Tuesday, January 16, 2018 7:55:30 PM
MYDX 2018: Clinical Trials, Medical Device Designation Canada and US Markets, QoQ Revenue Increases, No RS, Product Releases and New Patents, Share Structure, Media Coverage
https://ir.mydxlife.com/
https://twitter.com/MyDxLife
https://ir.mydxlife.com/press-releases
www.meetmydx.com.
MyDx's Biopharmaceutical Division Commences Clinical Trials On Its Unique MyDx360 Pain Management Formula Partnering with the Leading Israeli Research and Development Organizations and Hospitals Devoted to the Scientific Study of Cannabis
http://www.otcmarkets.com/stock/MYDX/news/MyDx-s-Biopharmaceutical-Division-Commences-Clinical-Trials-On-Its-Unique-MyDx360-Pain-Management-Formula?id=180520&b=y
SAN DIEGO, Jan. 16, 2018 /PRNewswire/ -- MyDx, Inc. (OTCQB: MYDX), a science and technology company and creator of MyDx® (My Diagnostic), the first multi-use handheld chemical analyzer designed for Cannabis professionals and retail consumers to understand the chemical profile of cannabis with how it makes them feel and which ailments it alleviates, today announced a definitive agreement and statement of work with a contract research organization to commence clinical trials in Israel on its proprietary pain management formula that was derived from 50,000+ pre-clinical, crowd-sourced physiological data-points tracked by MyDx's Handheld Cannabis Tester and associated mobile app. Israel was chosen for its ability to fast track studies through the FDA as well as its expertise in the cannabis field. The study will be conducted in one of the leading hospitals in Israel, and will be overseen by the Israeli Ministry of Health.
MyDx Engages Leading Israeli Hospital to Validate its Pain Management Formula
MyDx's Biopharmaceutical Division, which is focused on identifying green Active Pharmaceutical Ingredients (gAPITM), will conduct a randomized and placebo-controlled trial to estimate the efficacy of MyDx's proprietary formulas on patients suffering from chronic Low Back Pain as a Primary indication. The trial will also track Sleep, Depression and Anxiety as Secondary Indications. Formulas were derived from MyDx's proprietary database of pre-clinical, crowdsourced inputs that tied user experiences to the chemical makeup of a particular strain.
"Our data gives us amazing insights into how the chemical properties of cannabis impact our base of users," said Daniel Yazbeck, CEO of MyDx. "Now we're taking those insights into the pharmaceutical arena to confirm our preliminary findings."
"Cannabis holds so much promise for various categories of pain," continued Dr. Jessica Peatross, Chief Medical Officer of MyDx. "I'm personally very excited to pursue follow on studies that explore the activation of CB1 receptors to treat endometriosis, which is a painful condition that plagues 1 in 10 women in the USA today," concluded Dr. Jess.
MyDx initially intends to find a pain management solution for people suffering from chronic pain, since pain is the number one ailment its consumers are seeking to alleviate with cannabis. When clinical trials are near complete, MyDx expects to conduct additional trials for its MyDx360 customers on various other areas of interest as well as the next most prioritized ailments in the company database as indicated by MyDx users.
Clinical Trials for its pain management solution will begin on or around March of 2018, and should be completed by Q3 2018, with periodic updates on the status of results leading up to the completion of trials. The Primary Objective is to compare the efficacy, as measured by the assessment of the level of back pain, of MyDx formulated products patients with chronic neuropathic back pain. The Secondary Objective is to compare additional evidence of efficacy in the patients quality of life as it relates to:
Sleep
Anxiety
Depression
The Third Objective is to: Validate MyDx EcoSmart Dosing Pen, Handheld Tester and resulting data; Validate the efficacy of MyDx360 Delivery Mechanisms such as the Thin Film Strips used in the study; Characterize Safety Profile of "Company" Products
Ultimately, MyDx expects to gain insights from the controlled environment, overseen by a credible team of experienced scientists and doctors, that it can use to substantiate the safety and efficacy of MyDx360 Formulation Products.
With limited options to treat pain of such specificity, cannabis-based products may yet provide another complimentary (or separate) means to alleviate that pain. MyDx intends to confirm so, with the commencement of its clinical trials. To learn more about MyDx's Biopharmaceutical division, please visit www.mydxlife.com/biopharma.
MyDx Appoints Dr. Jessica Peatross As Chief Medical Officer
Board Certified Internal Medicine Doctor to Lead MyDx Clinical Research Initiatives and Support MyDx360 Formulations Services
http://www.otcmarkets.com/stock/MYDX/news/MyDx-Appoints-Dr--Jessica-Peatross-As-Chief-Medical-Officer?id=180183&b=y
SAN DIEGO, Jan. 11, 2018 /PRNewswire/ -- MyDx, Inc. (OTC: MYDX), a science and technology company and creator of MyDx® (My Diagnostic), the first multi-use handheld chemical analyzer designed for Cannabis professionals and retail consumers to correlate the chemical profile of cannabis with how it makes them feel and which ailments it alleviates, today announced it has recruited Dr. Jessica Peatross (Dr. Jess) as its Chief Medical Officer. Dr. Jess will lead the Clinical Research Initiatives that MyDx expects to begin soon as well as support formulation services offered to MyDx360 Customers.
Dr. Jessica Peatross is a western trained, board certified medical doctor and Gerson Therapy practitioner who began her journey into healing in 2009 when she graduated from the University of Louisville (KY) Internal Medicine residency program. For 6 years, Dr. Jess worked as a traditional doctor supporting patients in a level 1 trauma center, until she discovered that the mainstream prescription drug based methods of treating people were not working for her patients. In 2014, Dr. Jess shifted her focus to practicing in the functional medicine field to get to the root cause of disease so it can be treated more effectively using natural alternatives. She has continued this work with prestigious medical practices including Optimal Health and Wellness and Whitiker Wellness, and is currently seeing her patients in San Diego's premiere Nourish Medical Center. Dr. Jess is also certified in stem cell therapy and has prescribed cannabis to her patients throughout her practice. Finally, Dr. Jess owns and operates an organically formulated nutraceutical line of products tailored to treating various chronic symptoms and illnesses which can be found on DrJess.com.
"In my 3.5 years as a Cannabis doctor, I have seen 8 out of 10 of my patients who are on narcotics, benzodiazepenes, sleep aids, and antidepressants wean off their medication with the proper medicinal ratio of THC to CBD, as well as medical guidance. What I am hopeful for is that the Cannabis industry can enlighten patients about an alternative way to heal, compared to traditional prescription medications. This may include herbs, minerals, vitamins, diet, sleep and lifestyle changes. Lifestyle changes and diet, specifically avoiding pesticides, cannot be understated. Surprisingly, herbs can often heal in the same fashion as pharmaceutical drugs without the side effects. And cannabis is no exception," stated Dr. Jessica Peatross, Chief Medical Officer of MyDx.
"We are very fortunate to have Dr. Peatross, a reputable and seasoned medical doctor who is passionate about teaching people how to be their own best doctorTM by educating themselves and listening to their body, join the MyDx executive team. I personally look forward to working closely with Dr. Jess to help people find relief by bridging the gap between Western and Eastern medicine," continued Daniel Yazbeck, former Scientist at Pfizer Pharmaceuticals and now Chairman & CEO of MyDx. "We are at the leading edge of new advancements towards greener, healthier medicine to address ailments such as pain, anxiety and insomnia. Dr. Jess is the perfect partner to help us discover new therapies that are derived from natural plants that we can offer to our MyDx360 customers as well as help us execute on clinical trials we expect to carry out to validate our crowdsourced formulations," concluded Mr. Yazbeck.
