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MYnd Analytics Raises $2.1M to Expand Platform

Mental health is a hot issue, particularly in light of the country’s declared opioid epidemic, and Mission Viejo-based MYnd Analytics Inc. (Nasdaq: MYND) appears to be on the right track with its diagnostics platform and telemedicine.

It recently raised $2.1 million through a private placement of 1,050,000 units at $2 per unit—each unit consists of one share of newly designated series A preferred stock and one warrant to purchase one share of common stock for $2.34 per share to three affiliates.

Shares of the company trade at about $1.27 each for a $5.6 million market cap.

MYnd said it plans to use proceeds to support general corporate purposes.

The predictive analytics company develops Psychiatric EEG Evaluation Registry, or PEER Online, which allow medical professionals to exchange patient treatment outcome data. Information is based on a standard electroencephalogram, a test of brain activity. The tool is designed to help doctors better match patients with appropriate medications.

In November MYnd bought Arcadian Telepsychiatry Services LLC, which manages telepsychiatry and telebehavioral services through a nationwide network of licensed and credentialed psychiatrists, psychologists and master’s-level therapists.

Prior to the purchase, MYnd’s revenue was derived from the sale of PEER reports to doctors at $400 per report.

It generated $128,500 in the fiscal year ended Sept. 30, more than double that of 2016, according to Securities and Exchange Commission filings. Revenue for the three months ended Dec. 31 was $122,000, including telepsychiatry services. It said it hasn’t generated significant profit or become profitable.

Trial Data

Evolus Inc. (Nasdaq: EOLS) said results of a European and Canadian phase three clinical trial of its neurotoxin, a Botox mimic used in facial aesthetic procedures, performed “head-to-head” with Allergan’s (NYSE: AGN) Botox in patients with moderate to severe frown lines, according to a company press release.

The 150-day, 540-subject study compared a single dose of Evolus’ prabotulinumtoxinA to a single dose of Botox.

Evolus completed its initial public offering in February, raising $60 million via an offering of 5 million shares at $12 per share. It’s submitted data for European CE Mark and Food and Drug Administration approval.

Shares of the company trade at about $9 each for a $214 million market cap.

Another Irvine-based company, ChromaDex Corp. (Nasdaq: CDXC), is also ramping up a clinical study of its flagship product, TRU Niagen—a supplement said to have antiaging benefits through improving overall energy, cognitive function and feelings of well-being.

The company announced positive results of a human clinical study of nicotinamide riboside chloride, a proprietary ingredient in the supplement, at the integrative physiology of aging laboratory at the University of Colorado-Boulder.

The six-week randomized study, which recruited 30 healthy middle-age and older adults, found that the ingredient has potential to support healthy cardiovascular function and general health and wellness.

ChromaDex raised its profile when it received an investment from Hong Kong billionaire Li Ka-Shing in August that led to a round of financing from San Francisco-based ICONIQ Capital LLC. ICONIQ investors include billionaires Mark Zuckerberg and Henry Kravis.

Its supplement is available in A.S. Watson stores in Hong Kong, Macau and Singapore. Watson is a subsidiary of Li’s CK Hutchison and the biggest retail pharmacy player in Asia and Europe.

New Accelerator

OCTANe and California Life Sciences Association, the trade association representing California’s life sciences industry, announced the launch of a life sciences growth accelerator program designed to foster life sciences companies in Southern California.

Aliso Viejo-based OCTANe connects biotech, medical device and technology startups with investors and resources. Its accelerator-incubator arm is LaunchPad, and its investment vehicle is the Visionary Venture Fund, which targets ophthalmic opportunities.

Companies in the program will receive dual membership benefits, such as up to 80% savings on lab equipment, employment benefits, cybersecurity and other business resources through the association’s power purchasing program, and opportunities to attend legislative roundtables and advocacy working groups.

Bits & Pieces

St. Joseph Hospital in Orange said it’s the first hospital on the West Coast to join the National Cardiogenic Shock Initiative, a research collaborative of hospitals across the country aimed at increasing the survival rate of patients experiencing cardiogenic shock, a life-threatening side effect of a heart attack. The hospital, one of 28 collaborating U.S. hospitals currently participating, is now treating those patients using a new, standardized protocol that’s shown to improve survival rates. The 463-bed St. Joseph is a member of Renton, Wash.-based Providence St. Joseph Health’s Southern California network of hospitals.

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