Ehave, Inc., (OTC Pink: EHVVF) (the “Company”), a provider of digital therapeutics delivering evidence-based therapeutic interventions to patients, announced today that it has signed a Letter of Intent to acquire 100% of PsychedeliTech (“PsyTech”), a division of Tel Aviv, Israel based Israel Cannabis Limited (“iCAN”). The transaction is expected to close within 45 days. Upon closing of the transaction, iCAN Founder, Saul Kaye, will be appointed as a Chairman of Ehave’s to be formed subsidiary PsychedeliTech.
As a subsidiary of Ehave, Inc., management believes PsychedeliTech is prepared to lead in the commercialization of research into psychedelics for the treatment of anxiety, depression, and other mental illnesses. With a large number of contacts in the industry, both Ehave, Inc. and PsychedeliTech intend to create an ecosystem to nurture the development of therapies using psychedelics. The ecosystem includes clinical trials, biosynthesis of psychedelic compounds, E-commerce, CPG’S, supply, dosage, delivery, data, conferences and business intelligence.
Created by the team behind CannaTech, PsyTech is positioned to be an incubator and discovery platform to elevate psychedelic medicine, foster normalization, and accelerate innovation utilizing Ehave’s Telemetry Engine and Ehave Dash. Ehave’s Dash enables developers, clinicians, researchers, doctors, hospitals, universities and ultimately prescribers of Psychedelic therapy to monitor the effectiveness of treatment, track patient compliance and verify treatment outcomes in a reliable and objective manner through insightful data. PsyTech intends to identify and accelerate innovative companies and create synergies between them and the global ecosystem.
Growing evidence points to the potential of psychedelics in the treatment of mental health problems and symptoms, including depression and anxiety, obsessive-compulsive disorder, and, opioid, alcohol and tobacco dependence. https://link.medium.com/k9MX8aEGk3
Clinical trials on psychedelic therapies are now underway in some of North America’s most prestigious universities including Yale and John Hopkins. Psychedelics have also recently garnered a tremendous amount of mainstream media interest with outlets such as Forbes and CNN focusing on the growing popular use and medical research of hallucinogens. According to researchers, psychedelic drugs are showing promise as therapeutics in a resurgence of clinical research during the past 10 years (See The Lancet Psychiatry, Vol 3 Issue 5, May 2016)
The inaugural PsyTech Summit will take place March 29-30, 2020 at the Hilton Hotel, on the Mediterranean Sea in Tel Aviv, Israel. Rick Doblin, Ph.D., Founder and Executive Director of the Multidisciplinary Association for Psychedelic Studies (MAPS) will be the gathering’s keynote speaker. The landmark event will bring together scientists, innovators, regulators, investors, and advocates from around the world to expand minds to the potential of psychedelic medicine.
Benjamin Kaplan, Chief Executive Officer of Ehave, Inc., said, “We believe we are in the right place, at the right time as we purchase PsyTech from iCAN. This transaction puts us on the forefront of this fast-developing therapeutic ecosystem as one of the first public companies to participate in this sector.” Mr. Kaplan continued, “After decades of stigma, psychedelics are the next therapeutic frontier. We believe the sector is about to explode as a wave of new information, research and consumer interest about psychedelics floods the market. Our goal is to be there to capitalize on it for our shareholders.”
“There is a tremendous amount of renewed research interest in LSD, MDMA, Ketamine and psilocybin for the potential treatment of mental health disease and symptoms, including depression, anxiety disorders, and PTSD,” said iCAN Founder, Saul Kaye. “PsyTech brings the biggest names in the industry together to make deals, find new opportunities, and propel the global psychedelic medication conversation. Ehave’s management team has the perfect combination of experience and innovation to take PsyTech to the next level.”
Ehave, Inc. (EHVVF) is a provider of digital therapeutics delivering evidence-based therapeutic interventions to patients. Our primary focus is on improving the standard care in therapeutics to prevent or treat brain disorders or diseases through the use of digital therapeutics, independently or together, with medications, devices, and other therapies to optimize patient care and health outcomes. Our main product is the Ehave Telemetry Portal, which is a mental health informatics platform that allows clinicians to make objective and intelligent decisions through data insights. The Ehave Infinity Portal offers a powerful machine learning and artificial intelligence platform with a growing set of advanced tools and applications developed by Ehave and its leading partners. This empowers patients, healthcare providers, and payers to address a wide range of conditions through high quality, safe, and effective data-driven involvement with intelligent and accessible tools.
PsyTech is a developer of a mental health informatics platform to advance the study and therapeutic use of psychedelic therapy and treatment utilizing the Brain Engine and Telemetry Portal. PsyTech’s Telemetry Portal enables developers, clinicians, researchers, doctors, hospitals, universities, and ultimately prescribers, of psychedelic therapy to monitor the effectiveness of treatment, track patient compliance, and verify treatment outcomes in a reliable and objective manner through insightful data.
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may be preceded by the words “intends,” “may,” “will,” “plans,” “expects,” “anticipates,” “projects,” “predicts,” “estimates,” “aims,” “believes,” “hopes,” “potential” or similar words. Forward-looking statements are based on certain assumptions and are subject to various known and unknown risks and uncertainties, many of which are beyond the Company’s control, and cannot be predicted or quantified and consequently, actual results may differ materially from those expressed or implied by such forward-looking statements: (i) the initiation, timing, progress and results of the Company’s research, manufacturing and other development efforts; (ii) the Company’s ability to advance its products to successfully complete development and commercialization; (iii) the manufacturing, development, commercialization, and market acceptance of the Company’s products; (iv) the lack of sufficient funding to finance the product development and business operations; (v) competitive companies and technologies within the Company’s industry and introduction of competing products; (vi) the Company’s ability to establish and maintain corporate collaborations; (vii) loss of key management personnel; (viii) the scope of protection the Company is able to establish and maintain for intellectual property rights covering its products and its ability to operate its business without infringing the intellectual property rights of others; (ix) potential failure to comply with applicable health information privacy and security laws and other state and federal privacy and security laws; and (x) the difficulty of predicting actions of the USA FDA and its regulations. All forward-looking statements included in this press release are made only as of the date of this press release. The Company assumes no obligation to update any written or oral forward-looking statement unless required by law. More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements is contained under the heading “Risk Factors” in Ehave, Inc.’s Registration Statement on Form F-1 filed with the Securities and Exchange Commission (SEC) on September 24, 2015, as amended, which is available on the SEC’s website, http://www.sec.gov.