- The Company’s Special Committee, led by Najla Guthrie, Will Seek to Uncover New Opportunities in the Use of Digital Therapeutics for Mental Health as the Company Forges Ahead With its Recently Refreshed Competitive Strategy
- The Global Digital Therapeutics Market is Projected to Reach USD 13.1 Billion by 2026 from USD 3.4 Billion in 2021, Which Equates to a CAGR of 31.4% During the Forecast Period
VANCOUVER, British Columbia, April 25, 2022 (GLOBE NEWSWIRE) — Wellbeing Digital Sciences Inc. (“Wellbeing” or the “Company”) (NEO: MEDI) (OTC: KONEF) (FRA: SQ2), an evidence-based mental healthcare company focused on the development and implementation of innovative clinical solutions, such as psychedelic medicine and digital therapeutics supported by clinical research, is pleased to announce the formation of a special committee led by Najla Guthrie, Chief Executive Officer of Wellbeing, to explore advances in digital therapeutics regarding mental health (the “Special Committee”). Digital therapeutics is one of Wellbeing’s core strategic pillars, along with contract research and psychedelic medical treatments. With the recent announcement of an evolved competitive strategy for the Company, the formation of the Special Committee aligns with Wellbeing and its plans to establish next-generation mental health clinics, contemporize existing clinic facilities and launch best-in-class adjunct programs to improve patient treatment outcomes.
The global digital therapeutics market is projected to reach USD 13.1 billion by 2026 from USD 3.4 billion in 2021, which equates to a CAGR of 31.4% during the forecast period.1 The relevance of digital therapeutics in mental health has increased over the years, as there were more than 500 clinical trials conducted between January 2010 and December 2019, 40% of these trials were related to mental health in the areas of psychiatry, addiction, neurology, and sleep medicine.2 Over the past decade, digital therapeutics products have demonstrated substantial benefits in the management of patients with a variety of complex and challenging diseases, including and especially in the mental health realm. Digital therapeutics are generally delivered through smartphones or computers and tablets, which makes their application more convenient and private for patients. Amidst the global mental health crisis, Wellbeing has determined digital therapeutics advancements to be the top priority for the Special Committee to explore.
Overall, digital therapeutics is an evidence-based therapeutic intervention that can be used independently or in collaboration with medications, devices, and other therapies to optimize patient care and health outcomes. Digital therapeutic products aim to produce a medical intervention that is software-driven, is based on evidence, incorporates privacy and security for patients, and ultimately provides patients with an alternative solution for traditional medical practices.2 Also, digital therapeutics can be available in multiple languages, which increases the accessibility of treatment for many populations with language barriers within the healthcare system.3
Empowering patients and clinicians with intelligent and accessible tools for addressing a wide range of conditions through high quality, safe, and effective data-driven interventions, is the main goal of digital therapeutics and aligns with the Company’s recently updated mission and values:
To enrich lives through mental healthcare services;
- To transform lives, improve patient experience, through a contemporary, global and comprehensive mental healthcare model of service;
- To equip clinicians with new tools to complement existing pharmacotherapeutic approaches;
- To re-conceptualize the way mental health services are delivered to the community; and
- To make a positive impact on the lives of patients, create an active network of collaborating mental health experts, foster future innovation, and re-engineer the way present-day mental healthcare services are delivered to create change and improve patient outcomes.
“We at Wellbeing are excited to form the Special Committee regarding digital therapeutics to learn more about opportunities that may potentially exist and be worth exploring from a commercial perspective. I look forward to adding key staff members and other advisors to the Special Committee in the near future, so the Company can be best positioned to capitalize on this growing market opportunity and ultimately help more people improve their mental health,” said Najla Guthrie, Chief Executive Officer of Wellbeing. “Our goal has always been to enrich peoples’ lives through mental health services and I am keen to see how the Special Committee can discover revolutionary, comprehensive and collaborative healthcare opportunities,” added Ms. Guthrie.
ABOUT WELLBEING DIGITAL SCIENCES
Wellbeing Digital Sciences Inc. is an evidence-based mental healthcare company focused on the development and implementation of innovative clinical solutions, including psychedelic medicine and digital therapeutics, as supported by clinical research. Its mission is supported by a network of North American clinics that provide forward-thinking therapies and other types of treatment to patients as well as through a contract research organization that offers clinical trials services to clients pursuing drug development. In essence, the Company exists to make breakthrough treatments more accessible and to offer patients transformational experiences.
On behalf of:
WELLBEING DIGITAL SCIENCES INC.
Najla Guthrie, CEO
For further information, please contact:
Notice Regarding Forward-Looking Information:
This news release contains forward-looking statements including but not limited to statements regarding the Company’s business, assets or investments, as well other statements that are not historical facts. 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 occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may cause actual performance and results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. These assumptions, risks and uncertainties include, among other things, the state of the economy in general and capital markets in particular, investor interest in the business and prospects of the Company.
The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities law. Additionally, the Company undertakes no obligation to comment on the expectations of, or statements made, by third parties in respect of the matters discussed above.
- “Digital Therapeutics (DTx) Market by Application (Prediabetes, Nutrition, Care, Diabetes, CVD, CNS, CRD, MSD, GI, Substance Abuse, Rehabilitation), Sales Channel (B2C, Patient, Caregiver, B2B, Providers, Payer, Employer, Pharma) – Global Forecasts to 2026”, Markets and Markets, accessed on April 21, 2022, https://www.marketsandmarkets.com/Market-Reports/digital-therapeutics-market-51646724.html?gclid=Cj0KCQjwgYSTBhDKARIsAB8KuksDuYPH_PFilO7XaV9g2-Ll2S-0rmPsfgr25AhhsaYwLnmjcP1XxcMaAnL8EALw_wcB
- “The Expanding Role of Digital Therapeutics in Mental Health”, Gregory P. Licholai, Psychiatric Times, August 13, 2021, https://www.psychiatrictimes.com/view/the-expanding-role-of-digital-therapeutics-in-mental-health
- “Digital Therapeutics Definition and Core Principles: Digital therapeutics definition”, Digital Therapeutics Alliance, November 2019, https://dtxalliance.org/wp-content/uploads/2021/01/DTA_DTx-Definition-and-Core-Principles.pdf