At the moment, millions of people all around the world are seeking help for mental health issues. All thanks to the pandemic. In fact, he issue has become so severe, the American Psychological Association (APA) says about 80% of adults (78%) say the pandemic is a significant source of stress. Two out of three adults (67%) say it’s lead to an increase in stress. Some of the top companies getting involved with helping include AI/ML Innovations (CSE:AIML)(OTC:AIMLF), CloudMD Software & Services Inc. (TSXV:DOC)(OTC:DOCRF), VSBLTY Groupe Technologies Corp. (CSE:VSBY)(OTC:VSBGF), Empower Clinics Inc. (CSE:CBDT) (OTC:EPWCF), and Mydecine Innovations Group (CSE:MYCO)(OTC:MYCOF).
“When considering the physical and emotional toll of increased stress, nearly half of adults (49%) report their behavior has been negatively affected. Most commonly, they report increased tension in their bodies (21%), “snapping” or getting angry very quickly (20%), unexpected mood swings (20%), or screaming or yelling at a loved one (17%),” added the APA.
In addition, “Although demand soared during the pandemic, interest in virtual mental health services has been increasing for some time. “What most people don’t realize is that telepsychiatry and telemental health services were in pretty high demand, pre-CV-19. And, what CV-19 really did was catalyze the adoption of those services,” said Jamey Edwards, CEO, Cloudbreak Health, as quoted by Healthcare IT News.
AI/ML Innovations to Acquire Interest in Digital Mental Health Provider, Tech2Health
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 announce that it has entered into a binding Letter of Intent, subject to certain terms and conditions, regarding a strategic partnership and equity interest in the Paris, France based company, Tech2Health.
Tech2Health is a digital healthcare innovator with a basket 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 supported by meditation, relaxation, mindfulness, yoga, sophrology and art therapy, delivered through a secure digital platform.
“We are very excited to be partnering with Tech2Health” said Tim Daniels, Executive Chairman of AI/ML Innovations Inc. “We believe they are in the right space at the right time. Tech2Health has a bright future ahead of it, as the digital administration of mental healthcare comes in to its own. Additionally, we see tremendous synergies between the products and services being provided by Tech2Health, and those of our first acquisition, Health Gauge. For example, customers of Tech2Health have expressed an interest in a health monitoring solution, such as that provided by Health Gauge. Conversely, Health Gauge has been forging some relationships in the North American markets that could be immensely helpful to Tech2Health in penetrating those markets. The ability for each of these companies to leverage each other will benefit the entire group, and all of us as shareholders. Importantly, with this acquisition, AIML will immediately have a nearly global footprint with interests diversified across North America, South America and Europe.”
In addition to its’ pre-commercial, digital therapy and remote patient monitoring platform named Alakin, Tech2Health has three established branded mental wellness products - Qookka Live, Qookka Center and Qookka DTx:
- Qookka Live (B2B2C subscription model), provides easy access to personalized programs that combine teleconsultations with psychologists and live sessions with certified coaches, with a particular focus on employee mental health services for Tech2Health’s corporate clientele.
- Qookka Center (B2C and B2B2C models), is a 230m2 space dedicated to mental health with a team of 8 therapists led by a psychiatrist. Strategically located in Europe’s largest technology park in Sophia-Antipolis, France, home to 2,000 companies and more than 30,000 engineers.
- Qookka DTx (B2C and B2B2C models), is a digital mental health therapy platform for high chronic anxiety and depressive patients, administered by a psychiatrist.
- Alakin (B2B subscription model) In addition to the Qookka service line, Tech2Health has developed Alakin, a full stack SaaS digital therapy and remote patient monitoring platform that allows hospitals and clinics to easily commence a “no code” value-based care program with their patients. Several pilot studies are being readied.
Fabrice Pakin, Founder and CEO of Tech2Health added, “The unmet need for evidence-based mental health care is enormous, with the Covid19 pandemic exacerbating an already troubling situation. Through our digital platforms, we can provide patient support with positive outcomes at the scale needed. The partnership with AIML comes at an important point in our growth cycle, assisting us in penetrating the lucrative North American market. This, in combination with our existing footprint in Europe and Brazil will give us a truly global presence.”
Tech2Health is well positioned to provide support for the current mental health pandemic, utilizing a unique blend of proprietary digital assets, remote live counselling, and a physical wellness center.
- Lead contract signed with a French multinational manufacturer, to provide mental wellness support to their 170,000 employees globally.
- Multiple pilot studies are pending with world-class medical facilities and insurers in Europe and South America.
- Historical track record/proof of business model - the Founders of Tech2Heal utilized an earlier version of their digital wellness platform model to generate historical revenues totalling US$4.2 million, while providing services to leading health insurers such as Malakoff Humanis, Groupe Mutuel, Mapa, Apicil, and others.
Other related developments from around the markets include:
CloudMD Software & Services Inc., a healthcare technology company revolutionizing the delivery of care, announced its financial results for the first quarter ended March 31, 2021. All financial information is presented in Canadian dollars unless otherwise indicated.
Dr. Essam Hamza, CEO of CloudMD commented, “We are excited to share our record Q1 2021 financial results that continue to improve quarter over quarter. Q1 was a transformative period for CloudMD, as we closed 5 acquisitions, adding $13 million in annualized revenue and establishing the foundation for our Enterprise Health Solutions division. I am very proud of the strategic roadmap we have built and the team’s ability to execute on our growth strategy. We identified key acquisition targets that were synergistic to our overall vision and we remain focused on building a complete healthcare ecosystem, providing connected, holistic care. We continue to integrate all of our capabilities into one comprehensive platform, which is the foundation for scale and expansion.”
VSBLTY Groupe Technologies Corp., a leading software provider of security and retail analytics technology, released its CEO Update to highlight a number of recent milestones and provide an outlook for the forthcoming quarters. Jay Hutton, VSBLTY Co-founder & CEO, commented, “The company is pleased to announce that we have seen significant momentum in Q2 with bookings already exceeding $1.5M USD with a month left in this current quarter.” He further stated, “2021 has been a transformative year for VSBLTY and we are anticipating that the remainder of this calendar year will show strong continued momentum.
Empower Clinics Inc. signed a Memorandum of Understanding for a six-month pilot program between Empower and Pharmachoice for distribution and resale of Kai Care COVID-19 Testing Solutions. The products will include Rapid Antigen Testing, Rapid Antibody Testing and Saliva RT-PCR tests. "The expansion to Pharmachoice's network is a phenomenal step forward in our plan to provide Kai Care Testing solutions directly and conveniently to consumers" stated Steven McAuley, Chairman and CEO of Empower Clinics. "We are excited to build on this progress through our ongoing advanced conversations with other major pharmacy groups from across North America."
Mydecine Innovations Group has selected substance use disorder and smoking cessation as the initial target indications for its proprietary psychedelic molecule MYCO-004. MYCO-004 is a patch-delivered tryptamine compound and its properties include short duration (less than two hours), transdermal, precision dosing, and long-term compound stability. Mydecine said it picked substance use disorder and smoking cessation for MYCO-004 as it addresses the underserved and drastic need for treatment. The company noted that there are 19.7 million American adults suffering from substance abuse disorder. Of those, 8.5 million suffer from both substance abuse disorder and mental health disorders.
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