Who is Ehave?
Ehave is a healthcare company dedicated to improving the lives of adults and children suffering from mental illness. Through the Ehave Platform we provide technology solutions to clinicians, patients, researchers, pharmaceutical companies, and payors to help drive the industry forward and to improve the standard of care.
We see it as a major problem that insurance companies spend $32 billion per year covering mental health treatments based on efficacy that, in most cases, has not been fully validated due to the difficulties of tracking patient outcomes reliably and at a large enough scale. The size of the cognitive assessment market alone is $2.4 billion, yet it consists primarily of the same pen and paper assessments that were developed decades ago! We believe the mental health community is long overdue for a technology breakthrough to catapult patient care into the current era of data-driven decision making and personalized treatment. I’m here to tell you that our technology is empowering this important change.
Driving the mental healthcare industry forward
We do this by enabling practitioners to focus on the big picture. Ehave efficiently captures, integrates, and delivers high-quality, and most importantly – objective – patient data to the mental health community. By bridging the substantial information gap in mental healthcare, while at the same time facilitating the deployment of new and existing digital tools, we believe that we will empower clinicians and improve patient care. In addition, Ehave creates significant value for mental health researchers and insurance payors, who for the first time have access to a wealth of objective outcomes data to support and validate their efforts. Ehave is also uniquely suited to enhance the development and commercialization of all types of therapies for mental health conditions, through collaboration with pharmaceutical companies, facilitating the capture and management of clinical data for regulatory trials or post-market validation.
We believe the broad applicability of the Ehave Platform and the unmet need in mental healthcare positions Ehave to capitalize on multiple opportunities to grow our business and generate significant shareholder value in a relatively short time frame. Indeed, we have already established key partnerships that have set us on this trajectory.
Expanding our platform with validated digital mental health assessments
In December 2016, we signed an agreement with Multi-Health Systems (“MHS”), a leading provider of psychological assessment tools. We’re currently in the process of integrating MHS’s gold standard Connors® suite of attention deficit hyperactivity disorder (“ADHD”) assessments into the Ehave Platform. We expect to offer MHS’s entire catalogue of tests in time, and in so doing we believe that we can enhance the evaluation of any mental health indication. We plan to move quickly into areas such as post-traumatic stress disorder (“PTSD”), anxiety, depression, obsessive compulsive disorder (“OCD”), autism, and more. This initial partnership represents a major step forward for Ehave, as it establishes the company as a recognized player in this field and provides an opportunity to showcase the value that the Ehave Platform adds for patients, clinicians, and other leading publishers of mental health assessments, which we anticipate will attract additional partners.
Pioneering an evidence-based approach to evaluating medical marijuana
A great example of how Ehave can transform mental healthcare, and a major focus for Ehave, is in the area of medical marijuana. Health Canada estimates that the medical marijuana industry will become a $1.3 billion market by 2024. Validating therapeutic dosing and administration of cannabis-based therapies, while paramount to developing new products and promoting clinical acceptance, remains a challenge, particularly in mental health indications where patient outcomes are difficult to track. Currently, the medical marijuana industry lacks comprehensive clinical data for prescribers to draw from when advising patients on treatment plans, as well as systems to track patient adherence and outcomes. Further, the large variety of medical marijuana strains and delivery modalities has not been rigorously assessed or optimized.
Ehave seeks to provide its suite of data-rich patient management and assessment tools to advance the study of medical marijuana. Ehave can enable prescribers of medical marijuana to design and monitor treatment plans, track patient compliance, and verify treatment outcomes in a reliable and objective manner. Similar to other areas of mental health, the Ehave Platform captures clinical data digitally from gold standard assessments and surveys, as well as from novel treatment tools and devices, creating a data-rich network of patient information that has the potential to validate and legitimize this burgeoning healthcare segment.
Initial clinical partnership with premium medical cannabis producer
Ehave’s entrance into the medical marijuana space is exemplified by our recently announced partnership with MedReleaf, Canada’s premium medical cannabis licensed producer. The partnership is focused initially on using the Ehave Platform to manage treatment plans and to track patient outcomes as part of a clinical trial to evaluate the potential efficacy of MedReleaf’s medical marijuana treatment for PTSD. We’re excited to work in this industry because we feel it is an area of high need where Ehave can have an immediate impact. We look forward to collaborating with MedReleaf and to providing an update on these activities as they progress.
