- Psychedelic medicine is the future of mental health care
- Digital therapeutics is the future of healthcare, in general, as mainstream medicine goes “digital”
- With its iSTRYM digital therapeutics platform, MINDCURE is poised to capitalize on both of these trends
The Psychedelics Revolution is a healthcare revolution in treating – and curing – mental health disorders.
Over the 50 years that psychedelic drugs have been prohibited during the War on Drugs, conventional healthcare has failed miserably in treating mental health. The end result is a global Mental Health Crisis. Today, over 2 billion people are in need of new-and-better mental health treatment options.
Psychedelics such as psilocybin, MDMA, LSD and ibogaine are the Miracle Drugs that are going to power this revolution in mental health care.
Parallel to this is the digital therapeutics revolution.
For some investors in psychedelic stocks, that’s a term which may still require definition. Digital therapeutics refers to healthcare software platforms that bring 21st century communications and other information technology (including “AI”) to medical treatment.
One company that is a part of both of these revolutions is Mind Cure Health (CAN:MCUR / US:MCURF).
MINDCURE’s iSTRYM digital therapeutics is quickly gaining traction
With respect to psychedelics R&D, MINDCURE is advancing toward commercial production with its proprietary synthetic ibogaine manufacturing. MINDCURE is also very enthused about its Desire Project, a new drug initiative where the company hopes to move into a human clinical trial later in 2022.
However, the investor focus around MINDCURE at present centers on the Company’s iSTRYM digital therapeutics platform. Psychedelic Stock Watch recently looked at how iSTRYM is turning heads across the psychedelics industry.
iSTRYM is a first-mover among psychedelics companies. The Company announced the launch of the initial version of iSTRYM in August.
MINDCURE is ahead of its preliminary target of 10 partner clinics by the end of 2021. With already 20 health treatment clinics preparing for initial commercial launch of iSTRYM in early 2022, MINDCURE is on pace to meet its next target: 150 partner clinics by the end of 2022.
Psychedelic Stock Watch recently spoke with MINDCURE’s President and CEO, Kelsey Ramsden, and she quickly draw attention to an important aspect of iSTRYM’s commercial potential: its universality. The iSTRYM platform is equally suited to conventional healthcare as it is for the treatment of mental health.
However, it’s iSTRYM’s potential in the mental health treatment model that has MINDCURE especially excited.
“We arm therapists with the information and the services to get the best psychedelic patient outcomes. And we arm patients or clients with the opportunity to optimize their minds. We like the idea of supporting those people in integrating back into the common world afterwards in a more positive way. We also like the idea of everything being driven by data and science. Our digital therapeutics platform is super exciting to us because it’s going to help train therapists, arm therapists with what they need to know, and arm clients with the ability to optimize their minds.
Ultimately, it acts like Netflix, it up bumps the best psychedelic protocols and up bumps the best integration protocols. On the other side is our research and what we’re doing with psychedelic medicines to help move the science. I always say, data moves science and story moves culture. The digital therapeutics will capture all sorts of stories and will be able to help move the culture with all these positive outcomes, but data pieces are important on the science side, so we can move these medicines through regulatory processes.”
– Kelsey Ramsden, Co-Founder and CEO
Ultimately, it acts like Netflix, it up bumps the best psychedelic protocols and up bumps the best integration protocols. On the other side is our research and what we’re doing with psychedelic medicines to help move the science. I always say, data moves science and story moves culture. The digital therapeutics will capture all sorts of stories and will be able to help move the culture with all these positive outcomes, but data pieces are important on the science side, so we can move these medicines through regulatory processes.”
– Kelsey Ramsden, Co-Founder and CEO
This is all part of what Ramsden terms “mental wealth”, where “good enough” is no longer good enough when it comes to mental health.
iSTRYM is broadly applicable to all healthcare models. Commercialization of the iSTRYM software platform is potentially universal across the healthcare industry. More on this later.
The genesis of iSTRYM
As a diversified player in the psychedelics industry, Mind Cure Health began exploring all of its options after commencing trading as a public company on September 21, 2020. Part of that due diligence involved looking at commercial opportunities in mental health treatment clinics.
The potential for scaling up mental health treatment is practically infinite.
In the U.S., Statista recently reported that 80 million Americans are now suffering from symptoms of depression alone. Patient rates (and patient fatalities) are also skyrocketing in the U.S. with respect to substance abuse and PTSD.