As the MyDx team expands its service offering, management anticipates that Dr. Jess will be able to offer doctor consultation for MyDx customers through the MyDx App, including the possibility of writing medical cannabis prescriptions in all legal states.
To learn more about the cannabis industry and MyDx, please visit www.meetmydx.com.
To learn more about Dr. Jess. please visit www.drjess.com.
To learn more about MyDx's BioPharmaceutical Division, please visit www.mydxlife.com/biopharma.
To learn more about the MyDx360 services, please visit www.mydxlife.com/mydx360.
MyDx Forms Exclusive Partnership With Highsmen Genetics To Offer Custom Cannabis Strains Tailored For Desired Physiological Effects
Through Natural Breeding, Further Enhancing One Of The Largest Preclinical Databases In The Industry Empowering MYDX360 Brands to Further Improve The Stability and Consistency of the Customized Genetic Strains that will Power their Future Product Lines
http://www.otcmarkets.com/stock/MYDX/news/MyDx-Forms-Exclusive-Partnership-With-Highsmen-Genetics-To-Offer-Custom-Cannabis-Strains-Tailored-For-Desired-Physiological-Effects?id=179564&b=y
SAN DIEGO, Jan. 4, 2018 /PRNewswire/ -- MyDx, Inc. (OTC: MYDX), a science and technology company and creator of MyDx® (My Diagnostic), the first multi-use handheld chemical analyzer designed for Cannabis professionals and retail consumers to correlate the chemical profile of cannabis with how it makes them feel and which ailments it alleviates, today announced it has agreed on terms and entered into a Letter of Intent to partner with Highsmen Genetics to form a new Exclusive Joint Venture. The technology behind Highsmen to develop stable customized genetic strains for certain effects is expected to help MYDX360 customers realize additional brand loyalty through end-user input in the MyDx App that will now influence the flower breeding programs that power the product lines they are consuming.
MyDx Partners with Highsmen Genetics to Produce Premium Custom Cannabis Flower Strains Tailored for Physiological Effects and Tracked by MyD360.
"Imagine there was a technology to create a custom cannabis flower that is highly effective to treat lower back pain, anxiety, or sleep disorders. That's what we're working towards," stated Daniel Yazbeck, CEO of MyDx. "We are very excited to exclusively partner with the Highsmen team because we believe their unique approach to genetic profiling through stable breeding will help us achieve this goal as MyDx continues to grow one of the largest preclinical databases in the world that ties cannabis chemistry to end user feedback," concluded Mr. Yazbeck.
"Our partnership allows us to define genetics exclusive for each client, gain direct patient consumer feedback towards that strains profile and build a layer of trust that you can have the same consistent experience each time you consume cannabis," stated Joe Floyd, Founder and President of Highsmen Genetics. "It also opens the door for known personalities, athletes and those who may be cautious to step in the cannabis space a safe way to brand their own strain and distribute it directly into the cannabis market," concluded Mr. Floyd.
Exclusive Collaboration Structure
MYDX and HIGHSMEN have agreed to enter into a 50:50 Exclusive Joint Venture where the HIGHSMEN Genetics Technology will be offered exclusively to MYDX360 customers. Access will be limited and initial MYDX360 customers will be offered the service on a first come basis.
Initially, Highsmen and MyDx will focus on producing a stable 1:1 THC to CBD genetic line developed by HIGHSMEN. The goal is to be able to produce a custom flower strain with custom cannabinoids and terpenes that can be tailored for specific end use applications, such as sleep or pain relief, which will power natural products developed and offered to MyDx360 customers.
MyDx will continue the breeding program with HIGHSMEN with the goal of creating a custom flower strain for every physiological effect MyDx and its MyDx360 customers are seeking for their respective markets, backed by customer feedback via the MyDx App. MyDx360 customers are also expected to be able to leverage the combined networks of licensed producers and manufacturers to produce the necessary volumes of customized flower at more cost efficient prices.
Additionally, MyDx will equip HIGHSMEN with the CannaDx handheld analyzer and tracking App in order to catalog the genetic lines, strain lineage, input from consumers, and chemical makeup that function within the breeding program.
MyDx360 customers are expected to able to utilize this service in products as soon as the first quarter of 2018 with custom flower being deployed as early the second quarter of 2018.
HIGHSMEN's Natural Breeding vs GW Pharma Genetic Modification Approach
The technology behind the natural breeding process at HIGHSMEN begins with Genetic profiling, where customers define the traits desired for the custom strain flower they are breeding for. If a client suffers from insomnia, the cannabinoid and terpene profile of the cannabis flower that will relief that symptom must have a certain chemical makeup to achieve that desired effect. In an extremely simplified example, one can cross a high THC strain with a high CBD strain to potentially create a 1:1 THC to CBD producing product. This is in contract with the GW Pharmaceutical approach, where they genetically modify the DNA of a certain strain in order to produce a CBD rich strain.
By understanding the genetic makeup of their male breeders, the HIGHSMEN breeding program is able to expedite the breeding process by stabilizing strains much more quickly and in turn defining a chemical profile with a more consistent outcome. Other traits that can be tailored in the program include yield, height, size, indoor vs outdoor centric strains as well as strains less prone to infestation.
Taking it one step further, by utilizing the MyDx crowdsourced feedback ecosystem and data that is collected from consumers to influence the breeding program, the Company believes it can apply trends obtained from the data to refine the breeding approach. The goal is to entice the patients to further input their experience in relation to their strain profiles now knowing that their input will affect the integrity of products they are consuming. That said, with the legalization of recreational cannabis in California now in full force, the science is quickly catching up with the legalization and there remains much development that needs to be done to achieve the Company objectives.
January, 2nd 2018 California permits legal recreational marijuana sales:
http://www.nj.com/marijuana/2017/12/weed_goes_legal_in_california_heres_how_the_progra.html
http://www.cnn.com/2018/01/01/us/california-marijuana-sales/index.html
MyDx Cancels Reverse Stock Split; Allows the Free Market to Take Its Course to Determine the Company Valuation
http://www.prnewswire.co.uk/news-releases/mydx-cancels-reverse-stock-split-665429493.html
SAN DIEGO, Dec. 20, 2017 /PRNewswire/ -- MyDx, Inc. (OTC: MYDX), a science and technology company and creator of MyDx® (My Diagnostic), the first multi-use handheld chemical analyzer designed for Cannabis professionals and retail consumers to correlate the chemical profile of cannabis with how it makes them feel and which ailments it alleviates, today announced that based upon recent and anticipated developments for the Company, the board has decided to cancel its plans for the reverse stock split approved earlier this year.
"With the influx of interest for our MyDx360 services, including ancillary products such as the EcoSmartPenTM, as well as the progress we have made in the analysis of our 55K+ data points and the development of MyDx crowdsourced formulations, we are very optimistic about where the Company is headed into 2018. This, combined with the fact that recreational Cannabis will be legal in California in less than two weeks, gives us confidence that our valuation is better achieved without having to complete a reverse stock split at this time and simply allowing the free market to determine our value," said Daniel Yazbeck, CEO of MyDx.
The initial reason for ratifying and approving the reverse split was that the board believed that the Company's outstanding shares may have needed to be reduced with the primary goal of better enabling the Company to raise funds to finance growth as well as facilitating higher levels of institutional stock ownership where investment policies generally prohibit investments in lower-priced securities.
