- Canada-based life sciences company Mind Cure Health is developing a synthetic form of the psychedelic drug ibogaine as part of its efforts to take a leading position in the burgeoning market for mental health therapies
- Psychedelics, strengthened by new clinical research driving scientific and legislative openness to the drugs’ possible benefits under controlled conditions, are overcoming stigmas that arose from recreational use of the drug
- Mind Cure Health is developing a proprietary software-as-a-service (SaaS) platform known as iSTRYM to optimize the healing journey between patients and caregivers
- The company recently released its year-end financial report and an analysis outlining its activities as well as its renewed strategic focus on technology and research
Life sciences company Mind Cure Health (CSE: MCUR) (OTCQB: MCURF) (FRA: 6MH) recently reported its financial results for the three and twelve months ended May 31, reporting on its first full year of operations since incorporation in March 2020. The report notes the company’s milestones leading to provisional patent filings for its innovative software application that will be used to provide real-time data for patient care in harmony with Mind Cure’s focus on developing mental health solutions that use novel psychedelic therapies.
“The strategy and infrastructure we have put in place over the past year positions the company well to continue the development and release of our digital therapeutics platform, iSTRYM, and to continue our research for psychedelics,” President and CEO Kelsey Ramsden said about the results (https://ibn.fm/z6tz8). “I would like to especially thank our investors for seeing and supporting the vision and execution at MINDCURE.”
The company initially began the year developing a nootropic line of functional mushrooms and supplements, in line with the rising consumer use of cognitive enhancement nootropics to improve brain function (https://ibn.fm/qlH35). With the company’s renewed focus on its digital technology and research and development activities, MINDCURE announced in August it has discontinued the development of its nootropics line of products.
“As our organization has grown and our bi-divisional technology and drug research strategy have been refined, we need to focus entirely on what we do best – creating advanced and proprietary technology for and drug research in psychedelics,” said Kelsey Ramsden.
During the past decade, scientific research and promising clinical trials have begun to suggest that drugs such as LSD, magic mushrooms, DMT, a variety of “plant medicines” including ayahuasca, iboga, salvia and peyote, as well as related compounds like MDMA and ketamine may become recognized as game-changing ways to treat depression, PTSD and addiction. The mental health community has observed the research with enthusiasm (https://ibn.fm/4RxVL).
Investors who no longer regard the cannabis industry as a risky pursuit are now moving smart capital behind psychedelics as the “next frontier” of therapeutic solutions. A recent report by Fortune magazine noted that when psychedelic medicine developer ATAI Life Sciences made its recent debut on the Nasdaq, shares surged by 40 percent on the first day of trading, driving the company to a valuation of $2.6 billion.
The growing global need for effective mental health treatments, evolving legislation and regulation, and widely supportive public opinion are all helping to drive an increase in investment capital and creating projections that the psychedelic health care market could reach $10.75 billion in revenues by 2027, according to Fortune’s report (https://ibn.fm/TLMdk).
Mind Cure’s devotion to building access to safe, science-based, evidence-backed psychedelic-assisted therapies globally includes a provisional patent application for its pharmaceutical-grade synthetic ibogaine to be used in clinical research as the industry advances.
For more information, visit the company’s website at www.MindCure.com.
NOTE TO INVESTORS: The latest news and updates relating to MCURF are available in the company’s newsroom at http://ibn.fm/MCURF
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