Wellbeing Digital Sciences Inc. (“Wellbeing” or the “Company”) (NEO: MEDI) (OTC: KONEF) (FRA: SQ2), an evidence-based mental healthcare company focused on the development and implementation of innovative clinical solutions, including psychedelic medicine and digital therapeutics as supported by clinical research, together with its wholly owned subsidiary KGK Sciences Inc. (“KGK”), applauds the efforts on the part of the Alberta Government in laying out an initial regulatory plan to regulate the administration of psychedelic drugs in anticipation of this growing mental health treatment field.
Alberta’s new regulations would require that the administration of psychedelic drugs as an adjunct to psychotherapy take place in licensed facilities. Clinics will be required to apply for a license before treating patients with psychedelic-assisted psychotherapy for mental health disorders. In addition, a psychiatrist must act as medical director and staff be appropriately qualified and trained. The regulations are planned to take effect in January 2023.
“Alberta’s new regulations aim to set minimum standards for the safe administration of psychedelic-assisted psychotherapy,” said Najla Guthrie, CEO of Wellbeing & KGK Science. “This is a necessary and progressive step towards the clinical adoption of these ground-breaking treatments and a clear signal of the medical establishment’s acceptance of psychedelics as a legitimate therapy. I applaud the goal of the program in providing a treatment standard, however, it’s important to recognize that access is still limited by Federal regulations and remain hopeful in further progress being made on that front. Hopefully other provinces will now follow Alberta’s lead and establish guidelines that may help facilitate expanded access nationally,” added Najla.
Although psychedelic drugs are illegal in Canada, doctors and researchers can apply to Health Canada to use them in clinical trials, get special access for therapy, or seek an exemption that’s in the public interest.
ABOUT KGK SCIENCE
Subsidiary of Wellbeing Digital Sciences, KGK is a leading North American contract research organization based in London, Ontario that primarily provides high-quality clinical research trials with a focus on nutraceutical and emerging health care products. Founded in 1997, the business has successfully helped hundreds of companies with custom designed clinical trials and claim substantiation strategies to move products into global markets. KGK’s other existing service lines include expert regulatory support and compliance solutions, participant recruitment, research support services and consulting services. Furthermore, the company has produced over 150 publications, executed over 400 clinical trials across more than 40 indications, amassed 25,000 participants in its database and collected 10 million data points. For additional information, please visit kgkscience.com.
ABOUT WELLBEING DIGITAL SCIENCES
Wellbeing Digital Sciences Inc. is an evidence-based mental healthcare company focused on the development and implementation of innovative clinical treatment solutions, including psychedelic medicine and digital therapeutics, as supported by clinical research. Its mission is supported by a network of North American clinics that provide forward-thinking therapies and other types of treatment to patients as well as through a contract research organization that offers clinical trials services to clients pursuing drug development. For additional information, please visit wellbeingdigital.co.
On behalf of:
Najla Guthrie
Chief Executive Officer
WELLBEING DIGITAL SCIENCES
Notice Regarding Forward-Looking Information:
This news release contains forward-looking statements including but not limited to statements regarding the Company’s business, assets or investments, as well other statements that are not historical facts. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may cause actual performance and results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. These assumptions, risks and uncertainties include, among other things, the state of the economy in general and capital markets in particular, investor interest in the business and prospects of the Company.
The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities law. Additionally, the Company undertakes no obligation to comment on the expectations of, or statements made, by third parties in respect of the matters discussed above.
View source version on businesswire.com: https://www.businesswire.com/news/home/20221011005575/en/
Contacts
Natalie Dolphin
VP of Marketing & Investment Relations
Email: ndolphin@wellbeingdigital.co
Twitter: @Wellbeing_IR