Offering proprietary and third-party digital tools through Ehave Connect
Additionally, we are continuing to develop our MegaTeam suite of digital assessment and remediation tools for ADHD, through our collaboration with Toronto’s Hospital for Sick Children (“SickKids”). These novel tools utilize validated measures of executive function, but in an engaging video game format that is fun and fully mobile, which may improve patient compliance. While we offer our games through Ehave as assessment tools, we’re also in the process of conducting clinical studies to evaluate MegaTeam as a remediation tool – a “digital therapeutic” – that may improve the symptoms of ADHD in children. In addition to offering third-party tools through strategic partnerships, we plan to develop or in-license new digital therapeutics that can be clinically validated and eventually sold via Ehave Connect.
Positioning Ehave for success
Moving now to the corporate side of Ehave – I was appointed Chief Executive Officer in November 2016, bringing my 20-year background in technology and healthcare to the company. I was joined by David Goyette, Ehave’s Chief Technology Officer, who brings more than 30 years of healthcare technology, software development, and gaming experience to Ehave. I’m excited to be working with Dave again. Prior to joining Ehave, Dave and I were responsible for developing the Cancer Informatics Program at Princess Margaret Hospital at the University Health Network in Toronto. This unique technology unites information from various clinical systems to give clinicians a holistic and objective view of patient health, treatment, and outcomes data. Sound familiar? Dave and I are proud and eager to be teaming up again to bring this same innovative approach to mental healthcare with Ehave.
Following our first shareholders’ meeting, we welcomed three new independent Board members to Ehave: Ted Witek, DrPH, Chief Scientific Officer at Innoviva (Nasdaq: INVA); Steve Stefano, Managing Director at Ashfield Market Access; and Harry Levy, M.D., Chief Executive Officer of interMDnet Corporation. Ted Witek was appointed Ehave’s Chairman and is the former CEO of Boehringer Ingelheim Canada, with additional leadership experience in pharma, biotech, and public policy. Steve is a former SVP at GlaxoSmithKline and has long term relationships with payors, while Harry is a pioneer in creating digital platforms for physicians. They join healthcare technology veteran Scott Woodrow, founder and former Chairman of the Board at Ehave, who remains a Director, bringing his significant investment expertise. Collectively, the expertise of these individuals will be invaluable to Ehave as we are poised for significant growth.
As you know, we successfully listed our common stock on the OTCQB Venture Market in November 2016, gaining U.S. SEC status as a foreign private issuer under the symbol EHVVF. In conjunction with the listing, we secured a $1.5 million private placement of convertible promissory notes and warrants. We recently commenced a follow-on financing round to support a dual-listing of Ehave stock on Canada’s TSX-Venture exchange. We are currently seeking funds to expand the clinical, technology, and business development teams, and to grow the business by expanding within the mental health therapeutics space. We expect to do this by entering into additional pharma partnerships, as well as through the development and licensing of novel therapeutics, specifically digital and medical marijuana therapeutics.
Our strategy for continued growth
It’s an exciting time to be a part of Ehave, as we expand our network within the mental healthcare community and establish ourselves as an innovator and desired partner. In the near term, we expect to execute diligently on our current initiatives, including our clinical collaboration with MedReleaf and the launch of MHS’s ADHD assessments. We will also continue to pursue strategic partnerships in different areas of our business. In the longer term, as we are able to demonstrate Ehave’s ability to generate reliable insights into patient outcomes, we plan to engage more with payors who are in desperate need of high-quality data to assess the cost and benefits of mental health treatment. Supporting this growth is Ehave’s world-class management and Board of Directors – executives from top pharmaceutical, insurance, and clinical organizations who have done this before and who are ready to do it again. We will leverage our expertise to ensure the success of Ehave.
As we embark on this journey, we seek to increase our visibility within the digital medicine and health informatics investment community. We plan to attend select industry and investor conferences and to encourage more frequent interactions with investors and industry analysts. Our goal is to provide much needed solutions for the mental healthcare community while building, maintaining, and protecting shareholder value for the people who have supported us from this early stage. We thank you for that support and look forward to providing timely updates on our activities and progress in the future.