That said, the executive team has complete confidence in its current business strategy to attract a broader range of new shareholders at this price level. While the Company remains optimistic, there can be no assurance that this will be the case.
To learn more about MyDx, please visit www.mydxlife.com
To learn more about MyDx360™, please visit www.mydxlife.com/mydx360.
To learn more about the EcoSmartPen™, please visit www.mydxlife.com/ecosmartpen.
MyDx Seeks Medical Device Designation For CannaDx And The ECOSmartPen
Making MyDx Smart Devices More Affordable & Accessible for Canadian Cannabis Users
https://ir.mydxlife.com/press-releases/detail/68/mydx-seeks-medical-device-designation-for-cannadx-and-the
SAN DIEGO, Dec. 14, 2017 /PRNewswire/ -- MyDx, Inc. (OTC: MYDX), a science and technology company and creator of MyDx® (My Diagnostic), the first multi-use handheld chemical analyzer designed for Cannabis professionals and retail consumers to correlate the chemical profile of cannabis with how it makes them feel and which ailments it alleviates, today announced it submitted an application and is seeking medical device designation in Canada for its CannaDxTM Handheld Tester and its ECOSmartPenTM in order to make its products more accessible to medicinal users seeking to track and manage their consumption habits and prevent abuse.
According to the Institute of Health Economics, under the Food and Drugs Act, medical devices have a broad definition that includes any item sold to diagnose, treat, mitigate, or prevent a disease, disorder or abnormal physical state, or any of their symptoms.
MyDx products will be used to track crowdsourced herbal medicine by our customers to treat various ailments as well as monitor and track consumption habits (a feature shared by both the ECOSmartPen and the CannaDx Handheld Tester) to promote public safety and accountability. It's easy to see how MyDx products can fit within the confines of that description and the company is confident in its ability to gain approval. Still, there can be no assurance that it will gain or be granted such certifications.
Increases Affordability & Accessibility to MyDx Products Country-wide
Recently, Loblaws, a large Canadian supermarket chain, extended coverage for medical marijuana to its ~45,000 employees under policies managed by Manulife and Great-West Life. With a medical device classification, medicinal users would be able to seek reimbursement from their insurance providers for their MyDx devices, significantly lowering the overall cost to patients.
With the advent of new Health Canada Regulations in 2015, following the Supreme Court's ruling that users of medical marijuana should be permitted to consume the product in more varied forms than smoking dried buds, the demand for insurers to cover medical marijuana under benefit plans has increased exponentially according to a report done by Miller Thompson LLP. As a result, the country is beginning to see a shift in its healthcare landscape, which is becoming more marijuana friendly.
"Our goal is enable a more personalized medical experience for every patient by ensuring everyone has access to our smart devices and crowdsourced formulations," said Daniel Yazbeck, CEO of MyDx. "Our products are used all over the world today to help people Trust & Verify® their cannabis and to monitor and track their consumption habits."
Entry level MyDx Handheld Testers currently retail for $699 (plus tax & shipping). The EcoSmartPen is projected to be shipped in the first quarter of next year and the company is currently taking pre-orders on its website at www.mydxlife.com/ecosmartpen.
To learn more about the industry and MyDx, please visit www.meetmydx.com.
About MyDx, Inc.
MyDx, Inc. (OTC:MYDX) is a chemical detection and sensor technology company based in San Diego, California whose mission is to help people Trust & Verify® what they put into their minds and bodies. The Company's first product, MyDx®, also known as "My Diagnostic", is a patented multiuse hand-held chemical analyzer designed to help consumers and professional test for pesticides in food, chemicals in water, toxins in the air, and the safety and potency of cannabis samples, which is the initial focus of through the CannaDxTM application. CannaDx users have submitted over 40,000 crowdsourced datapoints revealing the chemical profile of the cannabis they are consuming and how its making them feel which feeds a data analytics platform, a SaaS business, as well as the biopharmaceutical division of MyDx. The company is committed to addressing areas of critical national need to promote public safety, transparency and regulation in the various markets we serve and hence its more immediate mission is to continue to develop smart devices as part of an ecosystem that crowdsources consumer generated preclinical data to drive innovation in the cannabis industry. For more information, please visit www.mydxlife.com.
MyDx Files Patents & Is Now Accepting Preorders For The ECOSmartPen™The Industry's First Child-Protected, Delivery Device Capable of Tracking Dosages
https://seekingalpha.com/pr/17012007-mydx-files-patents-and-now-accepting-preorders-ecosmartpen
SAN DIEGO , Nov. 28, 2017 /PRNewswire/ -- MyDx, Inc. (OTC: MYDX(MYDX)), a science and technology company and creator of MyDx(MYDX)® (My Diagnostic), the first multi-use handheld chemical analyzer designed for Cannabis professionals and retail consumers to correlate the chemical profile of cannabis with how it makes them feel and which ailments it alleviates, today announced it filed patents on its revolutionary, second smart device – The ECOSmartPenTM – and is now accepting Pre-Orders.
The ECO Smart PenTM by MyDx(MYDX)is a next generation, rechargeable delivery pen with Bluetooth technology capable of monitoring dosages and consumer feedback. The ECO Smart Pen also comes equipped with remote access and child safety protection via the EcoSmartPen App and is designed to help patients and consumers better manage and regulate their cannabis consumption habits, while protecting their children from unsupervised use.
A Game-Changing Innovation That Helps to Raise the Standard of Safety in Cannabis
MyDx's (MYDX) patents cover the delivery pen's child-safety locks, dosage control and tracking and related technologies unique to the next-generation delivery pen that monitors how many doses or "puffs" it takes for strains/formulas to take effect per individual – personalized medicine. This information is stored passively or actively, depending on the user, and is complimentary to the MyDx(MYDX) ecosystem, which includes its testing devices, software and services.
Since late 2015, MyDx(MYDX) has worked diligently to help consumers better understand what they put into their bodies and empower them to take charge of their marijuana consumption habits. Its handheld tester is used all over the world to identify and track how those strains impact its users. Approaching 3,000 testers in circulation, MyDx(MYDX) has built, and continues to build upon, a comprehensive database of user and consumption information that is now being used to drive policy; educate and inform industry stakeholders such as doctors, consumers, entrepreneurs, and politicians; and, promote a higher level of public safety and concern.
MyDx (MYDX) is the only company in the world that actively tracks and analyzes (in real time) how strains impact consumers and alleviate ailments. While this is important to the legitimacy of the industry, given the current lack of oversight, it's also a public safety concern. That's when it occurred to the MyDx Team that more needed to be done, especially for those with debilitating ailments.
"Today, doctors only offer prescriptions for medicinal marijuana, generally. They don't provide any recommendations on what to use and when and how to use it. And that's a public safety problem. We know from our data that not all cannabis is the same (not even the names), which is why our customers use our handheld testers. But the one piece of data we didn't have was knowing how much of a certain chemical profile it took to achieve its desired effect. Hence the creation of the ECO Smart Pen," said Daniel Yazbeck, CEO of MyDx(MYDX). "We will not only offer patients a way to Trust & Verify® their products, but, with the ECO Smart Pen, they will be able to determine for themselves how much they need to consume to achieve their desired effect. In combination with MyDx360, doctors and administrators will also be able to better monitor their patient's habits and offer more targeted prescriptions."