MINDCURE made its first move with a strategic investment in ATMA Journey Centers, Canada’s first commercial provider of legal, psychedelic-assisted therapy. An LOI was signed on January 12, 2021, culminating in the completion of that investment on March 2nd.
By this time, MINDCURE was actively pursuing the launch of its own mental health treatment clinics. But as the Company began delving into the logistics of clinic operations, CEO Ramsden saw complications.
Seeking to expand treatment into different jurisdictions meant dealing with different regulatory frameworks. This comes into play with respect to everything from drug scheduling to treatment protocols and sourcing psychedelic medicines.
Meanwhile, MINDCURE had been concurrently pushing forward on its iSTRYM digital therapeutics platform. On January 6, 2021, MINDCURE announced the initial build-out of the iSTRYM platform.
When CEO Ramsden looked at operating mental health treatment clinics, she saw uncertainty on several fronts. But with digital therapeutics, there was only certainty. Sooner or later, everyone involved in 21st healthcare will be incorporating these software platforms into their treatment models.
MINDCURE made a pivot.
The decision was made to focus on commercialization of the iSTRYM platform. As a clinic operator, MINDCURE’s growth was constrained by logistics in several ways. As a software provider to these clinics, there are no such constraints.
Once MINDCURE chose to commit to iSTRYM, CEO Ramsden rolled up her sleeves.
March 19th: MINDCURE announced the addition of Ty Tashiro as “Senior Translational and Psychometric Architect”. As an expert in machine-learning and providing AI solutions, Tashiro was tasked with integrating AI into iSTRYM.
March 31st: MINDCURE filed a provisional patent application for iSTRYM as a “proprietary AI digital therapeutics SaaS platform”.
April 13th: MINDCURE announced a partnership with Speak AI to further enhance the functionality of iSTRYM.
April 21st: MINDCURE partnered with LUCID Inc. to custom-design “psychedelic music experiences” to enhance delivering mental health therapies through the platform.
April 27th: MINDCURE partnered with SOMA Breath Inc. to license its breathwork program and develop custom breathwork for psychedelic-assisted psychotherapies within iSTRYM
March 31st: MINDCURE filed a provisional patent application for iSTRYM as a “proprietary AI digital therapeutics SaaS platform”.
April 13th: MINDCURE announced a partnership with Speak AI to further enhance the functionality of iSTRYM.
April 21st: MINDCURE partnered with LUCID Inc. to custom-design “psychedelic music experiences” to enhance delivering mental health therapies through the platform.
April 27th: MINDCURE partnered with SOMA Breath Inc. to license its breathwork program and develop custom breathwork for psychedelic-assisted psychotherapies within iSTRYM
That more or less covered the components that MINDCURE would require to build an industry-leading digital therapeutics platform. But with iSTRYM, as with most things in the 21st century, “assembly is required.”
The construction of iSTRYM
The creation of the iSTRYM digital therapeutics platform was undoubtedly a team effort.
When Kelsey Ramsden and the MINDCURE team put iSTYRM onto the drawing board, they set their sights high. As Ramsden put it to Psychedelic Stock Watch, the Company was looking to build out “the Netflix of psychedelics.”
In other words, not only were they looking for iSTRYM to be a “content” success in mental health therapy, but they were also determined to make iSTRYM a commercial success.
Here, Chief Technology Officer, Geoff Belair has played a key role. Belair’s background was in fintech, where he brought 30 years of career experience in helping to shape iSTRYM.
The banking industry has already gone digital, and fintech is all about using software to drive profits, in an industry where margins are tight. Belair brought those insights to iSTRYM. Belair shared some of those insights with investors.
"The elevator pitch is simple. iSTRYM is a practitioner’s best assistant, and a patients (client) best friend. It guides both through the psychedelic journey from the initial connection with a therapist, to supporting a client post therapy as they integrate back into their daily lives. iSTRYM supports the relationship between these users is a safe and secure manner providing insights and support tools directed at creating the best possible outcome."
– Geoff Belair, CTO
– Geoff Belair, CTO
As already noted, Dr. Ty Tashiro has also been instrumental in the development of iSTRYM. What really sets new digital therapeutics platforms apart from existing “telemedicine” is the integration of AI. Tashiro’s expertise in machine-learning has helped shape this side of iSTRYM.
Kelsey Ramsden brought in Dr. Ken Winegardt as a consultant on iSTRYM, an expert in clinical research, psychotherapy and digital health. Winegardt also had insights on “scaling behavioral health technologies”.
