Multiple pivots

Mind Cure (MCUR.C) began as a mushroom nootropic deal that has since shifted to ibogaine production and the development digital platforms. The company has been able to raise a considerable amount of cash while having its hands in several different buckets, bringing in $23 million CAD on a bought deal back in February. Mind Cure is also working on several pre-clinical studies from mood disorders to brain trauma with a focus on psilocybin, ketamine, and ibogaine. They are also looking to develop and license their own novel drugs (NME’s).

This is all well and good, my only issue is – there isn’t necessarily a core message or idealogy that comes through after reading through this company’s documents.

With so many companies rolling out the same types of products and studying the same drugs and compounds, differentiation is going to be key. This is a young company that has shifted its plans several times. They have also been taking a beating in the market the last couple of quarters.

Following the capital raise in February the company intends on scaling multiple areas of its business.

Ibogaine

As of a couple of months ago, the company is now producing ibogaine.  In March the Company announced that it has begun the first stage of manufacturing pharmaceutical grade ibogaine to be used in preclinical and clinical research. Natural sources of ibogaine are extremely limited since these plants are at risk of extinction due to the growing global demand and environmental pressures threatening their natural habitat.

Traditionally used by the Bwiti people of Western Africa, ibogaine helped individuals curb fatigue, hunger, and thirst. It was also used as part of spiritual initiation ceremonies.

Today ibogaine used across the western world. It often helps people alleviate their drug withdrawal symptoms, as well as reduce their drug cravings and lower their risk of relapse. Multiple studies published in peer-reviewed journals highlight the benefits of using ibogaine to treat addiction symptoms related to cocaine, methamphetamine, heroin, and opiate abuse.

Additionally, ibogaine for drug addiction treatment is garnering attention worldwide, due in part to the opioid epidemic that has harmed individuals of all ages. Addiction experts and researchers have published monographs that further illustrate the benefits of ibogaine to interrupt drug-dependence disorders..

 By manufacturing ibogaine, the Company’s research team will have access to a predictable and standardized supply of synthetic ibogaine, while ensuring consistent dosing and reliable results.

Mind Cure has begun pre-clinical studies in a number of different areas. The company is being aggressive in its targets: mood disorders, neuropathic pain, migraines, cluster headaches, and traumatic brain injury (TBI). They will be using their own licensed compounds (NME’s) in some of their studies.

Tech platforms & music

Mind Cure’s philosophy is that patients being treated for mental health concerns do not currently receive meaningful data before or after therapy sessions. The company has invested in tech platforms to try and bridge the gap. This could lead to some interesting opportunities and partnerships and where I hope the company continues to go in its future plans. 

PsyCollage is Mind Cure’s bioinformatics platform used by the company’s research team for product discovery. PsyCollage is advertised as ‘a turnkey resource for the discovery of target receptors, methods, and clinical trial data management’. PsyCollage is currently prioritizing lead optimization activities on traditional psychedelics and structurally similar NMEs. 

https://equity.guru/2021/04/06/how-cybin-cybn-neo-red-light-holland-trip-c-and-mindmed-mmed-neo-are-leveraging-remote-technology/

iSTRYM is Mind Cure’s centralized management system for therapeutic insights, the deployment of care, and integration based on a microservices design model, and is being built with responsive principles. Basically, iSTRYM is designed to contain strategic data loops designed to record important patient data.

Mind Cure’s initial focus for its digital therapeutics segment is, therefore, to technologically enable, through its iSTRYMTM software platform, the collection of data between and during sessions in an effort to equip clinicians with additional patient feedback to provide data-driven research and insights into their therapy and provide patients with a better therapeutic experience.

https://equity.guru/2021/03/15/how-cybin-cybn-ne-is-integrating-new-brain-imaging-technology-with-psychedelics/

In April the company announced a partnership with music technology company LUCID Inc. The company developed a novel machine-learning-based method of integrating auditory beat stimulation to enhance psychedelic trips.

Mind Cure sees LUCID’s platform as a key differentiator for iSTRYM as therapists and patients seek out scientifically validated tools to enhance the effectiveness of psychedelic-assisted therapies. LUCID’s core technology is based on the use of quantitative measurement of mood and physiological state, coupled with robust personalization techniques made possible by machine learning, to optimize music interventions for specific cognitive outcomes.

Using psychometric and biometric measurements to determine the user’s current mental state and machine learning agents, LUCID systems adaptively predict the optimal musical sequence to help an individual reach their desired state. 

It will enable the therapist to alter the music within a therapy session based on real-time feedback and data collected from the patient, all within iSTRYM.

While this company has suffered from fragmentation and lack of a core message I think the foray into technology is smart. I understand clinical trials are important, but other companies like Cybin (CYBN.NE), MindMed (MNMD.Q), and Compass Pathways (CMPS.Q) are already on phase 2 and 3 of their studies. I say keep looking for strategic partnerships like LUCID to bring in, widen the circle. Hire engineers – which I hope they are, in their recent prospectus from February it states the company made 10 hires to help build the business, yet they are still pre-revenue.