Mydecine Innovations Group (MYCO.NEO) inked a letter of intent (LOI) with Alberta-based inter-disciplinary mental health clinic operator, The Newly Institute, to collaborate on getting psychedelic assisted therapy to patients.
The Newly’s gig is offering rapid access outpatients programs involving innovative mental health, addiction and trauma therapies. They opened their first location in Calgary last year and anticipate opening more clinics in cities across Canada in 2022. Mydecine and The Newly intend to produce a package of resources required for patients and practitioners alike to successfully get acceptance into Health Canada’s Special Access Program. (SAP)
“We believe this partnership with Mydecine brings many positives to The Newly, and more importantly, to Canadians in need. Research supports that psychedelic-assisted psychotherapy can break down deeply rooted psychological defenses, facilitate therapeutic breakthroughs and effect substantial improvements in long-term mental health. We will promote and exemplify safe and effective treatment techniques by implementing and studying our evidence-based protocols for the use of psychedelics in our practice,” said Dr. Marshall Ross, The Newly’s chief scientific officer.
The Newly is Mydecine’s first announced partner in the Special Access Support and Supply Program (SASSP) wherein companies will develop protocols and therapy manuals for a number of indications. Mydecine will provide the cGMP psilocybin and MDMA along with the safety and efficacy data required to get past Health Canada’s scrutiny, and Newly will provide the clinic locations and therapists to actually do the work. After which they’ll share the revenue.
“We couldn’t think of a better partner than The Newly to act as the model site for our SASSP. Both companies come with incredibly talented and experienced medical and scientific teams who value treatments based on evidence and data. Collaboration is the foundation of all work processes and essential to our overall success. I believe this partnership will set the gold standard for these psychedelic-assisted therapies while making them more accessible to patients,” said Josh Bartch, Mydecine’s CEO.
This collaborative effort will give the companies’ experts the chance to share common ideas and goals regarding proper therapy protocols. They’re hoping the different perspectives will lead to more effective, innovative and scalable treatment solutions.
—Joseph Morton
