VANCOUVER, British Columbia, Oct. 14, 2020 (GLOBE NEWSWIRE) — NeuroPharm, Inc. (“NeuroPharm”), a wholly-owned subsidiary of Mydecine Innovations Group, Inc., (CSE: MYCO) (OTC: MYCOF) (FSE: 0NFA) announced today it has engaged FreeMind Group LLC to assist NeuroPharm in securing non-dilutive funding opportunities globally.
NeuroPharm™ is developing a unique and proprietary set of pharmaceutical and natural health products addressing mental wellness in vulnerable populations including Veterans, emergency medical services personnel and other high-risk constituencies. In collaboration with its strategic partners, NeuroPharm is deploying evidence-based medicine in the establishment of psilocybin-based therapies addressing the unmet needs of high-risk constituents. NeuroPharm is focused on developing unique and proprietary technologies to treat various mental health conditions frequently experienced by veterans such as PTSD, depression, addiction, anxiety, and panic disorders as well as migraine and cluster headaches.
A wide range of government and private non-dilutive funding sources are available for the disorders being addressed by NeuroPharm. FreeMind Group has the expertise to identify these funding sources and to assist NeuroPharm throughout the funding process, from the preparation and submission of funding applications to pre-award negotiations.
“As we advance our internal programs, it is important to continue to drive new scientific discoveries and collaborations across the NeuroPharm platform. To this end, FreeMind is an important strategic addition to our team. Dr. Rakesh Jetly, Chief Medical Officer; Rob Roscow, Chief Science Officer of Mydecine Innovations Group will manage this collaboration,” said Josh Bartch, Chief Executive Officer.
“FreeMind can play an important role for us,” said Mr. Bartch. “Much of the work we will conduct fits well within the mandate of many organizations that provide non-dilutive funding. FreeMind has a strong track record and is highly regarded by academia, industry, and the funding organizations. This should provide Mydecine Innovations Group with greater opportunities for success in the grant funding process.”
The Company further announces that its board of directors has approved the settlement of a principal amount of $847,500.00 in debt for services rendered through the issuance of common shares (the “Debt Settlement”). Pursuant to the Debt Settlement, the Company issued 3,684,783 common shares of the Company (the “Shares”) at a deemed price of $0.23 per Share to a creditor of the Company. All securities issued will be subject to a statutory hold period which will expire on the date that is four months and one day from the date of issuance.
About FreeMind LLC
Established in 1999, FreeMind is the largest consulting group of its kind working with academics and industry alike. FreeMind assists in maximizing potential to receive funding from non-dilutive sources such as the NIH, DOD, NSF, FDA, BARDA, as well as private foundations. FreeMind assists in the guiding of non-dilutive funding efforts from identification of the most suitable opportunity through to submission and subsequent award. FreeMind has garnered its clients over $1.5 billion to date. Awards range from $150,000 to $150 million per project.
About Mydecine Innovations Group Inc.
Mydecine Innovations Group™ (CSE: MYCO) is a publicly traded life sciences syndicate, with offices in Denver, CO, USA and Vancouver, BC, Canada. Mydecine’s biotech platform is dedicated to the development and production of adaptive pathway medicine and natural health products all stemming from mushrooms. Mydecine’s experienced multi-talented team has the dynamic capabilities to oversee all areas of Schedule I drug development, including but not limited to synthesis, genetic research, delivery mechanism design, clinical trial execution; through to worldwide product commercialization, marketing, and spore-to-sale distribution of cGMP psilocybin API’s and non-psychedelic medicinal fungi. By leveraging strategic partnerships with global scientific, medical, clinical, and Veteran organizations; Mydecine is well positioned at the forefront of naturally derived medicine, alternative therapeutics, and fungtional™ mushroom vitality consumer goods. Our portfolio of unified companies, including Mydecine Health Sciences™, Mindleap Health™, and NeuroPharm™ focus together on providing innovative and effective solutions that can help millions of people live a healthier quality life.
On behalf of the Board of Directors: Joshua Bartch, Chief Executive Officer firstname.lastname@example.org
Charles Lee, Investor Relations email@example.com
Cynthia Salarizadeh, Public Relations firstname.lastname@example.org
The Canadian Securities Exchange has neither approved nor disapproved the contents of this news release and accepts no responsibility for the adequacy or accuracy hereof. This news release contains forward-looking statements, which relate to future events or future performance and reflect management’s current expectations and assumptions. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and information currently available to the Company. Readers are cautioned that these forward-looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected including, without limitation, the availability and continuity of financing, the ability of the Company to adequately protect and enforce its intellectual property, the Company’s ability to bring its products to commercial production, continued growth of the global adaptive pathway medicine, natural health products and digital health industries, and the risks presented by the highly regulated and competitive market concerning the development, production, sale and use of the Company’s products. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances save as required under applicable securities legislation. This news release does not constitute an offer to sell securities and the Company is not soliciting an offer to buy securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. This news release does not constitute an offer of securities for sale in the United States. These securities have not and will not be registered under United States Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold in the United States or to a U.S. Person unless so registered, or an exemption from registration is relied upon.