Lack of Industry Research
Despite the rising tide of marijuana legalization sweeping across North America, research still lags reform, which is counter to how, generally, research informs reform. Moreover, according to KPMG's report on Improving Medical Marijuana Management in Canada, "the quality of clinical data has been inconsistent and there are significant gaps in understanding of the therapeutic efficacy for many conditions." Consequently, the industry is moving forward without complete regard to patient and public safety and that's a problem for consumers, especially those using marijuana to address specific ailments. With the addition of the ECO Smart Pen to the MyDx Ecosystem, MyDx(MYDX) will capture and house the most comprehensive dataset of marijuana consumption in the world. This new data will then inform the company's foray into identifying green active biopharmaceuticals (gAPI).
How the ECO Smart Pen Works
Passive Monitoring: The ECO Smart PenTM immediately activates the MyDx App via bluetooth as soon as you inhale from any compatible brand cartridge. Once the brand information is submitted, the pen will then passively monitor your consumption habits, such as frequency of use since purchase as well as dosage.
Active Monitoring: Once you begin using the product, you'll be able to actively track which ailments the product relieved and/or feelings it generated and how many doses it took to generate those feelings and/or reliefs.
Software As A Service (SAAS)
Manufacturers, Doctors and the like will be able to use MyDx Software on a private label basis to monitor and manage their respective user groups under a subscription-based model, which will be tiered for varying levels of access to user data and analytics.
Key Features
• Bluetooth Connectivity
• Behavioral/Dose Controls
• Mobile-App Control (local or remote)
• Usage Analytics
• Data/Cloud Storage
• Child-Safety Controls
To learn more or Pre-Order the ECOSmartPenTM, please visit www.mydxlife.com/ecosmartpen
MyDx Featured by Canadian Tier 1 Business News Network (BNN), Toronto Life Magazine, and Global News
http://www.otcmarkets.com/stock/MYDX/news/MyDx-Featured-by-Canadian-Tier-1-Business-News-Network--BNN---Toronto-Life-Magazine--and-Global-News?id=168424&b=y
SAN DIEGO, Aug. 29, 2017 /PRNewswire/ -- MyDx, Inc. (OTCQB: MYDX), a rapidly growing science and technology company that has developed MyDx®, the first multi-use handheld chemical analyzer for consumers, announced that it was recently featured by Canadian Tier 1 Media Outlets including Business News Network (BNN), Toronto Life Magazine, and Global News.
CEO Daniel Yazbeck will also be speaking on a panel at MJAC2017 InvestorsHub International Cannabis Conference entitled "Investing in the Picks and Shovels of the Industry" at 12:00 p.m. Pacific Time on Saturday September 2nd at the JW Marriott Los Angeles.
MyDx Reports Second Quarter Results
Company Reports Significant Increase in Gross Profit Margins and Decrease in Liabilities with Gains Leading to Positive Net Income for the Quarter
http://www.otcmarkets.com/stock/MYDX/news/MyDx-Reports-Second-Quarter-Results?id=167757&b=y
SAN DIEGO, Aug. 21, 2017 /PRNewswire/ -- MyDx, Inc. (OTCQB: MYDX), a rapidly growing science and technology company that has developed MyDx®, the first multi-use handheld chemical analyzer for consumers, announces its 2Q 2017 results and management analysis.
Financial Results
CannaDx Product Revenue increased to ~$126K in Q2 2017, up ~47% from Q1 2017
MyDx sold out of its signature handheld analyzer in Q1 on stronger than expected demand leading to a backlog of orders and customer deposits that are were filled in Q2.
The Company expects to continue to receive consistent growing demand for its analyzer based on word of mouth and referrals mainly as well as a new marketing initiatives the company launched late June which is generating new customer awareness and product orders from Canada. The company will focus on deploying the EcoSmartPenTM in the second half of this year as well as expand its customer base for the MyDx360 SAAS service beyond the initial BlackSwan/i+Huntr brand agreement which was not recognized as revenue in this quarter.
Gross profit margins as a percentage of net revenues increased to 78% in Q2, a greater than 32% increase from the same period last year, the highest product margins in company history
The gross product margin was improved by an increase in MyDx Grower Packages sold for $899 on our online store, which yield a higher profit margin compared to the standard $699 retail package and a much higher margin compared to units sold through our distribution channels. Any anticipated future revenue from the company's software licensing and services are expected to have a further positive impact on the overall gross profit margins
Research and Development Expenses decrease 81% with new accelerated product development approach
For the three months ended June 30, 2017, the Company expended $27,724 for various research and development projects for hardware, database, software and sensor development as compared to $145,885 for the three months ended June 30, 2016. The decrease of $118,161, or 81%, resulted primarily from the Company taking a more economical and streamlined outsourcing approach to developing new products (such as the Eco Smart PenTM, MyDx360TM, AeroDx®).
The company is taking the same approach to launch its next generation of CannaDxTM, AquaDx® and OrganaDx® products.
For the first time in company history, the company has generated a Net Positive Income as a direct result of a decrease in liabilities and gains generated through other income
The Company incurred net income of $2,967,808 compared to a Net Loss of $(936,665) for the three months ended June 30, 2017 and 2016, respectively. The increase in net income resulted primarily from the decrease of interest expense related to the convertible notes payable, an increase in a gain on fair value of derivative liability, a gain on settlement of debt, and a gain of $135,000 on the forfeiture a technology transfer deposit. These were offset by an increase in derivative expense.
New Product Offering Operating Results
The company updated its CannaDx product webpage (www.mydxlife.com) and launched a Marketing Campaign in Canada which is already yielding new sales from customers in Canada.
The company closed its first big customer under its newly created MyDx360 SaaS Licensing and Services platform with an ~$80K agreement signed in Q2 with BlackSwan.
The company spent a lot of product development time and focus on the creation of the MyDx ECOSmart PenTM, a Bluetooth enabled delivery vaporizer pen capable of actively and passively tracking consumption habits as well as other unique features to be announced, and is on track to deploy this product in the second half of this year.
MyDx Enters Into An ~$80,000 MyDx360 SaaS Licensing And Services Agreement With Retailer BlackSwan; BlackSwan enters the Delivery Pen and Supplements Markets with I+huntr Brand, Tailored for Performance Athletes, Powered by MyDx360
http://www.otcmarkets.com/stock/MYDX/news/MyDx-Enters-Into-An-~-80-000-MyDx360-SaaS-Licensing-And-Services-Agreement-With-Retailer-BlackSwan?id=162421&b=y
SAN DIEGO, June 19, 2017 /PRNewswire/ -- MyDx, Inc. (OTCQB: MYDX), a science and technology company and creator of MyDx® (My Diagnostic), the first multi-use handheld chemical analyzer designed for cannabis professionals and retail consumers to correlate the chemical profile of cannabis with how it makes them feel and which ailments they report it alleviates, today announced a definitive agreement with BlackSwan, a developer and retailer of custom vaporizers, to provide a community engagement software platform to support its new product development initiatives under the terms of MyDx360.
Licensing Agreement Provides for Branding on Multiple Delivery Mechanisms
As part of the MyDx360 agreement, BlackSwan chose from one of MyDx's base chemical formulations that best alleviated pain and inflammation according to the MyDx community. From there, MyDx software enabled BlackSwan to "boost" that formula by changing various cannabinoid and terpene parameters as well as other natural organic terpenes to come to a final formula uniquely formulated by BlackSwan.
