Prominent mental healthcare conditions including anxiety, depression, and PTSD have historically required complicated, resource intensive, and expensive treatments with broad range of range of effectiveness.
Many in the mental healthcare industry are looking to expand and improve patient outcomes by incorporating new technologies into treatments for these chronic and complex conditions.
One of the technologies with the highest potential impact increasing the efficacy of mental healthcare treatments is Artificial Intelligence (AI).
Artificial Intelligence (AI) is a powerful and disruptive force driving introduction and deployment of more effective treatments, increased levels of care, improved efficiencies, and, ultimately, better outcomes for mental healthcare patients.
Worldwide consulting industry giant PWC Global says, “AI increases the ability for healthcare professionals to better understand the day-to-day patterns and needs of the people they care for, and with that understanding they are able to provide better feedback, guidance and support for staying healthy.”
One of the most aggressive adopters of AI-assisted mental healthcare treatments is the psychedelic-assisted therapies sector which has emerged in the last couple of years because of large investment from venture capital investors who, in many cases, are extremely familiar with the capabilities of modern technology.
One prominent example of an upstart company incorporating AI into its mental healthcare mission is MINDCURE (CSE:MCUR) (OTC:MCURF).
MINDCURE, a healthcare company with advanced proprietary technology for psychedelic therapy, has announced it will be incorporating an AI platform called Speak Ai into its iSTRYM platform.
Speak AI is a Canadian-based technology company that helps individuals and organizations analyze media, language, and metadata to automatically generate valuable insights through machine learning.
MINDUCRE’s iSTRYM is a digital therapeutic tool, designed to provide close to real-time data regarding patient care, procedures and protocols, and other resources for therapists, clinicians, and patients with mental health concerns.
The combination of the two technologies has created the potential for large and sustainable improvements in mental healthcare clinical applications.
Tyler Bryden, Speak Ai Founder, “We are proud to partner with MINDCURE today to help build iSTRYM into a must-have solution for therapists and patients around the world,” said “I have had the privilege to witness the potential of psychedelic-assisted therapies in my own life and in the lives of amazing people around me who are healing from anxiety, depression, PTSD, traumatic brain injuries, and more.”
This announcement is a major move in the psychedelic-assisted therapy sector as MINDCURE’s technology is not limited to just its own clinical research trials.
MINDCURE is also a technology company which makes its own proprietary applications and solutions available to the entire spectrum of mental healthcare clinical research providers and programs.
This is an important distinction. Other technologies being developed are focused solely on research and not the broader industry of psychedelic-assisted psychotherapy providers. This focus on both research and the larger market offers a more direct path to near term revenue and larger potential target market.
MINDCURE is just one of multiple companies targeting the development and deployment of psychedelic-based therapies.
Mind Medicine (NEO:MMED)(OTC:MMEDF), Numinus Wellness (TSXV:NUMI) (OTC:LKYSF), Field Trip Health (CSE:FTRP) (OTC:FTRPF), and Cybin Inc. (NEO:CYBN) (OTC:CLXPF) have all announced clinical research programs involving different mental health conditions and therapies using psychoactive substances.
Other recent developments for the leading companies are playing a role in the growth, acceptance, and development of the rapidly rising psychedelics sector:
MINDCURE (CSE:MCUR) (OTC:MCURF):
MINDCURE is a health and wellness company focused on developing treatments the many aspects of the rapidly growing medicinal psychedelics sector.
The company seeks to identify and develop products that ease suffering, increase productivity, and enhance mental health through products and therapies based in the psychedelics.
Since its initial public offering (IPO) in September 2020, MINDCURE has been steadily advancing its business.
The company has demonstrated its aggressive growth strategy with many recent advances including the completion of a financing deal to accelerate the company’s growth.
MINDCURE announced a C$10 million public offering on January 21st.
As a potential sign of strong investor demand, within 24 hours of the initial financing announcement MINDCURE stated it would be increasing the financing to C$20 million due to overwhelming investor demand.
By the time the financing closed, the total new capital for MINDCURE was a gross of C$23 million.
MINDCURE has been deploying this capital into multiple ventures including a strategic investment in ATMA Journey Centers whose mission is to deliver effective and innovative healing and transformative experiences targeted at awakening patients to a deeper connection with self and with the world.
