MINDCURE is well-positioned to capitalize on its near-term revenue strategy, complete beta testing and launch of digital therapeutic tool iSTRYM and further its research into psychedelics
VANCOUVER, BC, April 29, 2021 /CNW/ - Mind Cure Health Inc. (CSE: MCUR) (OTCQB: MCURF) (FRA: 6MH) ("MINDCURE") a leader in advanced proprietary technology for psychedelic therapy, is pleased to share updates today on its financial position, near-term revenue strategy, timeline for iSTRYM's market launch, as well as its research plans and products for both psychedelics and nootropics designed to accompany the use of psychedelic medicines.
With MINDCURE's most recent equity raise of $23 million this past February, the Company believes it is well-positioned financially with a clear path to near-term revenues through its technology platform and nootropics product line. MINDCURE also announced last week the hiring of an experienced M&A and capital markets financial leader, Michael Wolfe, as the Company's new Chief Financial Officer. "We are well-positioned financially to capitalize on opportunities in the short term while concurrently doubling down on our key strategic focuses which we have been sharing with the market over the past several months," said Kelsey Ramsden, MINDCURE President and CEO.
Near-term revenue generation is a key part of MINDCURE's financial strategy. It expects a commercial rollout of its digital therapeutics platform, iSTRYM, by Q1 2022, and currently sells its nootropic supplements through MINDCURE Wellness (www.mindcurewellness.com). The Company is also developing proprietary formulations for before (pre) and after (post) psychedelic-assisted psychotherapy, to help patients prepare for and integrate from their sessions.
"MINDCURE recognizes the value of blue sky opportunities in drug development and while we pursue the establishment of a clearly differentiated research program from other psychedelic companies, leading with synthesizing ibogaine, we believe strongly that bottom line fundamentals are essential," said Mrs. Ramsden. "And that is why we are developing horizons of realizable revenue through a planned global SaaS rollout with iSTRYM anticipated to become a platform backbone of the psychedelic-assisted psychotherapy industry with our AI driven technology."
With a series of recent partnership announcements with Speak Ai Inc. ("Speak Ai"), LUCID Inc. ("LUCID"), and SOMA Breath Inc. ("SOMA Breath"), MINDCURE is committed to building iSTRYM into the go-to resource that therapists and patients will turn to for science-backed, personalized psychedelic and non-psychedelic mental health care at scale. Speak Ai is developing custom integrations of its data collection software to enable iSTRYM to marry sentiment with biometric data, location, weather, and a variety of other variables to help optimize its integration protocols and provide individuals with quantified care at scale globally, across a variety of psychedelic medicine protocols. LUCID is designing custom AI-based music experiences within iSTRYM to enhance the effectiveness of psychedelic treatments, and SOMA Breath is building a custom breathwork track in addition to licensing its existing breathwork platform, which will enable therapists to design more effective sessions and also increase the likelihood of an effective post-session integration for patients.
The beta version of the iSTRYM is scheduled to launch this August, and the development is both on track and on budget. "We are both pushing really fast and being very thoughtful with iSTRYM's build-out," continued Mrs. Ramsden. "We want to ensure that this platform will effectively serve the needs of the market, for both therapists and patients, and researchers as well. This is why we have selected best-in-class partners and integrations across the spectrum of mental health treatments, and brought in people such as Ty Tashiro and Daniel Herrera to the team." Mr. Tashiro, MINDCURE's Senior Translational and Psychometric Architect, is an expert in psychometrics and is guiding the development of client assessments, as well as specific items and scales for proprietary use within iSTRYM to ensure that therapists have the tools they need to be successful.
Additionally, with its investment in ATMA Journey Centers Inc. ("ATMA"), MINDCURE believes it has a direct go-to-market strategy to get iSTRYM into the hands of therapists and patients. And beyond ATMA, Mr. Herrera is leading strategic partnerships that are planned to leverage iSTRYM with additional mental health partners across the psychedelics and health care value chain, with the intention of driving platform engagement of iSTRYM among researchers, therapists and patients.
Research & Science
Led by Dr. Ryan Hartwell, Dr. Dan Engle and a team of world-renowned researchers and scientists at the forefront of psychedelics, MINDCURE's science arm is focused on the synthetic production of pharmaceutical grade ibogaine, supporting Dr. Engle's work as the Primary Investigator into treating traumatic brain injuries (TBIs) through psychedelic-assisted psychotherapies, and leveraging PsyCollage, the Company's first-generation bioinformatics platform, intended to drive more meaningful clinical work and research programs.
