MINDCURE Shares Update on Strong Financial Position, Near Term Revenue Drivers and Timeline for iSTRYM’s Market Launch, Delivering Mental Wealth
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
Mind Cure Health Inc. (CNSX: MCUR) (OTCMKTS: MCURF) 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.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.”
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