TORONTO--(BUSINESS WIRE)--NeuPath Health Inc. (TSXV:NPTH), (“NeuPath” or the “Company”), owner and operator of a network of clinics delivering category-leading chronic pain treatment announced today a Memorandum of Understanding (“MoU”) with Texas-based Cynergi Health Partners (“Cynergi”), a leading multidisciplinary company recognized for clinical excellence and for cutting edge treatment technologies for addiction and psychiatry, to evaluate the effectiveness of Cynergi’s virtual reality (“VR”) program targeting chronic pain management. Rilaxta VRx, Cynergi’s category leading software, will be used in combination with other treatments offered at NeuPath. The companies will work on developing and co-marketing a combined offering – consisting of Rilaxta VRx and NeuPath’s remote pain management and virtual care platform – across Canada and the US.
“Numerous studies show the benefits of pairing VR based software with more conventional interventions,” stated Grant Connelly, CEO of NeuPath. “Working with a leading group like Cynergi allows us to bring innovative, behavioral pain treatments to our patients. In addition, collaborating with Cynergi and co-marketing Rilaxta VRx with NeuPath’s virtual care platform creates a compelling offering that will open new markets in Canada and the US.”
“Chronic pain is the leading cause of disability worldwide. Studies estimate the cost of this lost productivity to be in excess of US$300 billion per year in the US alone,” stated Dr. Harbir Singh, CEO of Cynergi. “Collaborating with NeuPath and building a holistic chronic pain targeted treatment program provides an outstanding opportunity to work with employers and other payers to improve patient quality of life while also reducing disability related costs as well as other direct health care costs.”
NeuPath is a vertically integrated health care provider utilizing research, data-driven insights, technology, and interdisciplinary care to help restore function for patients impacted by chronic pain, spinal injuries, sport-related injuries, and concussions. With equity ownership in fifteen clinics in Ontario and Alberta, NeuPath is building out a large-scale network to better serve patients across Canada and the United States. NeuPath is focused on transforming the hope of a better life into the reality of a life more fully lived.
Cynergi Health Partners, a pioneer in addiction medicine and psychiatry, offers best-in-class patient care as well as access to a network of award-winning physicians, medical detox services, innovative technology, and cutting-edge detox protocols. Cynergi’s unique, proprietary virtual reality software is used to painlessly minimize and alleviate withdrawal symptoms of anxiety or panic associated with, but not limited to, alcohol, opiate, and benzodiazepine addiction. Improved patient outcomes are accomplished using soothing imagery and sounds along with proven psychological techniques that make the detox process easier and smoother.
This news release contains forward-looking statements. All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future including, without limitation, the execution of the Company’s expansion strategy in 2021, including the commercialization of the Company’s technology offerings are forward-looking statements. These forward-looking statements reflect the current expectations or beliefs of the Company based on information currently available to the Company. Forward-looking statements are subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, the Company. Factors that could cause actual results or events to differ materially from current expectations included in this news release include, among other things, the severity, duration and spread of the COVID-19 outbreak, as well as its direct and indirect impacts that the pandemic may have on the Company’s operations, adverse market conditions, risks associated with obtaining and maintaining the necessary governmental permits and licenses related to the business of the Company, increasing competition in the market and other risks generally inherent in the chronic pain, sports medicine, concussion and workplace health services markets. A comprehensive discussion of these and other risks and uncertainties can be found in the Company’s annual information form dated March 25, 2021 filed on SEDAR under the Company’s profile at www.sedar.com.
Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions underlying the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to their inherent uncertainty.
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