"This uniquely positions MyDx at the center of a revolution in how therapies are developed utilizing chemicals found in cannabis and other naturally occurring plants. The MyDx360 platform makes it incredibly easy for market players to create new high quality tailored formulations that can support their customer's needs. It also speaks to our ability as a company to execute on our vision of creating a brand centric ecosystem powered by community driven data. We look forward to supporting BlackSwan and the development of the I+huntr brand personalized for high performance athletes and powered by MyDx360," said Daniel Yazbeck, CEO of MyDx.
MyDx will continue to work with BlackSwan to support the development of new formulations, which will be manufactured in the form of concentrates via state licensed suppliers, and then delivered via MyDx's hardware, the ECO Smart Pen, and supplements tailored to performance athletes. Once products have been delivered via MyDx's manufacturing partnerships, the MyDx App will provide customer-engagement support to acquire and analyze user feedback.
The MyDx White Paper: A practical review of the cannabis testing industry
https://drive.google.com/file/d/0B7B53DOpun05...&pli=1
MyDx featured on HBO's Daily News:
https://youtu.be/Miv2vHbvdSY
Share Structure a/o Jan, 2017:
Authorized Shares 10,000,000,000
Outstanding Shares 1,809,028,964
Float 1,535,318,771
https://ir.mydxlife.com/
https://twitter.com/MyDxLife
https://ir.mydxlife.com/press-releases
www.meetmydx.com.
MyDx's Biopharmaceutical Division Commences Clinical Trials On Its Unique MyDx360 Pain Management Formula Partnering with the Leading Israeli Research and Development Organizations and Hospitals Devoted to the Scientific Study of Cannabis
http://www.otcmarkets.com/stock/MYDX/news/MyDx-s-Biopharmaceutical-Division-Commences-Clinical-Trials-On-Its-Unique-MyDx360-Pain-Management-Formula?id=180520&b=y
SAN DIEGO, Jan. 16, 2018 /PRNewswire/ -- MyDx, Inc. (OTCQB: MYDX), a science and technology company and creator of MyDx® (My Diagnostic), the first multi-use handheld chemical analyzer designed for Cannabis professionals and retail consumers to understand the chemical profile of cannabis with how it makes them feel and which ailments it alleviates, today announced a definitive agreement and statement of work with a contract research organization to commence clinical trials in Israel on its proprietary pain management formula that was derived from 50,000+ pre-clinical, crowd-sourced physiological data-points tracked by MyDx's Handheld Cannabis Tester and associated mobile app. Israel was chosen for its ability to fast track studies through the FDA as well as its expertise in the cannabis field. The study will be conducted in one of the leading hospitals in Israel, and will be overseen by the Israeli Ministry of Health.
MyDx Engages Leading Israeli Hospital to Validate its Pain Management Formula
MyDx's Biopharmaceutical Division, which is focused on identifying green Active Pharmaceutical Ingredients (gAPITM), will conduct a randomized and placebo-controlled trial to estimate the efficacy of MyDx's proprietary formulas on patients suffering from chronic Low Back Pain as a Primary indication. The trial will also track Sleep, Depression and Anxiety as Secondary Indications. Formulas were derived from MyDx's proprietary database of pre-clinical, crowdsourced inputs that tied user experiences to the chemical makeup of a particular strain.
"Our data gives us amazing insights into how the chemical properties of cannabis impact our base of users," said Daniel Yazbeck, CEO of MyDx. "Now we're taking those insights into the pharmaceutical arena to confirm our preliminary findings."
"Cannabis holds so much promise for various categories of pain," continued Dr. Jessica Peatross, Chief Medical Officer of MyDx. "I'm personally very excited to pursue follow on studies that explore the activation of CB1 receptors to treat endometriosis, which is a painful condition that plagues 1 in 10 women in the USA today," concluded Dr. Jess.
MyDx initially intends to find a pain management solution for people suffering from chronic pain, since pain is the number one ailment its consumers are seeking to alleviate with cannabis. When clinical trials are near complete, MyDx expects to conduct additional trials for its MyDx360 customers on various other areas of interest as well as the next most prioritized ailments in the company database as indicated by MyDx users.
Clinical Trials for its pain management solution will begin on or around March of 2018, and should be completed by Q3 2018, with periodic updates on the status of results leading up to the completion of trials. The Primary Objective is to compare the efficacy, as measured by the assessment of the level of back pain, of MyDx formulated products patients with chronic neuropathic back pain. The Secondary Objective is to compare additional evidence of efficacy in the patients quality of life as it relates to:
Sleep
Anxiety
Depression
The Third Objective is to: Validate MyDx EcoSmart Dosing Pen, Handheld Tester and resulting data; Validate the efficacy of MyDx360 Delivery Mechanisms such as the Thin Film Strips used in the study; Characterize Safety Profile of "Company" Products
Ultimately, MyDx expects to gain insights from the controlled environment, overseen by a credible team of experienced scientists and doctors, that it can use to substantiate the safety and efficacy of MyDx360 Formulation Products.
With limited options to treat pain of such specificity, cannabis-based products may yet provide another complimentary (or separate) means to alleviate that pain. MyDx intends to confirm so, with the commencement of its clinical trials. To learn more about MyDx's Biopharmaceutical division, please visit www.mydxlife.com/biopharma.
MyDx Appoints Dr. Jessica Peatross As Chief Medical Officer
Board Certified Internal Medicine Doctor to Lead MyDx Clinical Research Initiatives and Support MyDx360 Formulations Services
http://www.otcmarkets.com/stock/MYDX/news/MyDx-Appoints-Dr--Jessica-Peatross-As-Chief-Medical-Officer?id=180183&b=y
SAN DIEGO, Jan. 11, 2018 /PRNewswire/ -- MyDx, Inc. (OTC: MYDX), a science and technology company and creator of MyDx® (My Diagnostic), the first multi-use handheld chemical analyzer designed for Cannabis professionals and retail consumers to correlate the chemical profile of cannabis with how it makes them feel and which ailments it alleviates, today announced it has recruited Dr. Jessica Peatross (Dr. Jess) as its Chief Medical Officer. Dr. Jess will lead the Clinical Research Initiatives that MyDx expects to begin soon as well as support formulation services offered to MyDx360 Customers.
Dr. Jessica Peatross is a western trained, board certified medical doctor and Gerson Therapy practitioner who began her journey into healing in 2009 when she graduated from the University of Louisville (KY) Internal Medicine residency program. For 6 years, Dr. Jess worked as a traditional doctor supporting patients in a level 1 trauma center, until she discovered that the mainstream prescription drug based methods of treating people were not working for her patients. In 2014, Dr. Jess shifted her focus to practicing in the functional medicine field to get to the root cause of disease so it can be treated more effectively using natural alternatives. She has continued this work with prestigious medical practices including Optimal Health and Wellness and Whitiker Wellness, and is currently seeing her patients in San Diego's premiere Nourish Medical Center. Dr. Jess is also certified in stem cell therapy and has prescribed cannabis to her patients throughout her practice. Finally, Dr. Jess owns and operates an organically formulated nutraceutical line of products tailored to treating various chronic symptoms and illnesses which can be found on DrJess.com.
"In my 3.5 years as a Cannabis doctor, I have seen 8 out of 10 of my patients who are on narcotics, benzodiazepenes, sleep aids, and antidepressants wean off their medication with the proper medicinal ratio of THC to CBD, as well as medical guidance. What I am hopeful for is that the Cannabis industry can enlighten patients about an alternative way to heal, compared to traditional prescription medications. This may include herbs, minerals, vitamins, diet, sleep and lifestyle changes. Lifestyle changes and diet, specifically avoiding pesticides, cannot be understated. Surprisingly, herbs can often heal in the same fashion as pharmaceutical drugs without the side effects. And cannabis is no exception," stated Dr. Jessica Peatross, Chief Medical Officer of MyDx.
