Millions of people all over the world are struggling with mental health issues. All thanks to the seemingly never-ending pandemic. In fact, according to Mental Health America, in 2021, Youth mental health is worsening. 9.7% of youth in the U.S. have severe major depression, compared to 9.2% in last year’s dataset. Even before COVID-19, the prevalence of mental illness among adults was increasing. In 2017-2018, 19% of adults experienced a mental illness, an increase of 1.5 million people over last year’s dataset.” Some of the top companies racing to help treat such mental health issues include AI/ML Innovations (CSE:AIML)(OTC:AIMLF), Reliq Health Technologies Inc. (TSXV:RHT)(OTC:RQHTF), Mydecine Innovations Group (CSE:MYCO)(OTC:MYCOF), Mind Medicine Inc. (NEO:MMED)(OTC:MMEDF), and Cybin Inc. (NEO:CYBN)(OTC:CLXPF).
In addition, “There is still unmet need for mental health treatment among youth and adults. 60% of youth with major depression did not receive any mental health treatment in 2017-2018. Even in states with the greatest access, over 38% are not receiving the mental health services they need. Among youth with severe depression, only 27.3% received consistent treatment. 23.6% of adults with a mental illness reported an unmet need for treatment in 2017-2018. This number has not declined since 2011.”
Look at AI/ML Innovations, for example
AI/ML Innovations (CSE:AIML)(OTCQB:AIMLF), a company committed to acquiring and advancing Artificial Intelligence/Machine Learning technologies that address urgent societal needs, is pleased to introduce its newest subsidiary, AI Rx Inc. AIRX has been established by AIML to hold the exclusive North American commercial usage rights (USA, Canada, Mexico) to Tech2Health’s complete portfolio of digital mental wellness and health-tech products and platform services, patents, technologies, brands and trademarks. In accordance with the terms of the binding Letter of Intent between AIML and Tech2Health (as announced by AIML on June 28, 2021), AIRX is co-owned on a 70:30 basis between AIML and Tech2Health.
Tech2Health is a Paris, France based digital healthcare innovator with a portfolio of wellness and health-tech products and services designed to improve an individual’s mental well-being by utilizing a unique blend of proprietary digital assets, remote live counselling, and a physical wellness center. Tech2Health has developed a clinically supported and evidence-based methodology consisting of psychotherapies and non-medicinal interventions that apply body and mind healing techniques, delivered via a secure digital platform. In addition to its commercial mental wellness portfolio, Tech2Health is continuously innovating and expanding on its offering as evidenced by the development of its pre-commercial, remote patient monitoring platform.
Other related developments from around the markets include:
Reliq Health Technologies Inc., a rapidly growing global telemedicine company that develops innovative Virtual Care solutions for the multi-billion dollar Healthcare market, announced that it has signed contracts with six new US primary care physician practices to provide its iUGO Care platform to their chronic disease patients. “We are pleased to announce that we are adding six new US physician practices and over 4,000 new patients to our iUGO Care platform,” said Dr. Lisa Crossley, CEO of Reliq Health Technologies, Inc. “These primary care physician practices will be using our iUGO Care Remote Patient Monitoring (RPM), Chronic Care Management (CCM) and Behavioural Health Integration (BHI) modules. The average revenue from these contracts will be >$40 USD per patient per month. Onboarding with all six clients will begin this month and is expected to be completed in October.
Mydecine Innovations Group announced a new multi-year research collaboration with Johns Hopkins University School of Medicine to study psychedelic therapies. The five-year agreement will see Denver-based Mydecine working with the team at Johns Hopkins, led by Dr Matthew Johnson and the Behavioural Pharmacology Research Unit. In a statement, Mydecine told shareholders that the team has “extensive” experience working on clinical research related to the therapeutic use of psychedelics. “We are excited to expand on the current work we are conducting with Dr Matt Johnson and his team at JHU in regards to smoking cessation to include numerous other projects over the next five years,” Mydecine CEO Josh Bartach said. “The researchers at JHU have proven their incredible depth of knowledge in the field.”
Mind Medicine Inc. a leading biotech company developing psychedelic-inspired therapies, has agreed to work with Forian Inc., a leading provider of evidence-based support for more comprehensive clinical and commercial decision-making. MindMed and Forian will collaborate to develop best practices for using real-world evidence information to help improve the health and lives of psychiatric patients. Forian has deep domain experience in RWE and outcomes studies and has developed a variety of information products to serve the healthcare industry.
Cybin Inc., a biotechnology company focused on progressing psychedelic therapeutics, announced that it has filed two additional international patent applications that bring the potential to obtain patent coverage in 153 countries for each of the patent applications. The application, governed by the Patent Cooperation Treaty, grants the Company the right to file future national applications into treaty member jurisdictions, including important potential markets for the Company. The PCTs claim a library of phenethylamine and derivative drug development candidates and methods of use.
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