Mydecine Inks Letter Of Intent With The Newly Institute To Expand Psychedelic Psychotherapy
Mydecine, a publicly traded company with the symbol of MYCOF, has signed a letter of intent with The Newly Institute. The agreement sets the stage for Mydecine to provide psychedelic-assisted psychotherapy to individuals through Health Canada’s revered Special Access Program. The company’s Special Access Support and Supply Program (SASSP) will provide cGMP psilocybin and MDMA to the new partner’s clinics throughout the country. Mydecine and The Newly Institute will share revenue stemming from their collaboration.
The corporate tandem will work in unison to create protocols, training and therapy guidance to help deliver treatment to individuals in need of assistance. Psychedelics investors should interpret the announcement as a bullish sign as it indicates Mydecine will ramp up its revenue through the distribution of psychedelics to patients battling depression, PTSD and additional pathologies.
About The Agreement
The letter of intent signed between Mydecine and The Newly Institute will facilitate collaboration on psychedelic-assisted psychotherapies to those in need of alternative treatment modalities. The Newly Institute is a Calgary, Alberta-based business establishing interdisciplinary clinics to treat the mentally ill. The company’s clinics are spread out across Canada.
The Newly Institute provides timely access to outpatient programs through innovative mental health, trauma and addiction therapies. The organization opened its initial location this past year in Calgary. If everything goes as planned, The Newly Institute will open even more clinics throughout the country as ’22 unfolds.
The partnership between Mydecine and The Newly Institute adjoins the companies’ elite teams of scientists and medical experts in an effort that will prove mutually beneficial. The hope is that the corporate tandem will boost the quality of care to patients struggling with mental health pathologies. The tandem’s work will generate resource packages necessary for practitioners and patients to earn entry into Health Canada’s Special Access Program.
The Newly Institute is Mydecine’s initial partner in its SASSP program noted above. However, the alliance with The Newly might be the first of many to come. It is possible that this letter of intent will be the first of several more to come in the months and years ahead.
As noted by Dr. Marshall Ross, the Chief Scientific Officer with The Newly Institute, the partnership between the two companies will prove beneficial to private interests as well as the public interest. Dr. Ross touched on how the corporate pairing will help Canadians in need of alternative treatment modalities. He also commented on how research supports the fact that psychedelic-assisted psychotherapy breaks down patients’ psychological defenses, spurs therapeutic breakthroughs and catalyzes meaningful improvements in mental health across posterity. Ross’s statement ended with a comment about how the corporate alliance will promote highly effective and safe treatment modalities through careful analysis and evidence-based protocols.
Mydecine’s Leadership Makes A Statement
Dr. Rakesh Jetly, the Chief Medical Officer at Mydecine, noted the recent alterations to the country’s SAP program are a bullish sign yet therapies must be brought to market in a safe and effective manner in order for them to make a positive impact on individuals in need of alternative treatment modalities. Jetly went on to state how he is excited to work with The Newly Institute team of scientists and medical professionals to integrate such alternative treatments.