Funding for therapeutic medicine can be controversial, especially in the case of psilocybin. To address recent investor questions, IPO Edge spoke Wednesday with Mydecine Innovations Group, Inc. (CSE: MYCO, OTC: MYCOF) CEO Josh Bartch, whose company recently hired advisors to list on the London Stock Exchange in addition to its listing in Canada. The full interview follows:
IPO Edge: Recently, Mydecine raised CAD$4.7 million in a non-brokered private placement. Some ask what your true motivation was. Can you explain?
Operating a biopharma company takes money, a lot of money. We plan to be fiscally responsible with our investors in order to deliver on our various clinical trials, telehealth platform, and research initiatives. While most people would say that hitting your fundraising goals is a good thing, we know that we can’t please everyone. Most CEOs will tell you that the problem with being a publicly-traded company is that people are often looking for signs of your demise, even when there is nothing there.
Mydecine is growing, our research initiatives are running smoothly, and we have a lot of exciting things coming down the pipeline. Obviously, we’d love to have glowing endorsements, but if we have to disprove the doomsayers instead, well then, that’s just fine.
IPO Edge: Speaking of funding, there has also been news that your subsidiary, NeuroPharm, has engaged FreeMind Group to seek non-dilutive grant funding. What’s going on there?
FreeMind Group is one of the most highly-regarded consulting groups specializing in helping clients access non-dilutive grant funding – that is, funding that does not require the company to give away equity. Few agencies have FreeMind’s track record when it comes to receiving grants from the U.S. Department of Defense (DOD), DARPA, or the National Institute of Health (NIH), to name a few.
Currently, we are engaged in a number of clinical studies, like the world’s first study on the effects of psilocybin in treating PTSD, and we want to continue and expand those studies. Part of the equation includes additional funding, and if it doesn’t require us to give out equity, all the better.
Given that much of our work already fits pretty well within the mandate of many of these organizations that provide non-dilutive funding, applying for these programs is a no brainer. And with our exclusive agreement with FreeMind, our chances to be approved go through the roof.
IPO Edge: We also heard that Mydecine is seeking to uplist on the London Stock Exchange. Can you tell us more about that?
Last week, we announced that we had appointed Boustead Capital Markets LLP to begin the process of creating a dual listing on the London Stock Exchange (LSE). The LSE is one of the oldest, most respected, and largest stock exchanges in the world, so naturally, that is something that we want to be part of. Additionally, listing on the LSE will help connect us to European investors who are interested in Mydecine, but until now, have not been able to.
IPO Edge Contact:
John Jannarone, Editor-in-Chief