Burn Rate $1million/month $ Revenue Generation /Cut Expenses
Mind Cure has cash of $13.4-million on Nov. 31
2022-01-25 19:31 ET - News Release
Ms. Kelsey Ramsden reports
MINDCURE ANNOUNCES FINANCIAL RESULTS FOR THE SECOND QUARTER OF FISCAL 2022
Mind Cure Health Inc. has released its financial results and operational highlights for the three and six months ended Nov. 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 Sept. 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 (artificial intelligence) data systems;
- Signed a letter of intent with Awakn Life Sciences to be a distributor of its ketamine-assisted psychotherapy for alcohol use disorder protocol in the United States 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 preclinical 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 and chief executive officer of Mind Cure. "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 Nov. 30, 2021, was $2.95-million, comprising cash operating expenses of $2.9-million, non-cash operating expenses of $300,000 and an unrealized gain of $200,000;
- Cash and cash equivalents totalled $13.4-million as of Nov. 30, 2021.
A copy of the company's financial statements for the three and six months ended Nov. 30, 2021, and the related management's discussion and analysis are available under the company's profile on SEDAR.
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. The stock options are exercisable at a price of 21 cents per share and are subject to the terms of the plan.
About Mind Cure Health Inc.
Mind Cure 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.
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