After our July interview with CEO Kelsey Ramsden about the company’s Ibogaine synthesis, August brought more exciting announcements for Mind Cure Health Inc (CNSX: MCUR) (OTCMKTS: MCURF). Ramsden joins us once more to talk about the beta release of iSTRYM things to look forward to for Mind Cure in Q4 and beyond.
Here’s some highlights from the interview.
Beta release of iSTRYM proof that Mind Cure delivers to investors
The beta version of iSTRYM has been released, and full commercial distribution is expected in Q1 of 2022.
Mind Cure is a young company, relatively speaking, as are many in the psychedelics space. But Ramsden says that putting together the platform in about six months proves that Mind Cure will deliver to investors.
Mind Cure has grown quickly in the last year, she says. But the team is strong and people will be able to see that they’re execution focused.
Minimum Viable Product period goal for Mind Cure will be 10 operational clinics with iSTRYM
The MVP (Minimum Viable Product) goal, Ramsden says, is to have ten clinics operational. The relatively small number is based on two reasons, she says. One is to have really good feedback, and a variety of different clinics involved. The other reason is to keep the development team from being overwhelmed.
There’s a silver lining to the smaller size of the MVP. The Mind Cure sales team has more time to develop relationships for greater scale, Ramsden says.
She adds that the initial focus for rolling out iSTRYM will be starting in the US with ketamine clinics. It will progress to ketamine clinics in Canada, and then they’ll begin examining other jurisdictions where psychedelics are legal across molecules. As they progress to this stage, Mind Cure will begin developing those protocols for other molecules with partners, globally.
Markets for iSTRYM in the US will likely begin with the coasts
Coastal markets are really important to Mind Cure, Ramsden admits. It’s easy to see why: greater populations are focused in denser areas, allowing a single clinic to serve a larger potential population. So Mind Cure will focus rolling out iSTRYM on “both coasts, and a couple spots in the middle,” Ramsden says.
“Pain is everywhere,” she adds, “so the market is vast and there’s lots of places to go.” But Mind Cure wants to go to the places where there’s likely to be a greater number of people who are willing to be early adopters, and willing to give more concrete feedback.
iSTRYM subscription model will vary depending on the clinic
The iSTRYM MVP is a mobile app, Ramsden says. Therapists will have the option to use the platform on their laptops or tablets, but for patients, the platform will be on the phone.
The subscription fee model, she adds, will depend on the carrier. Some are wrapping it into the price of therapy, Ramsden says. Others may pay for the therapist model and then charge something like $15 per patient per month.