Mydecine Innovations Group Inc (OTC:MYCOF, NEO:MYCO) said it has signed a letter of intent with Colorado-based Maya to develop a digital therapeutics platform for healthcare practitioners and patients.
The agreement will enable Mydecine to enhance its existing Mindleap Health digital product to create more personalized treatments for patients.
The new platform will allow physicians to prescribe new digital therapeutics as a standalone option or in conjunction with drug and therapy protocols.
Denver-based Mydecine said that the move would improve the efficacy of the current treatment options, personalizing them and making them more accessible.
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The new digital therapeutics (DTx) platform will be registered and used as a medical device to allow for insurance coverage for patients. Both companies will pursue “rigorous” studies to achieve Food and Drug Administration (FDA) Section 510(k) clearance upon software integration and a comprehensive regulatory assessment, Mydecine said.
Mydecine and Maya will initially work to develop a prescription DTx tool to aid in smoking cessation along with Mydecine’s researchers and Mindleap’s technology team. Mydecine is currently conducting a smoking cessation trial in partnership with Johns Hopkins University, which the company noted will not be affected by the new agreement with Maya.
“The technology integration of the two software platforms is aimed at enhancing Mindleap’s medical capabilities to more quickly and efficiently develop a personalized prescription-based digital therapeutic that will not only complement Mydecine’s smoking cessation treatment but eventually for all primary and ancillary indications the company is targeting,” COO Damon Michaels said in a statement.
“We believe Digital Therapeutics is the next big wave in healthcare. We feel confident that once our DTx platform is complete, Mydecine will be on the cutting edge and well ahead of the competition.”
Creating and integrating a DTx will be equally as valuable as the drug discovery and therapeutic protocols that Mydecine currently has under development, Michaels added.
Mydecine is developing innovative therapeutics to treat PTSD, depression, anxiety, addiction, and other mental health disorders.
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