Mr. Joshua Bartch reports

MYDECINE INNOVATIONS ANNOUNCES CLOSING OF PROSPECTUS SUPPLEMENT FINANCING

Further to the news release dated Sept. 15, 2023, Mydecine Innovations Group Inc. has closed its previously announced offering by way of a prospectus supplement. Pursuant to the offering, the company issued 18.75 million common shares of the company at a price of 20 cents per share for aggregate gross proceeds of $3.75-million.

The offering was completed pursuant to a shelf prospectus supplement to the company's final short form base shelf prospectus for the Province of Quebec and amended and restated final short form base shelf prospectus for each of the provinces of Canada, dated Jan. 28, 2022.

The company will use the proceeds of the offering as described in the prospectus supplement.

The prospectus supplement and base shelf prospectus are available on the company's profile on SEDAR+.

About Mydecine Innovations 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 a National Institute on Drug Abuse-funded 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.