Expanded A.I. and machine learning capabilities will accelerate Mydecine’s broader research and development efforts
DENVER, June 16, 2021 (GLOBE NEWSWIRE) — Mydecine Innovations Group (NEO: MYCO) (OTC: MYCOF) (FSE: 0NFA) (“Mydecine” or the “Company”), an emerging biopharma and life sciences company committed to the research, development, and acceptance of alternative nature-sourced medicine for mainstream use, announced the launch of its in-silico drug discovery program in conjunction with researchers at the University of Alberta.
Led by top computer-aided drug development expert, Dr. Khaled Barakat, the program is focused on developing artificial intelligence/machine learning (AI/ML) supported drug screenings, including both the ability to build drugs from the receptor up and assess drugs around the receptors of Mydecine’s choosing. With its broader R&D capacity in drug development up and running, the in-silico program will enable the Company to more rapidly screen hundreds of thousands of new molecules without the need to produce them, allowing Mydecine to focus on the strongest potential therapeutics for its chemical and natural development programs. Mydecine will also be able to more efficiently screen its proprietary library of novel compounds designed by Chief Science Officer Rob Roscow and Advisory Board member, Dr. Denton Hoyer.
“Years of research have shown that the chemical components of psychoactive and non-psychoactive mushrooms can be extremely powerful in a therapeutic setting and yet, there is still so much that we don’t understand about how these molecules can affect biological systems. As the next evolution of drug discovery progresses forward, we strongly believe that this new age will be fully led by artificial intelligence and machine learning,” said Josh Bartch, CEO of Mydecine. “Expanding our R&D efforts with the addition of our cutting-edge AI/ML drug screening program will allow our research teams to take a leading role within the psychedelic community to more efficiently expand our knowledge of these components and their pharmacological value.”
Dr. Barakat, who completed his postdoctoral fellowship under 2020 Nobel Laureate Michael Houghton and is a member of the Li Ka Shing Institute of Virology, has spent his career focused on applying state-of-the-art computational drug discovery tools to discover new antiviral and immune checkpoints in small molecule drugs. Serving as an Assistant Professor of Pharmacy and Pharmaceutical Sciences at the University of Alberta, Dr. Barakat and his team specialize in understanding the nature and biophysical processes underlying protein-drug interaction, protein-protein interactions, protein-DNA interactions, drug off-target interactions and predicting drug-mediated toxicity.
“Dr. Barakat and his team have built an impressive reputation as leaders at the intersection of technology and pharmacological science. Adding their specialization in developing innovative computer models and novel technologies to predict protein-protein and protein-drug interactions will bring tremendous value to Mydecine’s research and enable us to more quickly bring to market effective drugs that can produce better outcomes for patients,” added Bartch.
About Mydecine Innovations Group
Mydecine Innovations Group™ (NEO: MYCO) (OTC: MYCOF) (FSE: 0NFA) is an emerging biotech and life sciences company dedicated to developing and commercializing innovative solutions for treating mental health problems and enhancing vitality. The company’s world-renowned medical and scientific advisory board is building out a robust R&D pipeline of nature-sourced psychedelic-assisted therapeutics, novel compounds, therapy protocols, and unique delivery systems. Mydecine has exclusive access to a full cGMP certified pharmaceutical manufacturing facility with the ability to import/export, cultivate, extract/isolate, and analyze active mushroom compounds with full government approval through Health Canada. Mydecine also operates out of a state-of-the-art mycology lab in Denver, CO to focus on genetic research for scaling commercial cultivation of rare (non-psychedelic) medicinal mushrooms.
At the heart of Mydecine’s core philosophy is that psychedelic-assisted psychotherapy will continue to gain acceptance in the medical community with many of the world’s best accredited research organizations demonstrating its remarkable clinical effectiveness. Mydecine recognizes the responsibility associated with psychedelic-assisted therapy and will continue to position itself as a long-term leader across the spectrum of clinical trials, research, technology, and global supply. Mydecine has also successfully completed multiple acquisitions since its inception.
For more information, please contact:
Anne Donohoe / Nick Opich
KCSA Strategic Communications
1-212-896-1265 / 1-212-896-1206
Charles Lee, Investor Relations
Allison Soss / Erika Kay
KCSA Strategic Communications
On behalf of the Board of Directors:
Joshua Bartch, Chief Executive Officer
For further information about Mydecine Innovations Group, Inc., please visit the Company’s profile on SEDAR at www.sedar.com or visit the Company’s website at www.mydecine.com.
This news release contains forward-looking information within the meaning of Canadian securities laws regarding the Company and its business, which relate to future events or future performance and reflect management’s current expectations and assumptions. Often but not always, forward-looking information can be identified by the use of words such as “expect”, “intends”, “anticipated”, “believes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would” or “will” be taken, occur or be achieved. 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, risks regarding the COVID-19 pandemic, 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.