Mind Medicine (NEO:MMED)(OTC:MMEDF)
Mind Medicine has emerged as a leader in the psychedelic biotech sector.
According to the company, it “Discovers, develops and deploys psychedelic inspired medicines and experiential therapies to address addiction and mental illness.”
Mind Medicine is researching potential therapies using Psilocybin, LSD, MDMA, DMT and an Ibogaine derivative, 18-MC for conditions of Anxiety, Addition, and Adult ADHD.
The company recently announced it has closed on its acquisitions HealthMode.
HealthMode is a digital medicine and therapeutics startup that applies Artificial Intelligence (AI)-enabled digital tracking and measurement to increase both the precision and speed of clinical research and patient monitoring.
Mind Medicine (MindMed) Inc. recently released the results of its study on clinical application of MDMA (3,4-methylenedioxy-methamphetamine) in Journal of Psychopharmacology.
The study used data from 194 MDMA administrations in 10 randomized placebo-controlled studies in healthy subjects. It was conducted at University Hospital Basel Liechti Lab in Basel, Switzerland.
The study provided the first scientific data for predicting responses to MDMA and optimizing dosing to maximize potential beneficial therapeutic effects and reducing adverse effects.
Numinus Wellness (TSXV:NUMI) (OTC:LKYSF):
Numinus is a company that develops and deploys psychedelic therapies.
It is the first company in Canada to receive a license to extract psilocybin from mushrooms, to complete a legal harvest of psilocybe mushrooms using this licence, and the holder of a Health Canada dealer's licence to import, export, possess, test, and distribute MDMA, psilocybin, psilocin, DMT, and mescaline.
Numinus states on its web site that it foresees, “Safe, legal access is going to become increasingly available for a range of conditions, including depression, PTSD & substance use disorders.”
The company announced at the end of 2020 a collaboration with the Multidisciplinary Association for Psychedelic Studies (MAPS) Public Benefit Corporation to seek approval of MDMA-assisted psychotherapy for PTSD.
MAPS is a leading advocate for medicinal use of psychedelics. Since its founding in 1986 it has sought to design and fund studies covering medical applications of psychedelic substances.
Numinus continued its expansion into 2021.
The company announced in January it had signed a lab services agreement with Optimi Health Corp., developer of a vertically integrated functional mushroom brand focused on the health and wellness sector, to further the research and development of Canadian-grown psilocybin-producing mushrooms.
In February of 2021 Numinus announced it will be acquiring Mindspace Wellbeing. Numinus described Mindspace Wellbeeing as a Montreal-based well-being organization which grew from a state-of-the-art psychology clinic with a focus on evidence-based approaches to mental health.
In March, Numinus completed a “bought deal” financing for C$35 in additional capital.
Field Trip Health (CSE:FTRP) (OTC:FTRPF):
Field Trip Health de describes itself as “leading the medical and scientific re-emergence of psychedelics and psychedelic-enhanced therapies.”
It is developing its proprietary drug candidate FT-104, a novel, synthetic psychedelic molecule that is a serotonin 5HT2A receptor agonist.
It operates a number of clinical hubs for psychedelic therapies and is steadily adding more.
Field Trip Health has announced the opening of a research and development laboratory for psychedelic fungi in Mona, Jamaica and another clinical health center in Atlanta, Georgia.
The company also announced a new financing deal through a “bought deal.”
Field Trip Health initially announced a C$50 million financing deal, but just increased it to just over C$82 million.
The company stated it intends to use the new capital for the ongoing development of its “FT-104” novel psychedelic development program, to open new Field Trip Health centers, and, as usual, for working capital and general corporate purposes.
Cybin Inc. (NEO:CYBN) (OTC:CLXPF):
Cybin is a life-sciences company focused on advancing psychedelic and nutraceutical-based products.
It is also directly supporting clinical studies across North America and other regions through strategic academic and institutional partnerships.
Cybin’s latest big move came from a financing deal.
In February Cybin completed a financing deal for a gross total of C$34.3-million.
In a recent business update, Doug Drysdale, Cybin’s CEO, stated, "The past few months have been exciting and productive for Cybin. In a very short time, we have raised nearly $90-million, giving us an ample runway to support our investigative and clinical work, as well as to pursue strategic opportunities as they arise. The support and validation from our top-tier investors is very gratifying.”
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