Biopharma and Life Sciences company dedicated to research, development and commercialization of innovative treatments to mental illness patients Mydecine Innovations Group (CSE: MYCO) (OTC: MYCOF) has released its financial results for the year 2020.
The company says it closed the year with $2.2 million cash in hand, additionally, Mydecine says since the beginning of 2021 it has managed to raise over $30 million.
In the year 2020, the company reported a net loss of $26.9 million. Mydecine says it’s making efforts to turn this around, among the efforts include building infrastructure for mid-term development of a legal psychedelics industry.
The company says this process is a slow one but it has reached several milestones in recent years with the recent ones including several states in the United States decriminalizing possession and use of psychedelics substances.
The more recent development is the legalization of compounds like MDMA and psilocybin for treatment of various mental conditions by the United States Food and Drug Administration (FDA).