VANCOUVER, British Columbia, Jan. 18, 2022 (GLOBE NEWSWIRE) -- Mydecine Innovations Group (NEO: MYCO) (OTC: MYCOF) (FSE: 0NFA) (“Mydecine” or the “Company”), a biotechnology and digital technology company aiming to transform the treatment of mental health and addiction disorders, today announced it has signed a Letter of Intent (LOI) with The Newly Institute Inc. (“The Newly”), a Calgary, Alberta based company opening private inter-disciplinary mental health clinics across Canada, to collaborate on expanding psychedelic-assisted psychotherapy to patients.
The Newly offers rapid access outpatient programs providing innovative mental health, addiction and trauma therapies. The Newly opened its first location last year in Calgary and intends to open additional clinics in cities across Canada beginning in 2022. Mydecine and The Newly have world-class teams of medical and scientific experts positioning their companies to provide the highest quality and most responsible care to patients. Together, the companies will create the package of resources needed for patients and practitioners to successfully gain acceptance into Health Canada’s Special Access Program (SAP).
The Newly is the first partner under Mydecine’s recently announced Special Access Support and Supply Program (SASSP). The companies will develop protocols and therapy manuals for a variety of indications. Mydecine will provide cGMP psilocybin and MDMA alongside the safety and efficacy data needed to gain acceptance into Health Canada’s SAP. The Newly will provide the clinic locations and experienced therapists needed to perform the treatments. The companies intend to enter into a revenue sharing agreement.
The Newly’s Chief Scientific Officer Dr. Marshall Ross said, “We believe this partnership with Mydecine brings many positives to The Newly, and more importantly, to Canadians in need. Research supports that psychedelic-assisted psychotherapy can break down deeply rooted psychological defenses, facilitate therapeutic breakthroughs and effect substantial improvements in long-term mental health. We will promote and exemplify safe and effective treatment techniques by implementing and studying our evidence-based protocols for the use of psychedelics in our practice.”
Mydecine Chief Medical Officer Dr. Rakesh Jetly said, “The recent changes to Canada's SAP program are encouraging, but in order to make a significant positive impact on patients, we need to ensure these therapies are carried out safely and effectively. We are excited to work hand-in-hand with The Newly team to develop the evidence-based protocols, therapy manuals, training and other resources physicians need in order to promote the successful integration of these treatments into their existing infrastructure."
The Newly’s President & CEO Arthur H. Kwan said, “Our goal at The Newly is to build a network of clinics across Canada that deliver innovative and leading-edge mental health treatments to individuals in need. The platform we’re developing can be very effective in enabling us to deploy new and innovative best-practice treatments and therapies. We are pleased to partner with a company like Mydecine to enhance the mental health care being provided to Canadians.”
Mydecine CEO Josh Bartch said, “We couldn’t think of a better partner than The Newly to act as the model site for our SASSP. Both companies come with incredibly talented and experienced medical and scientific teams who value treatments based on evidence and data. Collaboration is the foundation of all work processes and essential to our overall success. I believe this partnership will set the gold standard for these psychedelic-assisted therapies while making them more accessible to patients.”
Working collaboratively will allow the companies’ experts to share common ideas and goals surrounding proper therapy protocols. The different perspectives and expertise across the teams will enable the most effective, innovative, and scalable treatment solutions. Mydecine will also support The Newly’s patients with post-therapy needs through their digital health platform called Mindleap. Additionally, both companies plan to create an exclusive research database to aid in future developments.
About Mydecine Innovations Group
Mydecine Innovations Group™ (NEO:MYCO) (OTC:MYCOF) (FSE:0NFA) is a biotechnology and digital technology company developing innovative first-and-second-generation novel therapeutics for the treatment of mental health and addiction through world-class technology and drug development infrastructure. Mydecine Innovations Group was founded in 2020 on the guiding principle that there is a significant unmet need and lack of Innovations in the mental health and treatment environments. Mydecine Innovations Group is dedicated to efficiently developing innovative therapeutics to treat PTSD, depression, anxiety, addiction, and other mental health disorders. Mydecine Innovations Group's business model combines clinical trials and data outcome, technology, scientific and regulatory expertise with a focus on psychedelic therapy underpinned by other novel molecules with differentiated therapeutic potential. By collaborating with some of the world’s foremost authorities connected by best practices, Mydecine Innovations Group aims to responsibly fast-track the development of new medicines across its platforms, seeking to effectively treat and ultimately change the way we treat mental health disorders. Mydecine Innovations Group's vision is to bridge the current gap between what the cognitive healthcare system currently provides with the needs of the patients. Mydecine Innovations Group is headquartered in Denver, Colorado, USA, with international offices in Leiden, Netherlands.
Learn more at: www.mydecine.com and follow the Company on Twitter, Instagram, and LinkedIn.
https://www.globenewswire.com/news-release/2022/01/18/2368325/0/en/Mydecine-Signs-LOI-with-The-Newly-Institute-to-Provide-Psychedelic-Assisted-Psychotherapy-to-Patients-under-Health-Canada-s-Special-Access-Program.html