Regarded as the convergence of health care and software that has resulted in a new crop of life sciences technology helping to transmute patient care and deliver improved clinical results, digital therapeutics (DTx) holds much promise. For one, it could potentially address unmet patient needs that conventional therapies and treatments have failed to resolve.
With growing evidence indicating that DTx can decrease health care costs, personalize care, and bring about better outcomes (https://ibn.fm/3F3UB), Mydecine Innovations Group (NEO: MYCO) (OTC: MYCOF) (FSE: ONFA), a biotechnology and digital technology company aiming to transform the treatment of mental health and addiction disorders, is positioning itself to play a key role in this segment.
Recently, the company signed a letter of intent (“LOI”) with Maya (https://ibn.fm/mI177). Under the terms of the LOI, both companies intend to collaborate to develop a novel DTx platform. Combined with Mindleap Health – Mydecine’s existing digital health platform that offers technology solutions such as telemedicine services and exclusive digital content to allow patients to improve their mental health, the DTx platform is expected to create a three-pronged approach to patient care. Once complete, for instance, physicians could prescribe the new digital therapeutic as a standalone option or in concert with Mydecine’s drug and therapy protocols.
“The technology integration of the two software platforms is aimed at enhancing Mindleap’s medical capabilities to more quickly and efficiently develop a personalized prescription-based digital therapeutic that will not only complement Mydecine’s smoking cessation treatment [MYCO-001] but eventually for all primary and ancillary indications the company is targeting,” commented Damon Michaels, Mydecine Co-Founder, Director, and COO. “The new platform will provide improved adherence to treatment protocols, patient experience, biometric insights, and post-approval insurance reimbursements.”
The new DTx platform, Mydecine says, aims to improve Mindleap by collecting and computing unique data to create more personalized treatments. The company believes it will enhance the efficacy of current treatment options by not only personalizing them to individual patients but also increasing their availability.
“Maya’s clinically validated surveys, biometric tracking, and protocol customization combined with Mindleap’s telemedicine, exclusive digital content, and community features will allow both companies to accelerate the development and commercialization of a novel DTx platform,” said Mydecine in a recent news release.
Maya and Mydecine intend to pursue rigorous studies to achieve FDA Section 510(k) clearance – integral to the platform’s registration – upon software integration and a comprehensive regulatory assessment. According to the company, the collaborative partnership will not affect or alter its existing programs, including the current smoking cessation clinical trial and Mindleap’s current consumer-facing offerings.
A Deloitte article on DTx notes that companies that can take full advantage of emerging life sciences technology to address unmet patient needs, “in combination with faster product development timelines, could gain a significant advantage over traditional life sciences companies” (https://ibn.fm/TnnZ8).
In this regard, Mydecine, which is leveraging the collaborative partnership with Maya to more quickly and efficiently develop a DTx platform, is ideally poised to gain a significant advantage in a market expected to grow at a 26.1% CAGR between 2021 and 2025, according to a report by The Business Research Company (https://ibn.fm/gsWLT).
Maya is a platform that leverages real-world data and research to empower psychedelic practitioners with the ability to improve health outcomes and comprehensively map care journeys for safe psychedelic practices, reduced care cost, and increased IP equity.
For more information, visit the company’s website at www.Mydecine.com.
NOTE TO INVESTORS: The latest news and updates relating to MYCOF are available in the company’s newsroom at https://ibn.fm/MYCOF
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