Mind Cure (MCUR.C) has filed a provisional patent application with the U.S. Patent and Trademark Office for the Company’s iSTRYM proprietary digital therapeutics (DTx) tool.
“When people think of MINDCURE, I want them to see us as the leader in technology and specifically digital therapeutics for the psychedelics industry…We intend to build iSTRYM into the world’s largest data repository of psychedelic experiences, backed by science and built on trust. This is why we were so thrilled to recently receive ethics approval from Veritas for our integration protocol research study, and why we view this provisional patent application as the next milestone for iSTRYM,” said Kelsey Ramsden, President and CEO, MINDCURE.
iSTRYM is Mind Cure’s investigative technology that focuses on patient feedback and data-driven insights into the efficacy of treatments. By analyzing this data, the technology is intended to assist therapists and patients in the application of more effective and efficient diagnosis techniques. Compared to other health care technologies, DTx technologies require approval from regulatory agencies, potentially creating insurer paid revenue streams. With this in mind, Mind Cure hopes its iSTRYM system will be utilized across a majority of practitioner therapists following its approval.
The overall intent of iSTRYM is to house the largest collection of psychedelic research and data. By directly connecting patient feedback with clinician expertise, iSTRYM is able to eliminate the loss of crucial data that would occur otherwise. Furthermore, Mind Cure’s DTx technology is capable of compiling a database of psychedelic therapy research from a broad range of scientific communities. As a result, psychedelic clinicians have access to numerous existing protocols which subsequently encourages the development of new protocols by intersecting clinical practices.
“We believe that iSTRYM has the potential to revolutionize the way mental health is treated across the world, and know the importance of patent protection as we invest significant resources in its development and commercialization,” said Geoff Belair, CTO, MINDCURE.
Prior to the current pandemic, the global DTx industry was projected to reach $13.8 billion in 2025 with a compound annual growth rate of 20.5%. However, the mounting acceptance and reliance on digital health care as a result of COVID-19 has greatly increased this projection. A recent forecast predicts the DTx market will become a $56 billion global market by 2025. This suggests that Mind Cure could see some impressive growth in the next few years.
Mind Cure’s stock price opened at $0.435 today and has since dropped to $0.42.