"We are very fortunate to have Dr. Peatross, a reputable and seasoned medical doctor who is passionate about teaching people how to be their own best doctorTM by educating themselves and listening to their body, join the MyDx executive team. I personally look forward to working closely with Dr. Jess to help people find relief by bridging the gap between Western and Eastern medicine," continued Daniel Yazbeck, former Scientist at Pfizer Pharmaceuticals and now Chairman & CEO of MyDx. "We are at the leading edge of new advancements towards greener, healthier medicine to address ailments such as pain, anxiety and insomnia. Dr. Jess is the perfect partner to help us discover new therapies that are derived from natural plants that we can offer to our MyDx360 customers as well as help us execute on clinical trials we expect to carry out to validate our crowdsourced formulations," concluded Mr. Yazbeck.
As the MyDx team expands its service offering, management anticipates that Dr. Jess will be able to offer doctor consultation for MyDx customers through the MyDx App, including the possibility of writing medical cannabis prescriptions in all legal states.
To learn more about the cannabis industry and MyDx, please visit www.meetmydx.com.
To learn more about Dr. Jess. please visit www.drjess.com.
To learn more about MyDx's BioPharmaceutical Division, please visit www.mydxlife.com/biopharma.
To learn more about the MyDx360 services, please visit www.mydxlife.com/mydx360.
MyDx Forms Exclusive Partnership With Highsmen Genetics To Offer Custom Cannabis Strains Tailored For Desired Physiological Effects
Through Natural Breeding, Further Enhancing One Of The Largest Preclinical Databases In The Industry Empowering MYDX360 Brands to Further Improve The Stability and Consistency of the Customized Genetic Strains that will Power their Future Product Lines
http://www.otcmarkets.com/stock/MYDX/news/MyDx-Forms-Exclusive-Partnership-With-Highsmen-Genetics-To-Offer-Custom-Cannabis-Strains-Tailored-For-Desired-Physiological-Effects?id=179564&b=y
SAN DIEGO, Jan. 4, 2018 /PRNewswire/ -- MyDx, Inc. (OTC: MYDX), a science and technology company and creator of MyDx® (My Diagnostic), the first multi-use handheld chemical analyzer designed for Cannabis professionals and retail consumers to correlate the chemical profile of cannabis with how it makes them feel and which ailments it alleviates, today announced it has agreed on terms and entered into a Letter of Intent to partner with Highsmen Genetics to form a new Exclusive Joint Venture. The technology behind Highsmen to develop stable customized genetic strains for certain effects is expected to help MYDX360 customers realize additional brand loyalty through end-user input in the MyDx App that will now influence the flower breeding programs that power the product lines they are consuming.
MyDx Partners with Highsmen Genetics to Produce Premium Custom Cannabis Flower Strains Tailored for Physiological Effects and Tracked by MyD360.
"Imagine there was a technology to create a custom cannabis flower that is highly effective to treat lower back pain, anxiety, or sleep disorders. That's what we're working towards," stated Daniel Yazbeck, CEO of MyDx. "We are very excited to exclusively partner with the Highsmen team because we believe their unique approach to genetic profiling through stable breeding will help us achieve this goal as MyDx continues to grow one of the largest preclinical databases in the world that ties cannabis chemistry to end user feedback," concluded Mr. Yazbeck.
"Our partnership allows us to define genetics exclusive for each client, gain direct patient consumer feedback towards that strains profile and build a layer of trust that you can have the same consistent experience each time you consume cannabis," stated Joe Floyd, Founder and President of Highsmen Genetics. "It also opens the door for known personalities, athletes and those who may be cautious to step in the cannabis space a safe way to brand their own strain and distribute it directly into the cannabis market," concluded Mr. Floyd.
Exclusive Collaboration Structure
MYDX and HIGHSMEN have agreed to enter into a 50:50 Exclusive Joint Venture where the HIGHSMEN Genetics Technology will be offered exclusively to MYDX360 customers. Access will be limited and initial MYDX360 customers will be offered the service on a first come basis.
Initially, Highsmen and MyDx will focus on producing a stable 1:1 THC to CBD genetic line developed by HIGHSMEN. The goal is to be able to produce a custom flower strain with custom cannabinoids and terpenes that can be tailored for specific end use applications, such as sleep or pain relief, which will power natural products developed and offered to MyDx360 customers.
MyDx will continue the breeding program with HIGHSMEN with the goal of creating a custom flower strain for every physiological effect MyDx and its MyDx360 customers are seeking for their respective markets, backed by customer feedback via the MyDx App. MyDx360 customers are also expected to be able to leverage the combined networks of licensed producers and manufacturers to produce the necessary volumes of customized flower at more cost efficient prices.
Additionally, MyDx will equip HIGHSMEN with the CannaDx handheld analyzer and tracking App in order to catalog the genetic lines, strain lineage, input from consumers, and chemical makeup that function within the breeding program.
MyDx360 customers are expected to able to utilize this service in products as soon as the first quarter of 2018 with custom flower being deployed as early the second quarter of 2018.
HIGHSMEN's Natural Breeding vs GW Pharma Genetic Modification Approach
The technology behind the natural breeding process at HIGHSMEN begins with Genetic profiling, where customers define the traits desired for the custom strain flower they are breeding for. If a client suffers from insomnia, the cannabinoid and terpene profile of the cannabis flower that will relief that symptom must have a certain chemical makeup to achieve that desired effect. In an extremely simplified example, one can cross a high THC strain with a high CBD strain to potentially create a 1:1 THC to CBD producing product. This is in contract with the GW Pharmaceutical approach, where they genetically modify the DNA of a certain strain in order to produce a CBD rich strain.
By understanding the genetic makeup of their male breeders, the HIGHSMEN breeding program is able to expedite the breeding process by stabilizing strains much more quickly and in turn defining a chemical profile with a more consistent outcome. Other traits that can be tailored in the program include yield, height, size, indoor vs outdoor centric strains as well as strains less prone to infestation.
Taking it one step further, by utilizing the MyDx crowdsourced feedback ecosystem and data that is collected from consumers to influence the breeding program, the Company believes it can apply trends obtained from the data to refine the breeding approach. The goal is to entice the patients to further input their experience in relation to their strain profiles now knowing that their input will affect the integrity of products they are consuming. That said, with the legalization of recreational cannabis in California now in full force, the science is quickly catching up with the legalization and there remains much development that needs to be done to achieve the Company objectives.
January, 2nd 2018 California permits legal recreational marijuana sales:
http://www.nj.com/marijuana/2017/12/weed_goes_legal_in_california_heres_how_the_progra.html
http://www.cnn.com/2018/01/01/us/california-marijuana-sales/index.html
MyDx Cancels Reverse Stock Split; Allows the Free Market to Take Its Course to Determine the Company Valuation
http://www.prnewswire.co.uk/news-releases/mydx-cancels-reverse-stock-split-665429493.html
SAN DIEGO, Dec. 20, 2017 /PRNewswire/ -- MyDx, Inc. (OTC: MYDX), a science and technology company and creator of MyDx® (My Diagnostic), the first multi-use handheld chemical analyzer designed for Cannabis professionals and retail consumers to correlate the chemical profile of cannabis with how it makes them feel and which ailments it alleviates, today announced that based upon recent and anticipated developments for the Company, the board has decided to cancel its plans for the reverse stock split approved earlier this year.