This is part of the dual purpose of iSTRYM:
a) A premier platform for the digital delivery of healthcare services in the 21st century.
b) An invaluable tool for service providers to scale-up treatment operations in the most cost-effective manner.
b) An invaluable tool for service providers to scale-up treatment operations in the most cost-effective manner.
The iSTRYM digital therapeutics platform is equally designed to provide utility to the healthcare industry as it adds value for MINDCURE shareholders.
The commercial potential of iSTRYM
When Psychedelic Stock Watch recently reported on the industry “buzz” around iSTRYM, part of that has come from clinic operators.
In a previous conversation with Psychedelic Stock Watch, CEO Anthony Tennyson of Awakn Life Sciences (CAN:AWKN / US:AWKNF), Tennyson made it clear that Awakn is first-and-foremost a drug development company.
However, Awakn also has a very significant footprint in mental health clinics in its UK base. Tennyson’s goal is to scale-up those clinic operations as quickly and efficiently as possible to the strategic threshold that the company has chosen.
To accomplish this, Awakn has turned to iSTYRM. Digital therapeutics are not simply a tool to deliver healthcare services. As with many digital technologies, it is also a very effective IT solution in scaling up operations.
Beyond brick-and-mortar clinic operations, companies can now deliver their therapeutic models digitally. Awakn licenses its therapies/protocols to other healthcare providers – and then obtains its own “cut” for doing so.
iSTRYM provides the platform to engage in this form of licensing and scaling – and for that MINDCURE receives its own licensing fees.
In speaking with Psychedelic Stock Watch, CEO Ramsden was still keeping her cards close to her chest on iSTRYM’s commercial potential. With the official commercial roll-out of iSTRYM commencing early in 2022, MINDCURE intends to provide its first near-term revenue projections for iSTRYM around that timeframe.
However, for investors the Big Picture here is clear.
iSTRYM is now operational.
Early indications are that iSTRYM will be a commercial success. In addition to the enthusiasm for iSTRYM among Awakn and MINDCURE’s other clinic partners, iSTYRM has also received some critical acclaim.
Microdose is an industry leader as both an investor platform for public and private companies, as well as a leading source of information for investors. In its 1st annual “psychedelics awards”, iSTRYM earned MINDCURE a nomination as “B2B tech company of the year”.
Most importantly, iSTRYM’s growth is not constrained by the rate of growth of the psychedelics-based mental health treatment market.
As a universal platform for the delivery of healthcare services, the potential client base for iSTRYM extends across the healthcare industry.
Of equal importance to investors is MINDCURE’s strong balance sheet. With cash and equivalents of CAD$15.6 million as of the last reporting date (August 31, 2021), the company has abundant resources to finance the growth of iSTRYM.
The investment potential of MINDCURE
By itself, iSTRYM provides MINDCURE (and its shareholders) with a clear and robust path for future growth. Yet in the recent deranged trading in markets due to yet more “Covid fears”, MCUR has been pushed to a new low: CAD$0.205.
This translates into a current market cap of CAD$19.2 million, not much more than the Company’s cash position itself.
Obviously, “Covid fears” don’t apply to psychedelic stocks since the longer the pandemic persists, the greater the treatment population in need of psychedelic medicine (and other healthcare services).
As previously noted, 80 million Americans are now exhibiting symptoms of depression. The percentage of Americans suffering from depression has nearly quadrupled just since the start of the pandemic.
Sadly, Covid-19 is “good for business” when it comes to the psychedelic drug industry. But you would never know that by the irrational valuations attached to most of these companies.
In the case of MINDCURE, investors not only get perhaps the cheapest company in the sector in terms of cash-to-market-cap (a miniscule ratio of 1.2:1). They also buy into a public company with one of the strongest growth trajectories in the industry heading into 2022.
Additional blue sky for MINDCURE comes via both its proprietary ibogaine manufacturing and its new R&D initiative, the Desire Project.
“Buy when there’s blood in the streets.”
- Attributed to Baron Rothschild, British banker and politician
- Attributed to Baron Rothschild, British banker and politician
Today, there is “blood in the streets” with respect to psychedelic stocks, including Mind Cure Health.
The only future trajectory for psychedelic medicine is onward-and-upward. The only future trajectory for digital therapeutics is onward-and-upward.
MINDCURE provides investors with exposure to both of these irreversible trends at a very investor-friendly price.
MINDCURE corporate presentation
MINDCURE.com
DISCLOSURE: The writer holds shares in Mind Cure Health. Mind Cure Health is a client of Psychedelic Stock Watch.