MISSION VIEJO, Calif., March 28, 2019 (GLOBE NEWSWIRE) -- MYnd Analytics, Inc. (NASDAQ: MYND), a behavioral health company with tools and technologies aimed at improving the delivery of mental health services through the combination of telemedicine and data analytics, today announced it has received its first notice of patent allowance in Europe on the Company’s neuromodulation platform for predicting patients likely to respond to Transcranial Magnetic Stimulation (TMS).
The allowed patent application is entitled “Method for Assessing the Susceptibility of a Human Individual Suffering from a Psychiatric or Neurological Disorder to Neuromodulation Treatment,” and has an anticipated expiration date in 2029. The patent has as its subject matter the Company’s proprietary process and proprietary outcome data on the use of individualized Quantitative EEG (QEEG) features to predict non-response of individuals to TMS therapy. Although depression is the dominant indication for TMS today, the FDA recently cleared a migraine/pain indication, and a deep-TMS protocol for obsessive compulsive disorder (OCD). TMS-derived interventions are also being developed and tested for Alzheimer’s and anxiety.
TMS is a non-invasive outpatient procedure that uses magnetic fields to stimulate areas of the brain thought to control mood. It is used as an alternative treatment for patients who have failed one or more antidepressants for the treatment of depression.
TMS responsivity data, which can benefit from MYnd’s PEER online technology to analyze an individual's digital QEEG, may help physicians learn how patients with similar EEG patterns respond to TMS, thereby enabling physicians to more effectively guide patients most likely to benefit from TMS and reduce expenditures on patients for whom TMS is not likely to be an effective solution for their depression.
George Carpenter, MYnd’s President and Chief Innovation Officer, stated, “The business potential for predicting patients likely to respond to TMS is significant, as the TMS market is growing; the global neuromodulation market is growing at 11% annually to an estimated $13 billion by 2024. Enabling physicians to more effectively evaluate which patients are most likely to benefit from this treatment, will not only dramatically reduce healthcare expenditures, but more importantly, improve outcomes, which is central to our PEER platform.”
TMS has been approved for patients with treatment-resistant depression, in Canada, Australia, New Zealand, Europe, and Israel, in addition to the United States. TMS is an expensive treatment, at roughly $10,000-$12,000 USD per 30-day treatment cycle.
TMS is considered to have a “modest” effect, so it’s typically used only in treatment of refractory patients. Estimates are that up to 50% of patients will not have a clinically meaningful response.
Mr. Carpenter further noted that “The most likely application for payer reimbursement of PEER combined with TMS, would be as a step therapy—before receiving TMS, patients could receive this EEG-based test. If PEER were deployed and demonstrated the same discriminatory power as in its pharmacotherapy trials, targeting those individuals most likely to respond could mean approximately one-third fewer procedures, which we estimate would save approximately $3 billion annually.”
About MYnd Analytics
MYnd Analytics, Inc. (www.myndanalytics.com), with its wholly owned subsidiary Arcadian Telepsychiatry Services LLC, is a technology-enabled telepsychiatry and teletherapy company that provides enhanced access to behavioral health services, improves patient outcomes and helps lower the costs associated with behavioral health issues. The MYnd Psychiatric EEG Evaluation Registry (PEER) is a predictive analytics decision support tool that helps physicians reduce trial and error treatment for behavioral health conditions. PEER provides the physician a personalized care plan with recommended treatment options based on a patient’s unique brain markers, reducing treatment time and treatment costs. Arcadian Telepsychiatry Services LLC provides a suite of complementary telemedicine services that can be combined with PEER, including telepsychiatry, teletherapy, digital patient screening, curbside consultation, on-demand services, and scheduled encounters for all age groups. MYnd’s customers include major health plans, health systems, and community-based organizations. To read more about the benefits of this patented technology for patients, physicians and payers, please visit: www.myndanalytics.com.
Additional Information about the Proposed Merger between MYnd and Emmaus and Where to Find It
In connection with the previously disclosed proposed business combination involving MYnd Analytics, Inc. and Emmaus Life Sciences, Inc., MYnd and Emmaus have filed documents with the U.S. Securities and Exchange Commission (the “SEC”), including the filing by MYnd of a Registration Statement on Form S-4 containing a Joint Proxy Statement/Prospectus, filed on February 13, 2019, and each of MYnd and Emmaus plan to file with the SEC other documents regarding the proposed transactions. INVESTORS AND SECURITY HOLDERS OF MYND AND EMMAUS ARE URGED TO CAREFULLY READ THE JOINT PROXY STATEMENT/PROSPECTUS AND OTHER DOCUMENTS FILED WITH THE SEC BY MYND AND EMMAUS BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTIONS. Investors and security holders may obtain free copies of these documents and other documents filed with the SEC at the SEC’s web site at www.sec.gov and by contacting MYnd Investor Relations or Emmaus Investor Relations.
MYnd, Emmaus and their respective directors and executive officers may be deemed participants in the solicitation of proxies with respect to the proposed transaction. Information regarding the interests of these directors and executive officers in the proposed transaction has been included in the Joint Proxy Statement/Prospectus described above. Additional information regarding the directors and executive officers of MYnd is also included in MYnd’s proxy statement for its 2018 Annual Meeting of Shareholders, which was filed with the SEC on March 1, 2018, as updated in MYnd’s Annual Report on Form 10-K for the fiscal year ended September 30, 2018, and additional information regarding the directors and executive officers of Emmaus is also included in Emmaus’ proxy statement for its 2018 Annual Meeting of Stockholders, which was filed with the SEC on August 23, 2018.
No Offer or Solicitation
This document does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.
Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. These forward-looking statements involve risks and uncertainties, such as MYnd's ability to successfully expand into various market channels, the ability of MYnd’s products to successfully screen for or identify patients responsive to TMS, to successfully target objective measures and to successfully increase efficiency in the treatment of depression and other mental health and psychiatric illnesses , MYnd's ability to expand globally in areas where there is an opportunity to improve treatment in mental health, MYnd’s ability to continue to protect and enforce its patents, the ability of MYnd’s products to reduce healthcare costs, to reduce unneeded or inefficacious procedures, or to reduce the costs of treatment for mental health, as well as those risks and uncertainties set forth in MYnd's filings with the Securities and Exchange Commission. These risks and uncertainties could cause actual results to differ materially from any forward-looking statements made herein.
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