The proposed collaboration should:
Evaluate the compatibility of the RYAH smart patch distribution and monitoring device, software and data platform with Ei.Ventures’ proprietary psychedelic formulations
Continuation of Ei.Ventures’ research and development strategy, accelerating use testing on controlled delivery and monitoring of psychoactive compounds for mental wellness treatments
Positioning companies towards a commercial license agreement to provide psychedelic therapies, in anticipation of government approved treatment options for mental health care
TORONTO, ON / ACCESSWIRE / November 15, 2021 / RYAH Group, Inc. (CSE: RYAH) (“RYAH“or the”Society“) announced today that it has entered into a non-binding letter of intent (the”Letter of Intent“) with Emotional Intelligence Ventures (“Ei.Ventures“), a leading psychedelic formulation and therapeutic research company. The collaboration aims to develop novel delivery solutions for Ei.Ventures’ psychoactive compounds using smart devices and data analytics of RYAH, with the aim of advancing patient care to further respond to the current global mental health crisis.
The signed letter of intent initiates a collaboration which should lead to the negotiation and finalization of certain definitive research and development (R&D), licensing and distribution agreements between the parties (the “Final agreementsThe final agreements, if concluded, should allow RYAH to license certain intellectual properties to Ei.Ventures relating to its Smart Patch device and data analysis for, among other things, R&D and the potential commercialization, by Ei.Ventures, of certain formulations of psychedelic mushrooms in conjunction with RYAH’s Smart Patch hardware, software and patient session analysis. It is intended that the terms of these license agreements and R&D, including any potential customization of hardware and software, will be agreed in final agreements.
âThis marks a new era for the RYAH Group, as we seek to expand our technologies and non-medicinal treatments to support industry partners engaged in the psychedelic markets, in addition to medical cannabis,â said Gregory Wagner, CEO of RYAH. âOur state-of-the-art devices and data analytics are designed to work with a wide range of herbal medicines, making it a logical next step for the company to partner with Ei.Ventures, which is a leader in psychedelic research, formulation and mental analysis. health care.”
David Nikzad, CEO of Ei.Ventures, notes: âWe are committed to developing next-generation solutions for psychedelic therapy with a focus on technology platforms capable of delivering and monitoring the use of psychedelic drugs to treat mental illness. Ei.Ventures works to transform the way mental illness is treated and improve the quality of life for those struggling with their mental health. The RYAH platform offers both technologies and data platforms capable of delivering our advanced formulations and collecting relevant clinical data on the use and efficacy of our transdermal product.
The global psychedelic market is poised to benefit from the high prevalence of growing mental illnesses and conditions, and an increasing number of patients with unmet treatment needs. Fairfield Market Research Says Global Psychedelic Drugs Market Revenue Is Expected To Increase At A 14.5% CAGR Rate During The Period As The Market Reaches $ 6,330.0 Million By 2026 From $ 3,210.0 Million dollars in 2021.
Forrester estimated that consumers will take around 480 million virtual visits for healthcare in 2020, of which nearly 38% are for mental healthcare. The demand for virtual mental health care such as therapy and counseling is estimated at 138 million visits by the end of 2021.
About the RYAH Group, Inc.
RYAH is a connected devices, big data and technology company focused on predictive analytics valuable to the global herbal medicine and nutraceutical industry. Its robust artificial intelligence platform aggregates and correlates Health Insurance Portability and Liability Act HIPAA Compliant Patient Data (HIPAA), intended to help physicians and patients personalize herbal treatments to better predict treatment outcomes. Data collection is relevant for clinics, physicians, dispensaries and pharmaceutical companies, and licensed processors (LPs) to monitor and manage the effects of the formulation on patients and demographics. RYAH brings together in-depth and insightful data on the complete patient session and formulation lifecycle with a strong portfolio of intellectual property. For more information, visit www.ryahgroup.com.
Ei.Ventures sets a new standard for mental wellness with botanical compounds inspired by psychedelics, functional herbal remedies and integrative technology. Our ambition is to provide legal therapeutic treatment options that respond to the current global mental health care pandemic. We seek to provide resources that will provide critical data for a better academic understanding of psychoactive compounds. In markets that allow psychedelic therapy, we expect to be able to provide a range of therapeutic products. For more information, visit www.ei.ventures.
This press release contains certain forward-looking information and forward-looking statements within the meaning of applicable securities laws (collectively “forward-looking statements“). All statements contained in this press release that are not statements of historical fact should be considered as forward-looking statements. Forward-looking statements are often identified by words such as” may “,” should “,” anticipate “,” expect “,” potential “,” believe “,” intend “or the negative of such terms and expressions. More specifically, the forward-looking statements contained in this press release include, but are not limited to limit, statements relating to (i) the R&D study to be conducted by EI Ventures (including the scope and timing thereof), (iii) final agreements and the Company’s expectations regarding the intended scope of these agreements, and (iii) EI Ventures, including with respect to its proprietary psychedelic formulations, and its business goals and objectives. Forward-looking statements reflect the Company’s current views and intentions with respect to events. future events based on current information available to the Company, and are necessarily subject to certain risks and uncertainties that could cause actual results to differ materially from those expressed or implied in these forward-looking statements. These risks and uncertainties include, without limitation, the risks and uncertainties associated with or inherent in general business, technological and economic conditions, and any other applicable factors indicated in the Company’s public information documents available under the profile of the Company on SEDAR at www.sedar.com. Readers are further cautioned that the assumptions used in the preparation of these forward-looking statements (including, but not limited to, the assumption that (i) the Company, any EI business will be able to execute its plans respective business and to obtain and retain all permits and authorizations necessary to execute such business plans, (ii) neither the financial position nor the development plans of the Company or EI Ventures will change as a result of unforeseen events, (iii) there will always be demand, and market opportunity, for the Company’s product offerings, (iv) EI Ventures will be successful in conducting R&D and pilot studies, and (v) current economic conditions and futures will not affect the pilot study, the activities and operations of the Company, nor the ability of the Company to capitalize on anticipated business opportunities), although considered reasonable by the management of the Company at the time of the decision. However, this may prove imprecise and result in actual results differing materially from those anticipated, and as such, forward-looking statements should not be relied on unduly. If such a risk factor unexpectedly affects the Company, or if the assumptions underlying the forward-looking information prove to be inaccurate, actual results or events may differ materially from expected results or events. Therefore. readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will be achieved.
The forward-looking statements included in this press release are made as of the date of this press release, and the Company does not undertake to publicly update these forward-looking statements to reflect new information, subsequent events or otherwise, unless required by securities laws. All forward-looking statements contained in this press release are expressly qualified by this cautionary statement.
Neither the CSE nor its market regulator (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
For more information, please contact:
+1 917 210 0543
Chief Executive Officer
+1 917 210 0543
KCSA strategic communication
+1 646 379 7971
Susan von seggern
+1 213 840 0077
THE SOURCE: RYAH Medtech Inc.
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