MyndTec Announces Exclusive License Agreement with Albany Medical College for AI-Based Spinal Cord Stimulation Technology

Mississauga, Ontario--(Newsfile Corp. - November 11, 2024) - MyndTec Inc (CSE: MYTC). ("MyndTec" or the "Company"), a medical technology company focused on neurological treatment, rehabilitation and regeneration, today announced it has entered into a license agreement with Albany Medical College, a member of the Albany Med Health System, for technology related to a machine learning-based decision support system for spinal cord stimulation (SCS) for the treatment of pain which is the subject of pending U.S. Patent Application No. 18/566,695 (Publication No. US 2024/0282459).

Under the terms of the agreement, MyndTec will gain exclusive rights to Albany Medical College's patent-pending technology, developed by inventors Drs. Julie Pilitsis and Amir Hadanny. The licensed technology aims to apply advanced data analytics and machine learning to inform and optimize spinal cord stimulation in the treatment of pain, offering clinicians predictive tools for effective patient selection and care.

Albany Medical College will retain rights to utilize the licensed technology for academic, research, and educational purposes. MyndTec will pay royalties on net sales of licensed products and reimburse certain patent-related expenses. The agreement includes development and commercialization milestones that MyndTec must meet to maintain the license.

"We are excited to partner with Albany Medical College and bring this innovative technology to market," said Craig Leon, CEO of MyndTec. "This agreement aligns with our desire to advance neurostimulation technology for patients with challenging neurological conditions through personalized, data-driven solutions, while empowering health practitioners with tools to enhance patient selection and treatment outcomes. By identifying patients who would more likely be receptive to SCS to treat pain, MyndTec aims to reduce costs, improve outcomes and increase the patient population using SCS to treat pain."

The development and potential commercialization of products under this license will require additional development work and regulatory approvals, and the timelines associated therewith are subject to various factors including technical development progress and specific regulatory requirements.

Pain Management Market Opportunity

Chronic pain affects a large amount of the human population, including approximately 50 million Americans, significantly reducing quality of life and work productivity¹. Conventional pain management strategies often rely on medications, particularly opioids, which offer only temporary relief and carry risks of dependency and adverse effects. As a minimally invasive, FDA-approved technique, SCS has emerged as a promising alternative, offering non-pharmacological relief for chronic pain conditions such as back, neck, and neuropathic pain. SCS addresses a critical need in the context of the opioid crisis, providing an option to manage chronic pain without pharmacological risks².