Mr. Joshua Bartch reports

MYDECINE REPORTS FINANCIAL RESULTS FOR THE FIRST QUARTER OF FISCAL YEAR 2023

Mydecine Innovations Group Inc. has released the financial results for the three months ended March 31, 2023.

Financial results for the three months ended March 31, 2023

Net loss: The net loss attributable to common stockholders was $7.65-million, from operations, or a basic and diluted loss per share of (41 cents). For the same period in 2022, loss from operations was $5.63-million, or a basic and diluted loss per share attributable to common stockholders of ($1.20).

Cash position: The company had $10,291 in cash and cash equivalents as of March 31, 2023.

Financial position: Total assets at March 31, 2023, were $2,220,877, which included $1,756,110 of current assets as compared with total assets at March 31, 2022, of $5.21-million, which included $3.24-million of current assets. Total liabilities as at March 31, 2022, were $10,274,478, which included $5,343,332 of current liabilities compared with total liabilities at $8.92-million, which included $4.31-million of current liabilities.

Total expenses: Total expenses for the three months ended March 31, 2023, were $3,980,438 compared with $4.74-million for the three months ended March 31, 2022.

About Mydecine Innovation Group Inc.

Mydecine is a publicly traded, prerevenue biopharmaceutical company that began operations in North America and Europe in early 2020. Mydecine was founded to increase physicians' access to serotonin-modulating medicine. Recent research has demonstrated the therapeutic potential of psychedelic substances such as psilocybin and MDMA for treating intractable conditions such as pain, anxiety, depression, addiction and posttraumatic stress disorder, along with neurodegenerative disorders. Mydecine believes these compounds can be safer, more effective and more accessible for patients and medical professionals through modern drug chemistry paired with artificial intelligence. Mydecine is developing innovative medications for target indications with high mortality rates that have lacked innovation for decades and are controlled by dominant corporations. Mydecine developed several pro-drug families, beginning with a psilocybin-derived smoking cessation drug undergoing an NIDA-financed trial at Johns Hopkins University. Mydecine is also developing MYCO-006 short-acting chemical analogues derived from MDMA for treating various conditions, including anxiety and pain. Mydecine utilizes cutting-edge artificial intelligence and pharma research infrastructure at the University of Alberta to develop and manufacture new medications to make them affordable and accessible to the general public upon Health Canada and Food and Drug Administration approval. The Mydecine team is enthusiastic about its mission and is dedicated to creating a positive difference in the lives of others.

We seek Safe Harbor.