Cash-strapped Mydecine Innovations Group (NEO: MYCO) (OTC: MYCOF) continued to refocus its operations through the third quarter ended Sept. 30. The company recorded a net loss of $3.3 million for the period, a 27% improvement over the loss reported a year ago. For the first nine months of the year, the company reported a net loss of $11.5 million.
Mydecine said it had $88,933 in cash and cash equivalents as of Sept. 30. The research company reported it had $324,146 in cash and cash equivalents at the end of June and $1.5 million at the end of December 2021.
The company also continued to increase its accumulated deficit during the quarter, reaching $136.4 million compared with $133.2 million at the end of the second quarter.
Mydecine completed two private placements during the third quarter, resulting in gross proceeds of $1,245,000 and the issuance of 2,081,052 common shares. The funds were to be used to support ongoing drug development initiatives.
During the quarter, the company signed a letter of intent to sell its digital technology subsidiary, Mindleap Health Inc. for C$4 million, with an additional $100,000 for post-closing consulting services.
The company’s main focus is novel drug development, specifically focused on smoking cessation.
In July, Mydecine announced it has successfully synthesized multiple short-acting MDMA analogs. This family of analogs have been specifically designed to have a shorter half-life than traditional MDMA. The company applied for patent coverage with the World Intellectual Property Organization and named the family of novel molecules MYCO-006.
Current work also includes research on psilocybin at the University of Alberta in Canada.