for-profit drug development institute Applied Pharmaceutical Innovation (“API”) provides it a licensed dealer facility in Edmonton, Alberta, that can manufacture psilocybin and MDMA (3,4-methylenedioxymethamphetamine, known commonly as Ecstasy) that meet Current Good Manufacturing Practices (“cGMP”) under the SAP for patient needs.
The license allows Mydecine to respond to medical practitioner requests for the psychedelic substances for psychotherapy now that Health Canada permits the drugs to be prescribed for treatment-resistant patients (https://ibn.fm/KrWnK). Mydecine established its Special Access Support and Supply Program (“SASSP”) in January to provide the psychotherapy substances along with packaged investigative brochures, therapy manuals, protocol training and advisory services. Post-therapy support for patients is also administered by Mydecine’s wholly-owned subsidiary Mindleap Health under the package (https://ibn.fm/Lk6Q4).
An LOI announced last month makes Canadian mental health clinic operator The Newly Institute Inc. Mydecine’s first partner under the SASSP (https://ibn.fm/8PAVW).
“While we will continue to advance the research of psychedelic-assisted psychotherapy through our clinical trials and drug development process, we understand there are patients in need of treatments today,” Mydecine Chief Medical Officer Dr. Rakesh Jetly stated. “Through our dealer’s license, we can offer psilocybin and MDMA to practitioners and clinics in Canada who want to offer these treatment options for patients in need.”
Mydecine also recently announced that pharmaceutical scientist and global health social entrepreneur Dr. Victoria Hale has joined the company’s Board of Directors.
Hale is the board chairwoman of non-profit psychedelic research and mentoring organization Multidisciplinary Association for Psychedelic Studies (“MAPS”), which help scientists design, fund and obtain regulatory approval of studies measuring the safety and effectiveness of psychedelics for therapeutic use, according to the announcement (https://ibn.fm/MoOFV).
“With Victoria’s extensive experience and her commitment to bringing life-changing treatments to those who need them, our board members unanimously agreed that she will be an added asset to the company,” Mydecine CEO Josh Bartch stated.
For more information, visit the company’s website at www.Mydecine.com.
NOTE TO INVESTORS: The latest news and updates relating to MYCOF are available in the company’s newsroom at https://ibn.fm/MYCOF
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