- iSTRYM has just received HIPAA certification as it targets full commercialization in Q2 2022
- MINDCURE also announces bolstering its management team with a former VP from Eli Lilly
Another day, another milestone accomplished for Mind Cure Health Inc. (CSE:MCUR / OTCQX:MCURF) and its iSTRYM digital therapeutics platform.
The latest achievement in the development of the iSTRYM platform is certification as “HIPAA compliant”. Short for Health Insurance Portability and Accountability Act, this is an important/necessary certification as MINDCURE prepares to fully commercialize iSTRYM.
In a December 16th news release, MINDCURE’s President and CEO, Kelsey Ramsden, updated investors on iSTRYM.
“Receiving HIPAA compliance is a significant milestone for MINDCURE, which supports our goal of commercially deploying iSTRYM in the second quarter of 2022, as well as generating near-term revenue from the platform. We developed iSTRYM as a drug-agnostic tool that we will be able to scale beyond psychedelics and into other therapeutic fields, which could result in additional revenue opportunities for MINDCURE in the future.” [emphasis mine]
Next for iSTRYM and MINDCURE: obtaining certification from the FDA for iSTRYM as a “Software as a Medical Device” approved platform.
On track for a commercial launch in the second quarter of next year, investors who are new to MINDCURE and iSTRYM will want additional details. Psychedelic Stock Watch recently told the story of the iSTRYM platform in a feature article.
The gist of that presentation is that MINDCURE has rapidly built-out the iSTRYM digital therapeutics platform, taking iSTRYM from the drawing board to its initial roll-out in less than a year.
Why digital therapeutics and why is MINDCURE making iSTRYM the focal point of operations at present?
Much like psychedelic medicine is the future of mental health care, digital therapeutics is the future of healthcare, in general.
Next-generation software platforms now being put into commercial use, such as iSTRYM, do much more than just add convenience/efficiency in the healthcare treatment model. Via the integration of AI, these platforms are becoming important (and necessary) therapeutic tools.
That’s a good reason for a diversified psychedelics company like MINDCURE to be developing its own digital therapeutics. These platforms have equal utility for life science companies: they allow the rapid and cost-efficient scaling up of treatment models.
That’s the dual purpose behind MINDCURE’s iSTRYM strategy. Full exposure to the commercial potential of providing mental health treatment to the 2+ billion people globally with untreated mental health disorders – the Mental Health Crisis.
However, while clinic operators grapple with the logistics (and regulatory issues) surrounding expanding their treatment networks, iSTRYM bypasses that operational uncertainty (and investor risk).
Clinic operators are encouraged to adopt the iSTYRM platform as both strong support for the delivery of healthcare services as well as an integral tool in their expansion plans. As clinic operations grow, so do the licensing fees for iSTRYM – and MINDCURE’s shareholders.
Already, MINDCURE has reported that 20 clinic operators have signed up to use the iSTRYM MVP platform. That put MINDCURE on pace to meet its target for the commercialized version of iSTRYM: 150 clinic partners across the U.S, Canada and Europe by the end of 2022.
For investors, the value proposition only gets more enticing when they look at the financial picture with MINDCURE. Sitting with a cash (and equivalents) position of CAD$15.6 million as of its last reporting period (August 31st, 2021), MINDCURE has more than enough to capital to execute on its growth strategy.
Yet, with psychedelic stocks currently sitting in a severe trough, MINDCURE’s market cap has been compressed to just CAD$22 million.
Enormous growth potential in operations. A stellar value proposition for investors.
Offering additional blue sky are some of MINDCURE’s other lead initiatives in corporate development. Parallel to iSTRYM, MINDCURE has been busy advancing its own proprietary ibogaine synthesis, and the Company is nearing GLP (Good Laboratory Practice) production.
More recently, MINDCURE is very bullish on its newest research project: the Desire Project.
Female Hypoactive Sexual Desire Disorder is a dramatically under-served treatment market with, in the U.S. alone, an estimated treatment population of 9.5 million pre-menopausal women. CEO Ramsden is especially passionate about this initiative.
“We know that sexual health contributes to overall wellbeing and that studies relating to HSDD suggest that female desire has deep roots in the mind. Women's desire issues have not been adequately addressed to date, and we believe that treatment incorporating MDMA and psychotherapy has real promise as it may target those roots of desire in the mind and unlock healing for women lacking desire.”
As MINDCURE advances operations, the Company also continues to strengthen its management team. On December 14th, MINDCURE announced the appointment of Dr. Doron Sagman as its new Chief Medical Officer.
With a wealth of experience in both mental health and the pharmaceutical industry, Dr. Sagman’s resume credits lead with his most-recent position: Senior Medical Director/Vice President, R&D and Affairs at Eli Lilly Canada. When investors see VPs from Big Pharma migrating to the psychedelic drug industry, that’s a pretty solid cue that this sector is due for take-off.
As 2021 draws to a close, investors in psychedelic stocks will be happy to see the calendar flip over to a new year. Following spectacular returns in 2020, almost all psychedelic stocks have been punished this year.
Markets can be “irrational, and the trading algorithms that dominate all stock trading today make them more so. The flip side to this is that for value investors, opportunities to scoop-up mispriced assets have never been better.
In the psychedelics space, Mind Cure Health is one of the companies that presently stands out – in a sector of undervalued public companies.
MINDCURE corporate presentation
DISCLOSURE: The writer holds shares in Mind Cure Health. Mind Cure Health is a client of Psychedelic Stock Watch.