- Mydecine has partnered with Dr. Matthew Johnson and Johns Hopkins University for two upcoming trials for MYCO-001 – a psilocybin approach to smoking cessation
- The company is positioned to fill a billion-dollar hole in the industry after the leading pharmaceutical Chantix was removed from the market due to cancer risks
- Two previous psilocybin trials conducted by Dr. Johnson, show promising results for the use of psilocybin as a smoking cessation tool when paired with cognitive behavioral therapy (“CBT”)
Smoking remains among the leading public health concerns of the 21st century. The total number of tobacco-related deaths worldwide has reached six million, a figure expected to rise to eight million by 2030 (https://ibn.fm/RYhMD). Earlier this year, one of the leading smoking cessation tools prescribed by physicians, Chantix, was pulled off the market for its cancer risk, leaving a large hole in a fast-growing market rife with opportunity. Mydecine Innovations Group (NEO: MYCO) (OTC: MYCOF) (FSE: 0NFA), a biotechnology and digital technology company aiming to transform the treatment of mental health and addiction disorders, is in a good position to tap into the opportunities offered by this sector, which is expected to reach $63.99 billion by 2026, growing at a CAGR of 16.9% (https://ibn.fm/4ag0A).
Mydecine has partnered with Dr. Matthew Johnson and Johns Hopkins University (“JHU”) to advance the company’s lead drug candidate MYCO-001 as a smoking cessation treatment. MYCO-001 is 99% pure psilocybin – a hallucinogenic alkaloid, which is often found in mushrooms. Positive clinical data has been produced assessing psilocybin and smoking cessation. In 2014, Johnson conducted a study of 15 participants that underwent cognitive behavior therapy (“CBT”) and used psilocybin. A total of 67% of the group had abstained from nicotine use at the clinical data’s 12-month mark.
Again, in 2020, Johnson conducted a new smoking cessation study that showed promising results as well. This trial consisted of 100 participants who used a combination of a single dose psilocybin and CBT or the nicotine patch and CBT. At the 12-month follow-up, the psilocybin treatment saw 59% abstaining from nicotine and 28% abstaining with the use of the patch.
In 2022, Johnson will be conducting two clinical trials to assess the safety and efficacy of the Mydecine’s proprietary MYCO-001 for treating nicotine dependence. The company’s seamless phase 2/3 trial at JHU will run in conjunction with Dr. Matt Johnson’s multi-site NIDA (National Institute on Drug Abuse) grant-funded study taking place at Johns Hopkins University, New York University and University of Alabama Birmingham. The NIDA study marks the first time in 50 years the government has funded a study of a psychedelic compound for therapeutic use. To date, Mydecine is the only company sponsoring clinical trials that use psilocybin to treat nicotine dependence. At this rate, Mydecine has positioned itself to bring a safer, more effective treatment to market as early as 2024 (https://ibn.fm/5zTRm).
Mydecine CEO Josh Bartch commented about upcoming trials in 2022 and discussed Johnson’s role in conducting these studies, as well as the C$5.5 million (US$4.2 million) financing the company received recently to fund its research (https://ibn.fm/pkCqK).
“I would like to thank our incredible strategic shareholder for stepping up in a tough, volatile market and continuing to support and expand upon your large stake in Mydecine,” Bartch said. “This financing will give Mydecine the runway needed to continue meeting important milestones like launching our smoking cessation study in partnership with Johns Hopkins University and PTSD (Post Traumatic Stress Disorder) studies with various global military-focused organizations, furthering our drug development initiatives and growing paid subscribers on our telehealth platform Mindleap.” Bartch also underlined that he was proud of the company’s accomplishments to date and was looking forward to launching multiple clinical trials in early 2021.
For more information, visit the company’s website at www.Mydecine.com.
NOTE TO INVESTORS: The latest news and updates relating to MYCOF are available in the company’s newsroom at https://ibn.fm/MYCOF
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