Mydecine Signs LOI with Maya to Co-Develop a Novel Prescription Digital Therapeutic Platform Aiming to Further Increase Safety, Efficacy, and Accessibility of Psychedelic-Assisted Treatments
DENVER, Dec. 22, 2021 (GLOBE NEWSWIRE) -- Mydecine Innovations Group (NEO: MYCO) (OTC: MYCOF) (FSE: 0NF.F) (“Mydecine” or the “Company”), a biotechnology and digital technology company aiming to transform the treatment of mental health and addiction disorders, announced today that the Company has signed an LOI (letter of intent) with Maya. Together, the two companies plan to co-develop a novel digital therapeutics (DTx) platform. This platform would allow Mydecine to enhance treatment effectiveness by pairing the DTx with the Company’s existing digital health platform, Mindleap Health (“Mindleap”), alongside the Company’s medication-based treatments to create a trifecta approach.
This collaborative partnership aims to enhance Mindleap’s digital platform by collecting and computing unique data to create more personalized treatments for patients. Once the new DTx platform is complete, physicians could prescribe the new digital therapeutic in addition to Mydecine’s drug and therapy protocols or as a standalone option. The Company believes this will improve the efficacy of current treatment options by personalizing them to the patient and making them more accessible.
Maya is a purpose-built platform enabling real-world data and research to optimize outcomes and industry standards by enhancing safety, reducing the cost of care, increasing IP equity, and informing regulation of psychedelic-based therapy. Maya’s clinically validated surveys, biometric tracking, and protocol customization combined with Mindleap’s telemedicine, exclusive digital content, and community features will allow both companies to accelerate the development and commercialization of a novel DTx platform.
Both companies will pursue rigorous studies to achieve FDA Section 510(k) clearance upon software integration and a comprehensive regulatory assessment. This clearance will allow the DTx platform to be registered and used as a medical device to allow patients to receive insurance reimbursement coverage for treatments on the platform. This developing partnership with Maya will enable both companies to create standalone evidence-based software as a medical device DTx platform. In addition, the current smoking cessation clinical trial Mydecine is conducting in partnership with Johns Hopkins University, and Mindleap’s current consumer-facing offerings, will not be altered or affected.
“The technology integration of the two software platforms is aimed at enhancing Mindleap’s medical capabilities to more quickly and efficiently develop a personalized prescription-based digital therapeutic that will not only complement Mydecine’s smoking cessation treatment but eventually for all primary and ancillary indications the Company is targeting. We believe Digital Therapeutics is the next big wave in healthcare. We feel confident that once our DTx platform is complete, Mydecine will be on the cutting-edge and well-ahead of the competition. Creating and integrating a DTx will be equally as valuable as the drug discovery and therapeutic protocols that the Company currently has under development. The new platform will provide improved adherence to treatment protocols, patient experience, biometric insights, and post-approval insurance reimbursements,” commented Damon Michaels, Mydecine Co-Founder, Director, and COO.
The global digital therapeutics market size is estimated to be $4.20 billion in 2021 and expects to reach $10.62 billion in 2025 at a CAGR of 26.1%. Digital therapeutics, particularly those that a physician prescribes instead of releasing directly to consumers, allow biotech companies to enhance treatments using modern technology. This partnership will enable Mydecine to accelerate the launching of new features using a market-leading technology partner.
David Champion, Founder, and CEO of Maya, commented, “Digital therapeutics are starting to transform how biotech companies approach clinical development and healthcare delivery. Our team is excited to develop a prescription DTx tool to initially aid in smoking cessation along with Mydecine’s researchers and Mindleap’s technology team.”
About Mydecine Innovations Group
Mydecine Innovations Group™ (NEO: MYCO) (OTC: MYCOF) (FSE:0NFA) is a biotechnology and digital technology company developing innovative first-and-second-generation novel therapeutics for the treatment of mental health and addiction through world-class technology and drug development infrastructure. Mydecine Innovations Group was founded in 2020 on the guiding principle that there is a significant unmet need and lack of Innovations in the mental health and treatment environments. Mydecine Innovations Group is dedicated to efficiently developing innovative therapeutics to treat PTSD, depression, anxiety, addiction, and other mental health disorders. Mydecine Innovations Group's business model combines clinical trials and data outcome, technology, scientific and regulatory expertise, focusing on psychedelic therapy underpinned by other novel molecules with differentiated therapeutic potential. By collaborating with some of the world’s foremost authorities connected by best practices, Mydecine Innovations Group aims to responsibly fast-track the development of new medicines across its platforms, seeking to effectively treat and ultimately change the way we treat mental health disorders. Mydecine Innovations Group's vision is to bridge the current gap between what the cognitive healthcare system currently provides with the needs of the patients. Mydecine Innovations Group is headquartered in Denver, Colorado, USA, with international offices in Leiden, Netherlands.
Learn more at: https://www.mydecine.com and follow the company on Twitter, Instagram, and LinkedIn.
About Mindleap Health
Mindleap Health Inc. is a wholly-owned subsidiary of Mydecine. Mindleap’s virtual healthcare platform offers technology solutions to allow people to improve their mental health and wellbeing. The Mindleap platform provides remote telemedicine services for mental health coaching through its international network of mental health specialists along with mental health tracking and analytics. The Mindleap platform brings convenience, improves access to treatments, and can lead to more personal breakthroughs. In addition, Mindleap’s proprietary platform is designed to provide professional support and personalized treatment for every user. The company’s mission is to upgrade mental health by simplifying, modernizing, and improving access to mental health treatments for millions of people worldwide.
Learn more at: https://www.mindleap.com.
The Maya platform empowers psychedelic practitioners to map care journeys and improve health outcomes comprehensively. Maya’s global community of providers, participants, and researchers chart a knowledge base to advance safe and accessible psychedelic practices. Maya is a Colorado Public Benefit Corporation (PBC), which means its team members, advisors, investors, and supporters are aligned to prioritize purpose over profit. In addition, Maya is laying the foundations of a global environment for psychedelic healthcare to scale safely and effectively with specialized therapy software solutions.
Learn more at: https://www.mayahealth.com.
For more information, please contact:
Morgan Kervitsky, Director of Marketing
+1 (720) 277-9879
+1 (720) 277-9879
On behalf of the Board of Directors:
Joshua Bartch, Chief Executive Officer
For further information about Mydecine Innovations Group, Inc., please visit the Company’s profile on SEDAR at www.sedar.com or visit the Company’s website at www.mydecine.com.
This news release contains forward-looking information within the meaning of Canadian securities laws regarding the Company and its business, which relate to future events or future performance and reflect management’s current expectations and assumptions. Often but not always, forward-looking information can be identified by the use of words such as “expect,” “intends,” “anticipated,” “believes,” or variations (including negative variations) of such words and phrases, or state that specific actions, events or results “may,” “could,” “would” or “will” be taken, occur or be achieved. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made and information currently available to the Company. Readers are cautioned that these forward-looking statements are neither promises nor guarantees and are subject to risks and uncertainties that may cause future results to differ materially from those expected, including, without limitation, risks regarding the COVID-19 pandemic, the availability and continuity of financing, the ability of the Company to protect and enforce its intellectual property adequately, the Company's ability to bring its products to commercial production, the continued growth of the global adaptive pathway medicine, natural health products, and digital health industries, and the risks presented by the highly regulated and competitive market concerning the development, production, sale, and use of the Company's products. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, other factors may cause effects not to be as anticipated, estimated, or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. These forward-looking statements are made as of the date hereof. The company does not assume any obligation to update or revise them to reflect new events or circumstances save as required under applicable securities legislation.
Released December 22, 2021