"With the influx of interest for our MyDx360 services, including ancillary products such as the EcoSmartPenTM, as well as the progress we have made in the analysis of our 55K+ data points and the development of MyDx crowdsourced formulations, we are very optimistic about where the Company is headed into 2018. This, combined with the fact that recreational Cannabis will be legal in California in less than two weeks, gives us confidence that our valuation is better achieved without having to complete a reverse stock split at this time and simply allowing the free market to determine our value," said Daniel Yazbeck, CEO of MyDx.
The initial reason for ratifying and approving the reverse split was that the board believed that the Company's outstanding shares may have needed to be reduced with the primary goal of better enabling the Company to raise funds to finance growth as well as facilitating higher levels of institutional stock ownership where investment policies generally prohibit investments in lower-priced securities.
That said, the executive team has complete confidence in its current business strategy to attract a broader range of new shareholders at this price level. While the Company remains optimistic, there can be no assurance that this will be the case.
To learn more about MyDx, please visit www.mydxlife.com
To learn more about MyDx360™, please visit www.mydxlife.com/mydx360.
To learn more about the EcoSmartPen™, please visit www.mydxlife.com/ecosmartpen.
MyDx Seeks Medical Device Designation For CannaDx And The ECOSmartPen
Making MyDx Smart Devices More Affordable & Accessible for Canadian Cannabis Users
https://ir.mydxlife.com/press-releases/detail/68/mydx-seeks-medical-device-designation-for-cannadx-and-the
SAN DIEGO, Dec. 14, 2017 /PRNewswire/ -- MyDx, Inc. (OTC: MYDX), a science and technology company and creator of MyDx® (My Diagnostic), the first multi-use handheld chemical analyzer designed for Cannabis professionals and retail consumers to correlate the chemical profile of cannabis with how it makes them feel and which ailments it alleviates, today announced it submitted an application and is seeking medical device designation in Canada for its CannaDxTM Handheld Tester and its ECOSmartPenTM in order to make its products more accessible to medicinal users seeking to track and manage their consumption habits and prevent abuse.
According to the Institute of Health Economics, under the Food and Drugs Act, medical devices have a broad definition that includes any item sold to diagnose, treat, mitigate, or prevent a disease, disorder or abnormal physical state, or any of their symptoms.
MyDx products will be used to track crowdsourced herbal medicine by our customers to treat various ailments as well as monitor and track consumption habits (a feature shared by both the ECOSmartPen and the CannaDx Handheld Tester) to promote public safety and accountability. It's easy to see how MyDx products can fit within the confines of that description and the company is confident in its ability to gain approval. Still, there can be no assurance that it will gain or be granted such certifications.
Increases Affordability & Accessibility to MyDx Products Country-wide
Recently, Loblaws, a large Canadian supermarket chain, extended coverage for medical marijuana to its ~45,000 employees under policies managed by Manulife and Great-West Life. With a medical device classification, medicinal users would be able to seek reimbursement from their insurance providers for their MyDx devices, significantly lowering the overall cost to patients.
With the advent of new Health Canada Regulations in 2015, following the Supreme Court's ruling that users of medical marijuana should be permitted to consume the product in more varied forms than smoking dried buds, the demand for insurers to cover medical marijuana under benefit plans has increased exponentially according to a report done by Miller Thompson LLP. As a result, the country is beginning to see a shift in its healthcare landscape, which is becoming more marijuana friendly.
"Our goal is enable a more personalized medical experience for every patient by ensuring everyone has access to our smart devices and crowdsourced formulations," said Daniel Yazbeck, CEO of MyDx. "Our products are used all over the world today to help people Trust & Verify® their cannabis and to monitor and track their consumption habits."
Entry level MyDx Handheld Testers currently retail for $699 (plus tax & shipping). The EcoSmartPen is projected to be shipped in the first quarter of next year and the company is currently taking pre-orders on its website at www.mydxlife.com/ecosmartpen.
To learn more about the industry and MyDx, please visit www.meetmydx.com.
About MyDx, Inc.
MyDx, Inc. (OTC:MYDX) is a chemical detection and sensor technology company based in San Diego, California whose mission is to help people Trust & Verify® what they put into their minds and bodies. The Company's first product, MyDx®, also known as "My Diagnostic", is a patented multiuse hand-held chemical analyzer designed to help consumers and professional test for pesticides in food, chemicals in water, toxins in the air, and the safety and potency of cannabis samples, which is the initial focus of through the CannaDxTM application. CannaDx users have submitted over 40,000 crowdsourced datapoints revealing the chemical profile of the cannabis they are consuming and how its making them feel which feeds a data analytics platform, a SaaS business, as well as the biopharmaceutical division of MyDx. The company is committed to addressing areas of critical national need to promote public safety, transparency and regulation in the various markets we serve and hence its more immediate mission is to continue to develop smart devices as part of an ecosystem that crowdsources consumer generated preclinical data to drive innovation in the cannabis industry. For more information, please visit www.mydxlife.com.
MyDx Files Patents & Is Now Accepting Preorders For The ECOSmartPen™The Industry's First Child-Protected, Delivery Device Capable of Tracking Dosages
https://seekingalpha.com/pr/17012007-mydx-files-patents-and-now-accepting-preorders-ecosmartpen
SAN DIEGO , Nov. 28, 2017 /PRNewswire/ -- MyDx, Inc. (OTC: MYDX(MYDX)), a science and technology company and creator of MyDx(MYDX)® (My Diagnostic), the first multi-use handheld chemical analyzer designed for Cannabis professionals and retail consumers to correlate the chemical profile of cannabis with how it makes them feel and which ailments it alleviates, today announced it filed patents on its revolutionary, second smart device – The ECOSmartPenTM – and is now accepting Pre-Orders.
The ECO Smart PenTM by MyDx(MYDX)is a next generation, rechargeable delivery pen with Bluetooth technology capable of monitoring dosages and consumer feedback. The ECO Smart Pen also comes equipped with remote access and child safety protection via the EcoSmartPen App and is designed to help patients and consumers better manage and regulate their cannabis consumption habits, while protecting their children from unsupervised use.
A Game-Changing Innovation That Helps to Raise the Standard of Safety in Cannabis
MyDx's (MYDX) patents cover the delivery pen's child-safety locks, dosage control and tracking and related technologies unique to the next-generation delivery pen that monitors how many doses or "puffs" it takes for strains/formulas to take effect per individual – personalized medicine. This information is stored passively or actively, depending on the user, and is complimentary to the MyDx(MYDX) ecosystem, which includes its testing devices, software and services.
Since late 2015, MyDx(MYDX) has worked diligently to help consumers better understand what they put into their bodies and empower them to take charge of their marijuana consumption habits. Its handheld tester is used all over the world to identify and track how those strains impact its users. Approaching 3,000 testers in circulation, MyDx(MYDX) has built, and continues to build upon, a comprehensive database of user and consumption information that is now being used to drive policy; educate and inform industry stakeholders such as doctors, consumers, entrepreneurs, and politicians; and, promote a higher level of public safety and concern.
MyDx (MYDX) is the only company in the world that actively tracks and analyzes (in real time) how strains impact consumers and alleviate ailments. While this is important to the legitimacy of the industry, given the current lack of oversight, it's also a public safety concern. That's when it occurred to the MyDx Team that more needed to be done, especially for those with debilitating ailments.
