MINDCURE Announces Financial Results for Fiscal 2021

Rhea-AI Summary

Mind Cure Health Inc. (CSE: MCUR) (OTCQB: MCURF) reported its financial results for the year ending May 31, 2021. Key highlights include net proceeds of $27.2 million from share issuances, and a net loss of $10.2 million, attributed to operating expenses. The company launched iSTRYM, a digital therapeutic tool, and filed several provisional patent applications, including for synthetic ibogaine. As of May 31, 2021, the cash position was $18.3 million. The CEO emphasized the solid foundation for future developments in psychedelic research and digital therapeutics.

Positive

• Raised net proceeds of $27.2 million through common shares and exercise of warrants.
• Cash and cash equivalents totalled $18.3 million as of May 31, 2021.
• Commenced development of iSTRYM, enhancing patient and clinician therapy experiences.
• Filed provisional patent applications for iSTRYM and synthetic ibogaine.

Negative

• Net loss of $10.2 million for the year ended May 31, 2021.
• Cash operating expenses were $8.1 million, indicating high spending.

VANCOUVER, BC, Aug. 31, 2021 /PRNewswire/ - Mind Cure Health Inc. (CSE: MCUR) (OTCQB: MCURF) (FRA: 6MH) ("MINDCURE" or the "Company"), a leader in advanced proprietary technology and research in psychedelics, today announced its financial results for the three and twelve months ended May 31, 2021. All amounts are stated in Canadian dollars unless otherwise indicated.  

Business Highlights

• Commenced the development of iSTRYM, the Company's digital therapeutics tool, a first-of-its-kind software application that will optimize the healing journey for both patients and clinicians — before, during, and after therapy sessions;
• Submitted a provisional patent application with the United States Patent and Trademark Office to cover various aspects of iSTRYM;
• Commenced the first stage of manufacturing synthetic ibogaine;
• Subsequent to year end, completed full chemical synthesis of ibogaine and filed two provisional patent applications in association with synthesis routes;
• Made several additions to its senior management team and board of directors and retained a number of advisors;
• Completed a strategic equity investment in ATMA Journey Centers Inc.; and,
• Subsequent to year end, completed a strategic equity investment in Awakn Life Sciences Inc.

"MINDCURE's first full year of operations was full of outstanding accomplishments and highlighted by the successful completion of several milestones," said Kelsey Ramsden, President & CEO of MINDCURE. "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. The company's achievements could not have happened without the hard work and commitment of the entire MINDCURE team, our Board of Directors and our advisors. I would like to especially thank our investors for seeing and supporting the vision and execution at MINDCURE."

Financial Highlights

• Raised net proceeds of $27.2 million through the issuances of common shares and the exercise of warrants and options;
• Cash and cash equivalents totalled $18.3 million as of May 31, 2021; and
• Net loss was $10.2 million for the year ended May 31, 2021, comprised of non-cash operating expenses of $2.0 million and cash operating expenses of $8.1 million.
• A copy of the Company's audited consolidated financial statements for the year ended May 31, 2021, and the related management's discussion and analysis are available under the Company's profile on SEDAR at www.sedar.com.

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
Phone: 1-888-593-8995

Forward-Looking Information

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 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; that iSTRYM will be brought to commercial deployment in the near term or otherwise or that it will reduce symptoms, improve quality of life, or support transformation and healing, or that the deployment may not occur at the scale or within the time frame contemplated.

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.

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SOURCE Mind Cure Health Inc.

FAQ

What were the financial results of Mind Cure Health for fiscal 2021?

Mind Cure Health reported a net loss of $10.2 million and raised net proceeds of $27.2 million.

What is iSTRYM and its significance for MCURF?

iSTRYM is Mind Cure's digital therapeutics tool aimed at optimizing therapy sessions for patients and clinicians.

How much cash did Mind Cure Health have at the end of May 2021?

Mind Cure Health had cash and cash equivalents totaling $18.3 million as of May 31, 2021.

What are the key business developments announced by Mind Cure Health?

The key developments include the launch of iSTRYM, provisional patent filings, and investments in ATMA Journey Centers and Awakn Life Sciences.