Mental health is on the decline all over the world. In fact, as reported by Sky News, a report authored by the Lancet-World Psychiatric Association Commission estimates that, “around 5 per cent of the adult population around the world in any year is living with depression. In high-income countries, about half of people suffering from depression are not diagnosed or treated, and this rises to 80-90% in low and middle-income countries. The pandemic, the study says, has created additional challenges, with ‘social isolation, bereavement, uncertainty, hardship, and limited access to healthcare taking a serious toll on the mental health of millions.’” With that, some of the top companies working to alleviate mental health issues include NeonMind Biosciences (CSE:NEON)(OTC:NMDBF), COMPASS Pathways (NASDAQ:CMPS), Cybin Inc. (NEO:CYBN)(NYSE:CYBN), Field Trip Health Ltd. (TSX:FTRP)(NASDAQ:FTRP), and Mind Medicine Inc. (NASDAQ:MNMD)(NEO:MMED).
NeonMind to Open its Inaugural Specialty Mental Health Clinic in Mississauga, Ontario
NeonMind Biosciences, an integrated drug development and wellness company focused on bringing innovative psychedelic-based treatments to people suffering from obesity and mental health disorders, announced today it has signed an agreement with SRx Health Solutions to open the Company’s inaugural NeonMind specialty mental health clinic, located at the Queensway Professional Medical Centre in Mississauga, Ontario.
The Mississauga location is the first in NeonMind’s initiative to establish a national network of NeonMind-branded specialty clinics. These clinics will focus on delivering high-demand mental health treatments to underserved areas of Canada. The specialty services to be offered will incorporate innovative, evidence-based interventional psychiatric treatments for a variety of mood and anxiety disorders. The Mississauga clinic is expected to start seeing patients in the second half of 2022.
“Our first NeonMind specialty mental health clinic represents a significant milestone in our multi-pronged strategy to bring the therapeutic benefits of innovative, safe, and effective treatments to patients throughout Canada,” said Robert Tessarolo, President & CEO of NeonMind. “The demand for treatments to address depression and anxiety disorders in Ontario has grown significantly in recent years, yet there remains a supply bottleneck for newer modalities such as ketamine treatment and neurostimulation. Our strategic collaboration with SRx will enable us to purposefully and flexibly enhance access to these treatments for communities in need. We expect to launch additional clinic locations throughout the course of 2022 and beyond, as well as incorporate new treatments, such as psychedelics, as they are approved.”
The Mississauga location enables NeonMind to serve a rapidly growing patient population. Based on NeonMind’s internal estimates, the market for specialized medical services for mental health disorders in Ontario has grown at a CAGR of over 20% from 2017 to 2019. NeonMind’s specific Mississauga location serves an area of Ontario that has seen tremendous demand for specialized mental health services, representing approximately 10% of total demand in Ontario. Demand for specialized services in Mississauga has grown at a CAGR of over 30%, outpacing the overall Ontario market, based on NeonMind’s internal estimates from provincial medical data.
Mr. Brock Clancy, Vice President of Patient Services and Operations at SRx Health Solutions, stated, “The Mississauga location will be a monumental step in enhancing accessibility to cutting-edge treatment solutions. As the fastest growing healthcare services provider in Canada, SRx is committed to making healthcare simple, helping improve the wellness of Canadians, and being a vehicle of innovative change in this space. We are thrilled by our collaboration with NeonMind and look forward to furthering our commitment and helping deliver this type of service to those in need.”
The Queensway Professional Medical Centre is a professional medical building that provides a full range of healthcare services, including a pharmacy and laboratory services, and is equipped with abundant parking facilities and accessibility options. The facility is located on major commuter routes and across from Trillium Health Partners – Mississauga Hospital. NeonMind’s first specialty clinic will provide exceptional, quality services including multiple private, spacious and comforting treatment rooms, as well as a fully-equipped waiting room for patients and caregivers.
NeonMind’s inaugural specialty mental health clinic is located at 89 Queensway West, Suite 604, Mississauga, Ontario, L5B 2V2. More details will be released closer to the opening of the clinic. For more information related to NeonMind’s specialty clinics, please email medicalinformation@neonmind.com.
The Company also announces the resignation of Amber Allen as Vice President of Sales effective January 17, 2022, which was in connection with the divestiture of the NeonMind consumer division assets.
Other related developments from around the markets include:
COMPASS Pathways and Sermo, a global leader in physician insights, today announced findings from a survey of Sermo physician members that showed two thirds (66%) of doctors surveyed believe psilocybin therapy has potential therapeutic benefit for patients with treatment-resistant depression (TRD). More than 320 million people globally suffer with major depressive disorder (MDD), the leading cause of disability worldwide and one of the fastest growing mental health illnesses. About a third of these patients – 100 million people – aren’t helped by existing therapies and suffer with TRD. Psilocybin therapy is an approach being investigated for the treatment of mental health challenges, including TRD. It combines the pharmacological effects of a synthesised version of psilocybin, a psychoactive substance that is an active ingredient in some species of mushrooms, with psychological support.
The Chopra Foundation, a not-for-profit organization founded by Dr. Deepak Chopra, dedicated to improving health and well-being, today announced a partnership with Cybin Inc., a biopharmaceutical company focused on progressing “Psychedelics to Therapeutics™”. The Foundation is working closely with Cybin to support education and awareness about its groundbreaking research to harness the potential of psychedelic therapies in mental health. Emerging research shows that psychedelic-assisted therapy can potentially improve the quality of life for people suffering with mental illnesses, including those specific indications that Cybin is targeting, such as Major Depressive Disorder, Alcohol Use Disorder and Anxiety Disorders. “The need for new and more effective treatments across the mental health spectrum is more urgent today than ever. Through our NeverAlone movement, we aim to combine forces with the best and brightest across businesses, policymakers, mental health professionals, and others – all with the goal of building awareness, advancing scientific research, and creating a global community to ensure widespread access to well-being resources. As the number of companies pursuing psychedelic-based therapies continues to grow, the Foundation is particularly excited about partnering with Cybin based on its commitment to global well-being and mental health,” said Dr. Deepak Chopra, The Chopra Foundation Founder, Chairman of the Board and Director.
Field Trip Health Ltd., a global leader in the development and delivery of psychedelic therapies, announced that it will begin making applications for Canadians in need to access psilocybin-assisted and MDMA-assisted therapy through Health Canada’s Special Access Program (SAP). The announcement follows amendments to the SAP announced in the Canada Gazette on January 5, 2022, which have enabled physicians in Canada to make applications to Health Canada for access to “restricted drugs”, including psilocybin and MDMA.
Mind Medicine, a clinical-stage biopharmaceutical company developing psychedelic-inspired therapies for the treatment of brain-based disorders, announced that the U.S. Food and Drug Administration (FDA) has cleared MindMed’s Investigational New Drug (IND) application, allowing the Company’s Phase 2b dose-optimization trial of MM-120 for the treatment of generalized anxiety disorder (GAD) to proceed. The previously announced clinical hold on the IND was lifted following MindMed’s rapid responses for additional information related to the participant monitoring protocol in the upcoming study. The Company is working with study investigators and clinical trial sites to prepare for participant enrollment, which is expected to start in early 2022.
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