MYND Life Sciences Announces Diagnostic Division with Formation of Wholly-Owned Subsidiary - MYND Diagnostics Ltd.
MYND Life Sciences has announced the formation of its diagnostic biomarker division through a wholly-owned subsidiary, MYND Diagnostics Ltd., aimed at enhancing diagnosis and treatment for patients with Major Depressive Disorder (MDD) and Treatment Resistant Depression (TRD). The subsidiary plans to generate revenue by Q2 2022 with the commercialization of the MYND Anti-inflammatory Peptide (MAP) biomarker. The global biomarkers market is forecast to grow from USD 41.47 billion in 2019 to USD 115.45 billion by 2027, enhancing MYND Diagnostics' potential in this expanding sector.
- Formation of MYND Diagnostics is aimed at commercializing innovative diagnostic biomarker tests.
- Forecasted revenue generation by Q2 2022 through MAP biomarker commercialization.
- The global biomarkers market is expected to grow significantly, providing a favorable environment for MYND Diagnostics.
- None.
MYND Diagnostics was formed to commercialize proprietary biomarker diagnostic tests for patients suffering from MDD, TRD and other psychiatric disorders.
VANCOUVER, BC, Oct. 7, 2021 /PRNewswire/ - MYND Life Sciences Inc. (CSE: MYND) (OTC: MYNDF) ("MYND" or the "Company") is pleased to announce the formation of its diagnostic biomarker division with the incorporation of a wholly-owned subsidiary, MYND Diagnostics Ltd. ("MYND Diagnostics" or the "Subsidiary").
MYND Diagnostics' robust investigational pipeline of diagnostics, novel small molecules, and biologics, is focused on improving disease outcomes, monitoring and improving the treatment experience for patients suffering from Major Depressive Disorder ("MDD"), Treatment Resistant Depression ("TRD") and other inflammatory afflictions of the Central Nervous System. The Subsidiary's innovation, enabled by proprietary technology, allows for the quantitative and qualitative measurement of the MYND Anti-inflammatory Peptide ("MAP") biomarker. The subsidiary forecasts revenue by Q2 of 2022.
"We are focused on supporting our drug development pipeline with the formation of MYND Diagnostics Ltd., our diagnostic biomarker division which will generate near term revenue through the commercialization of our MAP biomarker", stated Dr. Lyle Oberg MD, MYND. Life Sciences CEO. "For decades, the diagnosis of psychiatric illness relied almost exclusively on self-reporting and physician observation of symptoms to make a diagnosis. The MAP Biomarker will give healthcare providers an objective monitoring tool that will detect and diagnose mental illness earlier, thereby enabling quicker, more targeted treatments. We will deliver an accurate indicator of depression, therefore allowing for better monitoring of improving or relapsing disease."
MYND Diagnostics Clinical Trials
The Subsidiary's focus will be to conduct clinical trials to identify a marker for quantitatively diagnosing and monitoring depression in response to treatment. MYND's Chief Clinical Officer, Iryna Saranchova, MD, Ph.D. will oversee the Subsidiary's diagnostic trials.
MYND Diagnostics Biomarker Tests
The target market for MYND Diagnostics' proprietary tests includes hospitals, clinics, healthcare facilities and other corporate and pharmaceutical companies, during clinical trials, and once efficacy and safety is demonstrated on humans, direct to consumer and physician.
The Global Biomarkers Market
According to Reports and Data, the global biomarkers market is forecasted to grow at a rate of
ABOUT MYND LIFE SCIENCES
MYND Life Sciences is a medical biotech drug research and development company focused on neuro-pharmaceutical and novel psilocybin drug development, diagnostics and vaccines. The Company is advancing pharmaceuticals through rigorous science and clinical trials, while diligently patenting and safeguarding its intellectual property. For more information and to subscribe to the Company's mailing list, please visit https://myndsciences.com/contact/
CONTACT INFORMATION
Dr. Lyle Oberg, MD, CEO
Email: ir@myndsciences.com
Web: www.myndsciences.com
Forward-Looking Statements
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SOURCE Mynd Life Sciences Inc.
