We are living in interesting times and I mean it Chinese curse style. We can’t seem to stop to catch our breath when it comes to this pandemic, and the news sources we trust to keep us informed can’t seem to clarify the story. The result is more isolation, frustration and anger. We can see the effects on our mental health all over social media.
And that’s not good for us. Any of them.
According to a survey conducted by the World Health Organization (WHO) from June to August 2020 in 130 countries across the six WHO regions, we found widespread disruption of many types of mental health services:
- Over 60% reported interruptions in mental health services for vulnerable people, including children and adolescents (72%), the elderly (70%) and women requiring antenatal or postnatal services (61%).
- 67% saw interruptions in counseling and psychotherapy; 65% to critical harm reduction services; and 45% to opioid agonist maintenance treatment for opioid dependence.
- More than a third (35%) reported interruptions in emergency response, including those for people with protracted crises; severe drug withdrawal syndromes; and delirium, often a sign of a serious underlying illness.
- 30% reported disruption in access to medication for mental, neurological and substance use disorders.
- About three-quarters reported at least partial disruption of mental health services at school and at work (78% and 75% respectively).
The COVID-19 virus and its variants aren’t exactly the Spanish flu in terms of death rates, but just because it won’t leave dozens of dead in its wake doesn’t mean it won’t wreak havoc. extensive. The effects of the isolation and the constant worsening state of social media, as well as the divisions and gaps between people on the issues raised by the pandemic are exacerbating the conditions of the invisible mental health crisis, for the most part ignored, which takes place in the world.
On that note, let’s talk about major depressive disorder.
It affects psychosocial functioning and reduces the quality of life. It appears to be caused by genetic and environmental factors, and its diagnosis and management is difficult due to the fact that it seems to manifest in different ways for different people and does not respond well to treatment. At least not traditional treatments, so it’s clear that we have to start looking elsewhere for solutions to this unorthodox problem.
It’s there that Based in Kelowna MYND Life Sciences (MYND.C) Between.
MYND Life Sciences was founded by Dr Wilfred Jefferies and Dr Lyle Oberg with the aim of bringing a little ease to the world of mental health. Dr. Jefferies is a neuroimmunologist with over 60 patents and 100 publications in leading medical journals, including Nature and The Lancet. What they’re currently working on is finding the link between depression and neuroinflammation, and developing a drug or a series of drugs using compounds found in psilocybin to treat it.
MYND approaches its business from three different directions: diagnostic, treatment and protection, and has a revenue model based on the development and sale of biomarker detection kits to derive test results from body fluids to make them more easy and cheaper than what currently exists for biomarker testing.
The company has two outstanding drug candidates: MYND-604 and MYND-778, both of which are clinical trials with investigative new drug applications expected in Q2 2022 and Phase II clinical trials scheduled to begin in Q2 2022. third quarter 2022.
Michael Smith Laboratories
The company is currently working with Michael Smith Laboratories at the University of British Columbia. There, they conduct research to develop their understanding of the complex nature of how certain psychiatric and neurological disorders develop. The evidence they’ve gathered so far suggests that a common link between several neurological and psychiatric disorders is found in neuroinflammation, or inflammation of the brain. Understanding the mechanisms or how it happens will help to:
- identify new phytochemicals and their analogs with higher therapeutic potential and fewer adverse effects, compared to existing treatment approaches;
- create a panel of biomarkers for the management of (neuro) psychiatric disorders;
- develop the future partnership with large pharmaceutical companies.
This research is being conducted under a Part J exemption granted by Health Canada to perform R&D on regulated and regulated substances.
Alzheimer’s and better health
The company recently entered into a transaction with Cava Healthcare for their intellectual property rights. The specific acquisition involves the use of psychedelics to treat Alzheimer’s disease and other types of dementia.
“Dementia, including Alzheimer’s disease, affects almost all families in one way or another, usually with very dramatic and emotionally painful consequences. As we continue to generate excitement from investors, we are in a position to take concrete steps beyond preclinical work and into clinical work with our research team, ”said Dr. Lyle Oberg, MD, Managing Director of Mynd.
Alzheimer’s and other types of dementia.
The World Health Organization estimates the cost between 44 and 50 million people who suffer from the disease worldwide. The estimated financial cost is remarkably higher, as the estimated cost in the United States alone was $ 305 billion in 2020, according to the Alzheimer’s Association, and is expected to rise to $ 1.1 trillion by 2050. The number number of people living with Alzheimer’s disease is also expected to triple by 205 until significant improvements in medical care are made.
This acquisition is a big deal for Mynd as it builds on the company’s experience in the psilocybin-assisted psychotherapy industry, including methodologies or treatment-resistant depression.
Under a market cap of ten million dollars, that’s usually a plus, especially when you consider the relative prices of their competitors:
- Medicine of the mind (MMED.E) $ 690,205,000
- Cybin (CYBN.E) $ 208,172,000
- Field trip (TRIP.C) $ 148,329,000
- Numinus (NUMI.T) $ 122,269,000
- Mydecine Innovations (MYCO.E) $ 43,053,000
This company is currently in the research and development phase of its growth cycle – which means no product to put on the shelf – and there are a lot of unanswered questions about its future. After all, they’ve only been public since May.
Their equity is positive, but honestly it is nothing to write home about. Their assets and liabilities are close, which, again, isn’t particularly surprising given how nascent this industry (and business) is. But if you look at the right column of this graph, you will see that it does not contain any values. Again, public since May. This represents some growth and the business is moving in the right direction.
The low six-figure cash position is not what you would call great, and this business seems to stay alive in most cases due to the abundance of science grant donors, like the Canadian government. .
They have withdrawn money ($ 45,600) from the National Research Council of Canada’s Industrial Research Assistance Program for their R&D program which will run until March 2022. The problem with government grants, c t is that a new anti-science conservative government in the midst of the pursuit of guns, Jesus, oil and NO DRUGS could rob this renewed source of cash.
Fortunately, this ideological stance is waning among conservatives in Canada, but if there is anything we can discern from politics since 2015, it is that politics is unpredictable. It is unlikely, but not impossible that the wind could turn.
But this company has proven to be both resilient and resourceful in putting money in its pockets:
They have put their biomarker testing technology into a clinical trial at Monash University in Australia and will seek partial funds from a $ 15 million fund offered by the Australian government.
The study is called: “To assess the effectiveness of psilocybin-assisted psychotherapy in treatment-resistant depression” and Mynd Diagnostics will play a critical role in the assessment component.
If successful, it will mean the transition to a Phase 3 multi-site adaptive trial to complete the formulation in order to gain regulatory approval from the Therapeutic Goods Association, which is the Australian counterpart to Health Canada.
It’s still early days, and yes, there is an emerging need and subsequent demand for the type of product MYND is working on. But if you’re still looking for a business with a stable growth path going forward, this might be a solution to consider. As always, though, if you’re more of a technical point of view, feel free to check out our resident graphical assistant, Vishal Toora’s breakdown of what’s going on with MYND’s trajectory.