"PsyCollage provides the data and tools necessary for our scientific team to make informed decisions, and for us as a Company to allocate our capital and resources into the most meaningful opportunities and best possible outcomes," said Mrs. Ramsden. "Our research starts with identifying opportunities to improve how the world treats mental health issues. Then, we develop solutions for commercialization."
As mentioned above, MINDCURE is also developing proprietary pre and post-therapy session nootropics to add to its existing product line. "We view both our existing nootropics and adaptogen products as well as these coming formulations as an important part of our near-term revenue generation strategy," continued Mrs. Ramsden. "While the benefits of functional mushrooms are well known to many, we see a clear opportunity to develop supplement products aimed specifically at supporting the psychedelic experience."
About Mind Cure Health (MINDCURE) Inc.
MINDCURE exists as a response to the current mental health crisis and urgent calls for effective treatments. MINDCURE believes in the need to reinvent the mental health care model for patients and practitioners to allow psychedelics to advance into common and accepted care.
MINDCURE is focused on identifying and developing pathways and products that ease suffering, increase productivity, and enhance mental health. MINDCURE is interested in exploring diverse therapeutic areas beyond psychiatry, including digital therapeutics, neuro-supports, and psychedelics, all to improve mental health.
On Behalf of the Board of Directors
Kelsey Ramsden, President & CEO
Certain statements in this news release may constitute "forward-looking information" within the meaning of applicable securities laws (also known as forward-looking statements). Forward-looking information involves known and unknown risks, uncertainties and other factors, and may cause actual results, performance or achievements or industry results, to be materially different from any future results, performance or achievements or industry results expressed or implied by such forward-looking information. 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, including references to assumptions. Some of the specific forward-looking information in this news release includes, but is not limited to, statements with respect to: MINDCURE being well-positioned to capitalize on its near-term revenue strategy; MINDCURE developing proprietary formulations for pre and post psychedelic-assisted psychotherapy; Speak Ai developing custom integrations of its software for iSTRYM; LUCID designing custom AI-based music experiences within iSTRYM; SOMA Breath building a custom breathwork track and licensing its existing breathwork program; the MVP of iSTRYM launching in August; and MINDCURE producing synthetic ibogaine.
Forward-looking information is based on a number of key expectations and assumptions made by 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; 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 the functional mushroom industry will continue to grow; MINDCURE developing proprietary formulations for pre and post psychedelic-assisted psychotherapy; Speak Ai developing custom integrations of its software for iSTRYM; LUCID designing custom AI-based music experiences within iSTRYM; SOMA Breath building a custom breathwork track and licensing its existing breathwork program; the MVP of iSTRYM launching in August; and MINDCURE producing synthetic ibogaine; and MINDCURE will be able to operate its business as planned. Although the forward-looking information contained in this news release is based upon what MINDCURE believes to be reasonable assumptions, it cannot assure investors that actual results will be consistent with such information.
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 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. Those risks and uncertainties include, among other things, risks related to: the impacts of the COVID-19 pandemic on the Canadian economy, MINDCURE's industry and MINDCURE's business, which may negatively impact, and may continue to negatively impact, MINDCURE and may materially adversely affect MINDCURE's investments, results of operations, financial condition, and MINDCURE's ability to obtain additional equity or debt financing, and satisfy its financial obligations; general economic conditions; future growth potential; competition for mental health and wellness investments; MINDCURE may not develop proprietary formulations for pre and post psychedelic-assisted psychotherapy; Speak Ai may not develop custom integrations of its software for iSTRYM; LUCID may not design custom AI-based music experiences within iSTRYM; SOMA Breath may not build a custom breathwork track and licensing its existing breathwork program; the MVP of iSTRYM may not launch in August; MINDCURE may not produce synthetic ibogaine; and changes in legislation or regulations. Management believes that the expectations reflected in the forward-looking information contained herein are based upon reasonable assumptions and information currently available; however, management can give no assurance that actual results will be consistent with such forward-looking information. Additional information on the risk factors that could affect MINDCURE can be found under "Risk Factors" in MINDCURE's final prospectus which is available on SEDAR at www.sedar.com.
The forward-looking information contained herein is expressly qualified in its entirety by this cautionary statement. Forward-looking information reflects management's current beliefs and is based on information currently available to MINDCURE. The forward-looking information is stated as of the date of this news release and MINDCURE assumes no obligation to update or revise such information to reflect new events or circumstances, except as may be required by applicable law.
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