Mind Cure Health Inc. (CSE: MCUR) (“Mind Cure” or the “Corporation”) is pleased today to announce that it has entered into a non-binding letter of intent dated October 16, 2020 (the “LOI“), which sets out basic terms and conditions for the acquisition by Mind Cure of Ephiphany360, a proprietary cloud-based digital therapeutics platform for treating mental health.
The Epiphany360 platform has been clinically validated on more than 10,000 patients over the last 20 years. Four feasibility studies are currently underway, the protocols of which have been designated ‘non-significant risk.’ The data being collected will form part of Epiphany360’s submission to the FDA for clearance as a Class II medical device.
“We are accelerating our move into digital therapeutics with the Epiphany360 platform to bring evidence-based insights in the diagnoses and treatment of patients suffering from mental health related illness,” stated Philip Tapley, Mind Cure Chairman, President, and CEO. “Technology innovation has a key role to play in modern healthcare as we look to find new and more effective ways to treat mental health. Epiphany360 will enable Mind Cure to more effectively create and evaluate products, drugs and therapies.”
Dr. Antonio Ocana, the Founder of Epiphany360, said, “We created the Epiphany360 platform to address the devastation experienced by individuals, families and society in the wake of the tragedy associated with mental health and addiction. It’s like a dream come true to work side by side with Mr. Tapley and the Mind Cure team. Together we will optimize the technology that will finally co-ordinate care between doctors, therapists and patients, ultimately, making these solutions accessible to researchers, employers and insurers who will benefit from the improved outcomes and lower healthcare costs. We feel very lucky to have Mind Cure’s scientific advisory team alongside as we move towards regulatory approval.”
The mental health crisis, made worse by COVID-19, is impacting hundreds of millions of people, lowering productivity and increasing absenteeism and disability, the global burden of which is estimated at more than $1 trillion annually. Mind Cure believes that the application of digital therapeutics can unlock immense value, both enhancing patient access and engagement, as well as making mental health treatment safer and more effective.
Epiphany360 is a proprietary and cloud-based digital therapeutics platform. It monitors, collects and generates evidence-based insights to optimize treatment and improve patient outcomes in mental health-related conditions. It is powered by proprietary software that compares treatments and outcomes to continuously improve the validity and accuracy of unique patient care options and is backed by 25 years of clinical experience and scientific data.
Four feasibility studies are currently underway, the protocols of which have been designated ‘non-significant risk.’ The data being collected will form part of Epiphany360’s submission to the FDA for clearance as a Class II medical device.
About Mind Cure Health Inc.
Mind Cure is a mental health and wellness company with a mission to identify, develop and commercialize products that ease suffering, increase productivity, and enhance mental health. It is the therapeutic potential of nootropics, psychoactive products, and psychedelic substances to treat the profound distress of a world suffering from a mental health crisis that led to the formation of Mind Cure.
Pursuant to the LOI, the parties intend to negotiate the terms of a definitive agreement (the “Definitive Agreement“), which will provide for, among other things the acquisition by Mind Cure of substantially all the assets of Epiphany360 in exchange for $2,000,000 of common shares in the capital of Mind Cure based on the ten day volume weighted average price of Mind Cure’s common shares on the Canadian Securities Exchange immediately prior to the closing date (the “Purchase Shares“). The Purchase Shares will be subject to an escrow agreement to be released as follows: 15% released immediately at closing, and the balance to be released in six equal installments every six months for 36 months. There can be no assurance that the Definitive Agreement will be entered into or that the acquisition will be completed on the terms proposed in the LOI or at all.
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