MINDCURE Signs LOI with Awakn Life Sciences to Distribute Ketamine Protocol for Alcohol Use Disorder into Clinics Across United States and Canada through iSTRYM, MINDCURE’s Digital Therapeutics Platform
Mind Cure Health Inc. (CNSX: MCUR) (OTCMKTS: MCURF), a leader in advanced proprietary technology and research for psychedelics, is pleased to announce the signing of a non-binding letter of intent (“LOI”) with Awakn Life Sciences (NEO: AWKN)(OTCQB: AWKNF) (“Awakn”), a biotechnology company with clinical operations researching, developing, and delivering psychedelic medicine to better treat Addiction.
The Company will enter into an agreement with Awakn to be a distributor of its ketamine-assisted psychotherapy for Alcohol Use Disorder (AUD) protocol in the US and Canada. Awakn’s protocol will be distributed through iSTRYM, MINDCURE’s digital therapeutics platform.
MINDCURE released the minimum viable product (MVP) version of iSTRYM into partner clinics across North America in August and will begin full commercial deployment to all partner clinics in Q1 of 2022. The company forecasts 75 partner clinics in Canada and the US deploying iSTRYM upon commercialization. Further deployment anticipates 150 clinics across Canada, the US, the UK, and Europe by Q4 2022.
iSTRYM provides a digital distribution network of science-based protocols developed by MINDCURE’s clinical partners, companies, academic institutions, and other healthcare providers directly to therapists. The Company is already partnering with ketamine-assisted psychotherapy clinics in nine states in the US and two provinces in Canada with plans to expand to the broader mental health market in 2022. The distribution component of iSTRYM unlocks another revenue line for MINDCURE, in addition to clinic and patient level revenues from the platform.
“Awakn’s goal is to fully integrate evidence-backed psychedelic-assisted psychotherapy into mainstream healthcare to better treat addiction. We’re currently building the UK and Europe’s leading chain of medical psychedelic clinics with a focus on treating addiction and other mental health conditions,” said Anthony Tennyson, CEO of Awakn Life Sciences. “We are extremely pleased that we now also have a partnership with MINDCURE to distribute our ketamine-assisted psychotherapy for Alcohol Use Disorder protocol through their iSTRYM platform in the US and Canada.”
Awakn acquired the licensing rights from the University of Exeter for a ketamine-assisted psychotherapy treatment for AUD, which has been validated in a completed Phase II a/b trial. Awakn’s license to use and deliver the ‘Ketamine in the Reduction of Alcoholic Relapse’ (KARE) psychotherapy treatment will be deployed in each of Awakn’s clinics in the UK and Europe and will be led by a consultant psychiatrist. Awakn’s Team includes world leading scientific, research and clinical experts in the treatment addiction, led by Professor David Nutt, who serves as Awakn’s Chief Research Officer and Chair of both the Scientific Advisory Boards (Preclinical and Clinical). The KARE protocol will be distributed by MINDCURE in its digital therapeutic platform across its growing network of clinical partners in the US and Canada.
Improving mental health is a global challenge and we’re building iSTRYM to be an innovative global solution. This is our first of many overseas partnerships with industry leaders who are developing scientifically rigorous psychedelics protocols and drugs whereby our technology provides a natural distribution partner to support both patients and therapists.Kelsey Ramsden, President & CEO, MINDCURE
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