Dr. Weingardt, a clinical psychologist and previously a Senior Clinical Director at Pear Therapeutics will guide MINDCURE's digital therapeutics technology (DTx) platform, iSTRYM, through near-term commercial deployment
VANCOUVER, BC, Aug. 10, 2021 /PRNewswire/ - Mind Cure Health Inc. (CSE: MCUR) (OTCQB: MCURF) (FRA: 6MH) ("MINDCURE" or the "Company"), a leader in advanced proprietary technology and research for psychedelics, is pleased today to welcome Dr. Ken Weingardt, CEO of Audacious Digital Health, as a consulting Senior Clinical Technology Advisor.
Dr. Weingardt will work with the MINDCURE team to take the minimum viable product (MVP) version of iSTRYM, the Company's digital therapeutics platform, to clinical excellence in both commercial deployment and design. He will focus on the Company's science-based, evidence-backed approach and guide iSTRYM as we accelerate toward near-term commercial deployment.
As forecast, iSTRYM is currently on schedule and on budget, with MVP deployment in Q3 2021 and commercial deployment Q1 2022.
"Adding Ken to our team is a hallmark moment. We are in the early days of this fast-growing psychedelics market and are proud that Ken chose to work with MINDCURE," said Kelsey Ramsden, President & CEO, MINDCURE. "I'm honoured and excited to show what we will achieve together. I believe that vision, teamwork, and speed of execution are the keys of every disruptive business that delivers on its strategy and drives results for its customers and its investors."
A clinical psychologist with 20 years of experience working at the intersection of technology and behavioural health, Dr. Weingardt was most recently the Director of Clinical Programs at Woebot Health and a Senior Clinical Director at Pear Therapeutics. In July of this year, Woebot Health closed a $90 million Series B round, and Pear Therapeutics recently announced plans to go public in a $1.6 billion SPAC deal. At Pear, Dr. Weingardt worked with product, engineering, data science, and regulatory teams in developing FDA-approved prescription digital therapeutics for psychiatric disorders. In his career to date, he has led the development and implementation of digital behavioural and mental health technologies globally.
"I'm very excited to join MINDCURE as an advisor," said Dr. Ken Weingardt. "This company is among the first to develop a digital therapeutic specifically designed to support the process of psychedelic-assisted therapy. I am delighted to advise the team as they leverage innovative technologies to potentially reduce symptoms, improve quality of life, and support transformation and healing."
iSTRYM is a first-of-its-kind software application that optimizes the healing journey for both patients and clinicians — before, during, and after therapy sessions. By bringing together and building proprietary technological solutions, iSTRYM offers therapists global, evidence-backed treatment protocols, in-session psychedelic-informed tools, customizable dashboards, integration plans, insights into patient journeys, and real-time assessments for personalized client care.
iSTRYM is set up to operate like a standard SaaS platform. Clinics who onboard with the technology pay a set-up fee for training, and an ongoing fee determined by the size of clinic and number of therapists. iSTRYM provides clinics with standard treatment protocols and serves as a distribution arm for treatment protocols from other brand name providers and research institutions. MINDCURE intends to scale iSTRYM globally, whenever and wherever mental health can be served by a quantified and personalized care program.
Developing the distribution network of content and care protocols for psychedelic drugs will allow MINDCURE to create value at all levels of the value chain: client, clinic, protocol developer, and drug developer.
iSTRYM will be available to a select number of clinics throughout North America in Q3 2021. The software will be launched broadly and commercially to clinics in Q1 2022. The launch will initially target psychedelic centers and is planned to expand to integrated clinics, both traditional and psychedelic, and eventually the broader mental health market. The company intends to file for FDA approval under the software as a medical device (SaMD) pathway, streamlining reimbursement and providing validation as a therapeutic intervention.
About Dr. Ken Weingardt
Dr. Weingardt is a clinical psychologist with 20 years of experience working at the intersection of technology and behavioral health. As an Associate Professor at Northwestern Feinberg School of Medicine he served as the Scientific Director, Center for Behavioral Intervention Technologies (CBITS), where he worked with researchers and clinicians to develop and evaluate digital therapeutics for behaviour health. Prior to this, he held an appointment as a Consulting Associate Professor in in the Department of Psychiatry and Behavioural Sciences at Stanford University School of Medicine. In addition, he has served in a variety of national leadership roles in the US Department of Veterans Affairs (VA), including the National Director for Mental Health Web Services, where he led a team that was responsible for all of the VA mental health web assets including the patient portal. In his career to date, has led the development and implementation of digital behavioural and mental health technologies globally.
On another note, the Company also announces that it has granted an aggregate of 25,000 stock options under its incentive stock option plan (the "Plan") to employees of the Company. The stock options are exercisable at a price of $0.405 and subject to the terms of the Plan.
About Mind Cure Health Inc.
MINDCURE is a life sciences company focused on innovating and commercializing new ways to promote healing and improve mental health. The company is developing digital therapeutics technology and researching psychedelic compounds to support access to safe, evidence-based psychedelic-assisted therapies globally. Learn more at mindcure.com, and follow us on LinkedIn, Facebook, Twitter, and Instagram.
On Behalf of the Board of Directors
Kelsey Ramsden, President & CEO
Certain information presented in this news release may constitute "forward-looking information" within the meaning of applicable securities laws regarding MINDCURE and its business. Forward-looking information inherently entails known and unknown risks and uncertainties about the future and actual results, performance or achievements contemplated by forward-looking statements made may be materially different from the results anticipated or implied by such forward-looking information. Forward-looking information generally can be identified by the use of terms and phrases such as "anticipate", "believe", "could", "estimate", "expect", "feel", "intend", "may", "plan", "predict", "project", "subject to", "will", "would", and similar terms and phrases.
Forward-looking information is based on a number of key expectations and assumptions made by management of MINDCURE, including, without limitation: the COVID-19 pandemic impact on the Canadian economy and MINDCURE's business, and the extent and duration of such impact; no change to laws or regulations that negatively affect MINDCURE's business; there will be a demand for MINDCURE's products in the future; no unanticipated expenses or costs arise; MINDCURE will be able to continue to identify products that make them ideal candidates for providing solutions for treating mental health; that the functional mushroom industry will continue to grow; that iSTRYM will be developed, optimized and operate as contemplated within the psychedelics industry; that the Company will be effective in obtaining the patents applied for synthesizing ibogaine, or synthesizing ibogaine, or developing synthesized ibogaine for research, medical or commercial use; that MINDCURE will advance wellness worldwide; or that iSTRYM will be brought to commercial deployment in the near term or otherwise or that it will reduce symptoms, improve quality of life, and support transformation and healing.
Although MINDCURE has attempted to identify important factors that could cause actual results, performance or achievements to differ materially from those described in forward-looking information presented, there may be other factors that cause results, performance or achievements to differ from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on any forward-looking statements as no forward-looking information can be guaranteed.
Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and MINDCURE does not undertake any obligation to publicly update or revise any forward-looking information, whether as a result of new information, future events, or otherwise.
SOURCE Mind Cure Health Inc.