VANCOUVER, BC, Dec. 16, 2021 /CNW/ - Mind Cure Health Inc. (CSE: MCUR) (OTCQX: MCURF) (FRA: 6MH) ("MINDCURE" or the "Company"), a leader in advanced proprietary technology and research for psychedelics, announced today that the Company and its digital therapeutics technology, iSTRYM, have been certified as Health Insurance Portability and Accountability Act (HIPAA) compliant.
iSTRYM becoming HIPAA compliant reflects MINDCURE's commitment to achieving the highest standards of medical data protection and privacy. HIPAA compliance certification is the next step for the Company in working towards having the iSTRYM technology platform classified a 'Software as a Medical Device' by the FDA.
Kelsey Ramsden, President & CEO of MINDCURE, stated, "Receiving HIPAA compliance is a significant milestone for MINDCURE, which supports our goal of commercially deploying iSTRYM in the second quarter of 2022, as well as generating near-term revenue from the platform. We developed iSTRYM as a drug-agnostic tool that we will be able to scale beyond psychedelics and into other therapeutic fields, which could result in additional revenue opportunities for MINDCURE in the future."
iSTRYM is a mental health practice management software platform that empowers healthcare providers to deliver innovative and personalized healing solutions to patients. MINDCURE is positioning iSTRYM to become the industry's distribution network for science-based, evidence-backed protocols and Artificial Intelligence data systems.
Geoff Belair, MINDCURE's Chief Technology Officer, said, "We want to be the company that people trust with their minds, and achieving HIPAA is the first step of many in building that trust. At MINDCURE we passionately defend data privacy and will always ensure it is a core part of what we provide."
The Company announced in October that it had exceeded its previously announced target of 10 partner clinics for iSTRYM by the end of 2021, which currently includes partnerships with 20 ketamine clinics in nine states across the United States and three provinces in Canada.
"Our ability to partner with these clinics serves to validate our confidence in the iSTRYM platform and its value to patients and clinicians," continued Ms. Ramsden. "iSTRYM was created with the aim of shifting the paradigm of care and access to psychedelic-assisted psychotherapy, reducing the cost of care, improving patient outcomes, and providing a distribution network for psychedelic companies to distribute protocols."
In August, the Company released the minimum viable product ("MVP") of iSTRYM's digital therapeutics (DTx) technology to partner clinics across North America. MINDCURE also plans to expand iSTRYM software deployment to address the mental health markets in the United Kingdom and Europe by the fourth quarter of 2022.
iSTRYM is a first-of-its-kind software application that optimizes the healing journey for both patients and clinicians — before, during, and after therapy sessions. By bringing together and building proprietary technological solutions, iSTRYM offers therapists global, evidence-backed treatment protocols. For those practicing psychedelic medicine, the platform offers psychedelic-informed tools. For the broader psychotherapy market, integration plans and patient journeys are supported with real time assessments and personalized client care.
To request a demo or learn more about iSTRYM, please visit istrym.com.
The Company also announces it has granted a total of 270,000 stock options to certain employees pursuant to the terms of the Company's long term incentive plan ("Plan"). The stock options are exercisable: 10,000 at a price of $0.22 per share, 10,000 at a price of $0.205 per share and 250,000 at a price of $0.235 per share, and are subject to the terms of the Plan.
About Mind Cure Health Inc.
MINDCURE is a life sciences company focused on innovating and commercializing new ways to promote healing and improve mental health. The company is developing digital therapeutics technology and researching psychedelic compounds to support access to safe, evidence-based psychedelic-assisted therapies globally. Learn more at mindcure.com, and follow us on LinkedIn, Facebook, Twitter, and Instagram.
On Behalf of the Board of Directors
Kelsey Ramsden, President & CEO
Certain information presented in this news release may constitute "forward-looking information" within the meaning of applicable securities laws regarding MINDCURE and its business. Forward-looking information generally can be identified by the use of terms and phrases such as "anticipate", "believe", "could", "estimate", "expect", "feel", "intend", "may", "plan", "predict", "project", "subject to", "will", "would", and similar terms and phrases.
Forward-looking information is based on a number of key expectations and assumptions made by management of MINDCURE, including, without limitation: the COVID-19 pandemic impact on the Canadian economy and MINDCURE's business, and the extent and duration of such impact; no change to laws or regulations that negatively affect MINDCURE's business; the Company will develop its products as expected and that they will attain the outcomes anticipated; there will be a demand for MINDCURE's products in the future; no unanticipated expenses or costs arise; MINDCURE will be able to continue to identify products that make them ideal candidates for providing solutions for treating mental health; that strategic partnerships entered by the Company will create the opportunities and outcomes anticipated; that MINDCURE will advance wellness worldwide; and that HIPAA compliance certification will have a positive impact on the commercial deployment of iSTRYM.
Forward-looking information is provided for the purpose of presenting information about management's current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. Forward-looking information inherently entails known and unknown risks and uncertainties about the future and actual results and involves significant risks and uncertainties and should not be read as a guarantee of future performance or results as actual results may differ materially from those expressed or implied in such forward-looking information. Although MINDCURE has attempted to identify important factors that could cause actual results, performance or achievements to differ materially from those described in forward-looking information presented, there may be other factors that cause results, performance or achievements to differ from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on any forward-looking statements as no forward-looking information can be guaranteed.
Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and MINDCURE does not undertake any obligation to publicly update or revise any forward-looking information, whether as a result of new information, future events, or otherwise.
The CSE has neither approved nor disapproved the contents of this press release and the CSE does not accept responsibility for the adequacy or accuracy of this release.