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Mind Cure Health Inc
Symbol MCUR
Shares Issued 93,468,297
Close 2021-08-25 C$ 0.385
Market Cap C$ 35,985,294
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Mind Cure releases iSTRYM to NA partner clinics

2021-08-26 07:28 ET - News Release

Ms. Kelsey Ramsden reports


Mind Cure Health Inc. has released the minimum viable product version of iSTRYM, its digital therapeutics platform (DTx) for psychedelics, into partner clinics across North America.

The company will begin full commercial deployment to all clinics in the first quarter of 2022. Mind Cure plans initially to target psychedelic clinics and to then expand to integrated clinics, both traditional and psychedelic, and eventually to the broader mental health market. The company forecasts 150 clinics in Canada, the United States and Europe utilizing iSTRYM by the fourth quarter of 2022.

"Mind Cure created iSTRYM with the goal of unlocking value for researchers, therapists and ultimately patients in need," said Dr. John Brownstein. "I believe there's a real opportunity to improve mental health treatments through a better understanding of patient and research data and that this platform can be a valuable resource for the entire psychedelics industry."

Earlier this year, the company appointed Dr. John Brownstein, the chief innovation officer at Boston Children's Hospital, as a company adviser. Dr. Brownstein has been granted stock options for serving as an adviser to Mind Cure. An esteemed epidemiologist and professor at Harvard Medical School, Dr. Brownstein has been advising on Mind Cure's digital therapeutics technology, patient data security and data optimization.

"Digital therapeutics is a key part of our value-creation strategy, affording us near-term revenue opportunities and the capacity to globalize our footprint across every psychedelic molecule in locations where they are being administered in care legally," said Kelsey Ramsden, president and chief executive officer, Mind Cure. "These new psychedelic medicines demand new models, and technology-enabled care that uses AI and scientific rigour have an important and valuable role to play. Having methodically built a world-class team and built this platform from the ground up to serve psychedelics and scale beyond, I am excited to share the MVP version with our strategic partners within the psychedelics industry."

Developing the distribution network of content and care protocols for psychedelic drugs will allow Mind Cure to create value at all levels of the value chain: client, clinic, protocol developer and drug developer.

In line with the company's focus on its digital technology and research and development activities, the company has discontinued the development of its nootropic line of products. "As our organization has grown and our bidivisional technology and drug research strategy have been refined, we need to focus entirely on what we do best -- creating advanced and proprietary technology for and drug research in psychedelics," said Ms. Ramsden.

In other news, Mind Cure has retained KCSA Strategic Communications, a leading New York-based integrated communications firm, to provide public relations and investor relations services for a six-month term beginning Aug. 23, 2021. KCSA will be paid a monthly fee of $27,000 (U.S.) as consideration for the provision of the services.

About iSTRYM

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, in-session psychedelic-informed tools, customizable dashboards, integration plans, insights into patient journeys and real-time assessments for personalized client care.

About Mind Cure Health Inc.

Mind Cure 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.

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