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Mydecine Posts Earnings For 2020: What s Ahead For The Psychedelic Stock
Denver-based
Mydecine Innovations Group (NEO: MYCO) (OTC:MYCOF) released its 2020 yearly financial results this week, ending the year with $2.2 million in cash.
The company reported having raised over $30 million more since the beginning of 2021.
Mydecine is a biotech company focused on the development and commercialization of mushrooms and natural medicines for psychedelic therapy and wellness purposes.
As the company builds the infrastructure for the medium-term development of a legal psychedelics industry, it reported a $26.9- million net loss for the year.
Mydecine s Clinical Studies, R&D: As the psychedelics industry moves forward, the key to success lies in preparation. Companies in the space are gearing up to start heavy operations once psychedelics are made legal for medicinal purposes.
Biotech Companies Driving Psychedelics Industry Forward with Key Research
FN Media Group Presents Microsmallcap.com Market Commentary
NEW YORK, April 13, 2021 /PRNewswire/ As an urgent public mental health crisis forces research institutions and governments to seriously examine unconventional mental health solutions, psychedelic assisted therapies are showing huge potential. Now, biotech companies have seen the opportunity, and psychedelics companies are diving into further research to seek out mental health solutions for conditions such as depression, PTSD, and suicidal ideation. Some companies like
Mydecine Innovations Group (NEO:MYCO) (OTCPK:MYCOF), Compass Pathways (NASDAQ:CMPS), Numinus Wellness (TSXV:NUMI) (OTCPK:LKYSF), and
Seelos Therapeutics (NASDAQ:SEEL) are also looking into natural medicine initiatives to improve the quality of life of individuals struggling with mental health disorders
Psychedelics and mental health company
The Series D funding round is being touted as the psychedelics sector’s largest to date.
Christian Angermayer, who founded Atai in 2018, led the effort with Thiel Capital, the venture capital firm of tech billionaire Peter Thiel.
Apeiron Investment Group and Woodline Partners LP also participated.
Atai’s portfolio companies are researching 13 different psychedelic and non-psychedelic compounds for the treatment of a wide range of mental health disorders. Atai is an early investor and holds a significant stake in
Compass Pathways (NASDAQ: CMPS).
Last November, Atai closed a Series C financing round for $125 million. A spokesperson told Benzinga that the company is expected to list on NASDAQ during 2021, but exact dates are still to be confirmed.