Mydecine Innovations Group Inc (OTC:MYCOF, NEO:MYCO) announced it has signed a letter of intent with Calgary-based The Newly Institute Inc to provide psychedelic-assisted psychotherapy to patients.
The two companies will create a package of resources for patients and medical professionals to be accepted into Health Canada’s Special Access Program (SAP).
The agreement brings together two companies with similar aims: The Newly first opened in Calgary in 2021 and provides rapid access outpatient programs for mental health, addiction and trauma therapies, while Mydecine develops innovative first-and-second-generation novel therapeutics to treat mental health and addiction.
READ: Mydecine to launch Special Access Support and Supply Program broadening access to psychedelic-assisted psychotherapy for patients
Both Mydecine and The Newly will develop protocols and therapy manuals for a variety of indications. Mydecine will provide cGMP psilocybin and MDMA alongside the safety and efficacy data needed to gain acceptance into Health Canada's SAP, and The Newly will provide the clinic locations and experienced therapists needed to perform the treatments.
The companies intend to enter into a revenue sharing agreement, according to a statement.
The Newly is the first partner under Mydecine’s recently announced Special Access Support and Supply Program (SASSP), launched in January 2022.
Health Canada recently announced an amendment to federal regulations, granting practitioners and pharmacists the ability to request and prescribe psilocybin and MDMA for treatment-resistant patients.
"The recent changes to Canada's SAP program are encouraging, but in order to make a significant positive impact on patients, we need to ensure these therapies are carried out safely and effectively,” Mydecine’s chief medical officer Rakesh Jetly told investors.
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, according to The Newly’s chief scientific officer Marshall Ross. “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."
Mydecine CEO Josh Bartch told investors that both companies come with “incredibly talented” medical and scientific teams that value treatments based on evidence.
“Collaboration is the foundation of all work processes and essential to our overall success,” Bartch added. “I believe this partnership will set the gold standard for these psychedelic-assisted therapies while making them more accessible to patients."
Mydecine will also support The Newly's patients with post-therapy needs through their digital health platform called Mindleap. Both companies plan to create an exclusive research database to aid in future developments.
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