Mydecine Innovations Group Inc. (NEO: MYCO) (OTC: MYCOF) Clinical LOI to Further Use of Psychedelic Therapeutics in Treating Mental Illnesses

February 2, 2022 14:22:56
  • Canadian-based mental health treatment-focused biotechnology company Mydecine Innovations Group has been advancing research on the use and improvement of compounds found in nature, particularly the psychedelic psilocybin compound
  • Mydecine recently announced an LOI with The Newly Institute to use Mydecine’s psilocybin and MDMA for treatment at The Newly’s mental health clinics nationwide
  • The LOI is the first collaboration under Mydecine’s SASSP program, which will provide psychedelic drug products and related services to physicians, clinics and hospitals in Canada for psychotherapy
  • Health Canada announced earlier this month that the government has amended its medicinal regulations to allow psilocybin and MDMA prescriptions for otherwise treatment-resistant patients

Addiction and mental health treatment-focused biotechnology company Mydecine Innovations Group (NEO: MYCO) (OTC: MYCOF) is building on its psychedelics-as-a-medicine research through a collaborative partnership LOI that would see Mydecine supply two psychedelic drug compounds for mental health treatments in compliance with the standards for Health Canada’s Special Access Program (“SAP”).

The partnership LOI between Mydecine and The Newly Institute Inc. aims to provide more effective responses to psychotherapy patients at The Newly’s private inter-disciplinary mental health clinics across Canada, with a proposed revenue-sharing agreement between the two companies. 

Under the rubric of the program, Mydecine will provide cGMP (Current Good Manufacturing Practice-adherent) psilocybin and 3,4-methylenedioxymethamphetamine (known commonly as MDMA, or Ecstasy) along with safety and efficacy data required by the SAP. The Newly will provide the clinic locations and their experienced therapists for the treatments. 

“Research supports that psychedelic-assisted psychotherapy can break down deeply rooted psychological defenses, facilitate therapeutic breakthroughs and effect substantial improvements in long-term mental health,” The Newly Chief Scientific Officer Dr. Marshall Ross stated in a news release announcing the LOI (

“Our goal at The Newly is to build a network of clinics across Canada that deliver innovative and leading-edge mental health treatments to individuals in need,” The Newly President & CEO Arthur H. Kwan added. “The platform we’re developing can be very effective in enabling us to deploy new and innovative best-practice treatments and therapies. We are pleased to partner with a company like Mydecine to enhance the mental health care being provided to Canadians.”

The partnership is the first to be announced under Mydecine’s Special Access Support and Supply Program (“SASSP”), which will provide psychedelic drug products and related services to physicians, clinics and hospitals in Canada for psychotherapy ( in the wake of Health Canada’s announcement that federal regulations have been amended to allow caregivers and pharmacists to obtain and prescribe psilocybin and MDMA for treatment-resistant patients (

Mydecine and The Newly will work together to develop the protocols for treatment and therapy manuals for a variety of conditions. 

As a company committed to research, development and acceptance of alternative nature-sourced medicine for mainstream use, Mydecine has conducted significant research on the pharmacological potential in mushrooms, discovering dozens of compounds in varied mushroom species — a large majority of which appear to have never been reported before.

“Most of these compounds are evolved to protect the mushroom’s fruiting body from predation by insects, nematodes and bacteria and are complex and metabolically expensive to produce. Since these compounds are evolved to affect biological systems and aspects of metabolic pathways, they stand a higher chance of proving to be useful pharmaceuticals,” the company’s Senior Scientist Duff Sloley stated last year (

A major area of focus for the company’s research has related to treating nicotine-addicted patients in the United States to help them quit smoking (, with a proposed FDA-approved study set to launch in the next couple months (

For more information, visit the company’s website at

NOTE TO INVESTORS: The latest news and updates relating to MYCOF are available in the company’s newsroom at

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