MINDCURE Announces Financial Results for the Second Quarter of Fiscal 2022
Mind Cure Health Inc. (CSE: MCUR) (OTCQX: MCURF) reported financial and operational results for Q2 FY2022, ended November 30, 2021. The company recorded a net loss of $2.95 million with cash and cash equivalents of $13.4 million. Key highlights include an exclusive data licensing agreement with ATMA Journey Centers, partnerships with 20 ketamine clinics, and the launch of the "Desire Project" for treating female hypoactive sexual desire disorder. The digital therapeutics technology, iSTRYM, received HIPAA certification, paving the way for commercial deployment in Q2 2022.
- Exclusive data licensing agreement with ATMA Journey Centers to enhance iSTRYM.
- Partnership with 20 ketamine clinics for iSTRYM's product release.
- Launch of the 'Desire Project' targeting female hypoactive sexual desire disorder.
- iSTRYM received HIPAA certification for commercial readiness.
- Net loss of $2.95 million for Q2 2022, primarily due to cash operating expenses.
VANCOUVER, BC, Jan. 25, 2022 /PRNewswire/ - Mind Cure Health Inc. (CSE: MCUR) (OTCQX: MCURF) (FRA: 6MH) ("MINDCURE" or the "Company"), a leader in advanced proprietary technology and research for psychedelics, today announced its financial results and operational highlights for the three and six months ended November 30, 2021. All amounts are stated in Canadian dollars unless otherwise indicated.
Fiscal Q2 2022 Business Highlights
- Commenced trading on the OTCQX Best Market on September 30, 2021, the highest tier of OTC Markets Group, under the ticker symbol "MCURF".
- Closed an exclusive data licensing agreement with ATMA Journey Centers Inc., a pioneer in the psychedelic therapy industry, and was granted exclusive access to ATMA data from patients using iSTRYM, the Company's digital therapeutics technology. The data will be leveraged to further optimize iSTRYM and position it as the industry's distribution network for science-based, evidence-backed protocols and AI data systems.
- Signed a letter of intent with Awakn Life Sciences (NEO: AWKN) (OTCQB: AWKNF) to be a distributor of its ketamine-assisted psychotherapy for Alcohol Use Disorder protocol in the US and Canada.
- Partnered with 20 ketamine clinics in nine states in the U.S. and three provinces in Canada to release the minimum viable product version of iSTRYM, with plans to further expand in 2022.
- Introduced the "Desire Project", a clinical research program focused on the treatment of female hypoactive sexual desire disorder with MDMA-assisted psychotherapy. This is the first psychedelics-based treatment program targeted at addressing Hypoactive Sexual Desire Disorder.
- Joined the Digital Therapeutics Alliance, a non-profit association of industry leaders with a mission to drive awareness and adoption of digital therapies.
- Advanced preparations to ship ibogaine drug material to its pre-clinical research partner.
- Included in the AdvisorShares Psychedelics ETF, which trades on the NYSE Arca under the ticker symbol "PSIL".
Recent Events
- The Company and its digital therapeutics technology, iSTRYM, were certified as Health Insurance Portability and Accountability Act (HIPAA) compliant, making a further step toward commercial deployment in the second quarter of 2022.
- Appointed Dr. Doron Sagman, MD, FRCPC, as the Company's new Chief Medical Officer ("CMO"). Dr. Joel Raskin who was acting CMO will transition into an advisory role.
"During the second quarter of fiscal 2022, we achieved several key milestones across our digital technology and research projects, further proving our ability to successfully execute against our strategic growth strategy," said Kelsey Ramsden, President & CEO of MINDCURE. "We are continuing to build out our team with key industry leaders, positioning the Company to develop innovative treatments that promote healing and improve mental health."
Financial Highlights
- Net loss for the three months ended November 30, 2021 was
$2.95 million , comprised of cash operating expenses of$2.9 million , non-cash operating expenses of$0.3 million and an unrealized gain of$0.2 million . - Cash and cash equivalents totalled
$13.4 million as of November 30, 2021.
A copy of the Company's financial statements for the three and six months ended November 30, 2021 and the related management's discussion and analysis are available under the Company's profile on SEDAR at www.sedar.com.
In other news, the Company also announces it has granted a total of 110,000 stock options to certain employees pursuant to the terms the Company's long term incentive plan ("Plan"). The stock options are exercisable at a price of
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 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.
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