"Today, doctors only offer prescriptions for medicinal marijuana, generally. They don't provide any recommendations on what to use and when and how to use it. And that's a public safety problem. We know from our data that not all cannabis is the same (not even the names), which is why our customers use our handheld testers. But the one piece of data we didn't have was knowing how much of a certain chemical profile it took to achieve its desired effect. Hence the creation of the ECO Smart Pen," said Daniel Yazbeck, CEO of MyDx(MYDX). "We will not only offer patients a way to Trust & Verify® their products, but, with the ECO Smart Pen, they will be able to determine for themselves how much they need to consume to achieve their desired effect. In combination with MyDx360, doctors and administrators will also be able to better monitor their patient's habits and offer more targeted prescriptions."
Lack of Industry Research
Despite the rising tide of marijuana legalization sweeping across North America, research still lags reform, which is counter to how, generally, research informs reform. Moreover, according to KPMG's report on Improving Medical Marijuana Management in Canada, "the quality of clinical data has been inconsistent and there are significant gaps in understanding of the therapeutic efficacy for many conditions." Consequently, the industry is moving forward without complete regard to patient and public safety and that's a problem for consumers, especially those using marijuana to address specific ailments. With the addition of the ECO Smart Pen to the MyDx Ecosystem, MyDx(MYDX) will capture and house the most comprehensive dataset of marijuana consumption in the world. This new data will then inform the company's foray into identifying green active biopharmaceuticals (gAPI).
How the ECO Smart Pen Works
Passive Monitoring: The ECO Smart PenTM immediately activates the MyDx App via bluetooth as soon as you inhale from any compatible brand cartridge. Once the brand information is submitted, the pen will then passively monitor your consumption habits, such as frequency of use since purchase as well as dosage.
Active Monitoring: Once you begin using the product, you'll be able to actively track which ailments the product relieved and/or feelings it generated and how many doses it took to generate those feelings and/or reliefs.
Software As A Service (SAAS)
Manufacturers, Doctors and the like will be able to use MyDx Software on a private label basis to monitor and manage their respective user groups under a subscription-based model, which will be tiered for varying levels of access to user data and analytics.
Key Features
• Bluetooth Connectivity
• Behavioral/Dose Controls
• Mobile-App Control (local or remote)
• Usage Analytics
• Data/Cloud Storage
• Child-Safety Controls
To learn more or Pre-Order the ECOSmartPenTM, please visit www.mydxlife.com/ecosmartpen
MyDx Featured by Canadian Tier 1 Business News Network (BNN), Toronto Life Magazine, and Global News
http://www.otcmarkets.com/stock/MYDX/news/MyDx-Featured-by-Canadian-Tier-1-Business-News-Network--BNN---Toronto-Life-Magazine--and-Global-News?id=168424&b=y
SAN DIEGO, Aug. 29, 2017 /PRNewswire/ -- MyDx, Inc. (OTCQB: MYDX), a rapidly growing science and technology company that has developed MyDx®, the first multi-use handheld chemical analyzer for consumers, announced that it was recently featured by Canadian Tier 1 Media Outlets including Business News Network (BNN), Toronto Life Magazine, and Global News.
CEO Daniel Yazbeck will also be speaking on a panel at MJAC2017 InvestorsHub International Cannabis Conference entitled "Investing in the Picks and Shovels of the Industry" at 12:00 p.m. Pacific Time on Saturday September 2nd at the JW Marriott Los Angeles.
MyDx Reports Second Quarter Results
Company Reports Significant Increase in Gross Profit Margins and Decrease in Liabilities with Gains Leading to Positive Net Income for the Quarter
http://www.otcmarkets.com/stock/MYDX/news/MyDx-Reports-Second-Quarter-Results?id=167757&b=y
SAN DIEGO, Aug. 21, 2017 /PRNewswire/ -- MyDx, Inc. (OTCQB: MYDX), a rapidly growing science and technology company that has developed MyDx®, the first multi-use handheld chemical analyzer for consumers, announces its 2Q 2017 results and management analysis.
Financial Results
CannaDx Product Revenue increased to ~$126K in Q2 2017, up ~47% from Q1 2017
MyDx sold out of its signature handheld analyzer in Q1 on stronger than expected demand leading to a backlog of orders and customer deposits that are were filled in Q2.
The Company expects to continue to receive consistent growing demand for its analyzer based on word of mouth and referrals mainly as well as a new marketing initiatives the company launched late June which is generating new customer awareness and product orders from Canada. The company will focus on deploying the EcoSmartPenTM in the second half of this year as well as expand its customer base for the MyDx360 SAAS service beyond the initial BlackSwan/i+Huntr brand agreement which was not recognized as revenue in this quarter.
Gross profit margins as a percentage of net revenues increased to 78% in Q2, a greater than 32% increase from the same period last year, the highest product margins in company history
The gross product margin was improved by an increase in MyDx Grower Packages sold for $899 on our online store, which yield a higher profit margin compared to the standard $699 retail package and a much higher margin compared to units sold through our distribution channels. Any anticipated future revenue from the company's software licensing and services are expected to have a further positive impact on the overall gross profit margins
Research and Development Expenses decrease 81% with new accelerated product development approach
For the three months ended June 30, 2017, the Company expended $27,724 for various research and development projects for hardware, database, software and sensor development as compared to $145,885 for the three months ended June 30, 2016. The decrease of $118,161, or 81%, resulted primarily from the Company taking a more economical and streamlined outsourcing approach to developing new products (such as the Eco Smart PenTM, MyDx360TM, AeroDx®).
The company is taking the same approach to launch its next generation of CannaDxTM, AquaDx® and OrganaDx® products.
For the first time in company history, the company has generated a Net Positive Income as a direct result of a decrease in liabilities and gains generated through other income
The Company incurred net income of $2,967,808 compared to a Net Loss of $(936,665) for the three months ended June 30, 2017 and 2016, respectively. The increase in net income resulted primarily from the decrease of interest expense related to the convertible notes payable, an increase in a gain on fair value of derivative liability, a gain on settlement of debt, and a gain of $135,000 on the forfeiture a technology transfer deposit. These were offset by an increase in derivative expense.
New Product Offering Operating Results
The company updated its CannaDx product webpage (www.mydxlife.com) and launched a Marketing Campaign in Canada which is already yielding new sales from customers in Canada.
The company closed its first big customer under its newly created MyDx360 SaaS Licensing and Services platform with an ~$80K agreement signed in Q2 with BlackSwan.
The company spent a lot of product development time and focus on the creation of the MyDx ECOSmart PenTM, a Bluetooth enabled delivery vaporizer pen capable of actively and passively tracking consumption habits as well as other unique features to be announced, and is on track to deploy this product in the second half of this year.
MyDx Enters Into An ~$80,000 MyDx360 SaaS Licensing And Services Agreement With Retailer BlackSwan; BlackSwan enters the Delivery Pen and Supplements Markets with I+huntr Brand, Tailored for Performance Athletes, Powered by MyDx360
http://www.otcmarkets.com/stock/MYDX/news/MyDx-Enters-Into-An-~-80-000-MyDx360-SaaS-Licensing-And-Services-Agreement-With-Retailer-BlackSwan?id=162421&b=y
SAN DIEGO, June 19, 2017 /PRNewswire/ -- MyDx, Inc. (OTCQB: MYDX), a science and technology company and creator of MyDx® (My Diagnostic), the first multi-use handheld chemical analyzer designed for cannabis professionals and retail consumers to correlate the chemical profile of cannabis with how it makes them feel and which ailments they report it alleviates, today announced a definitive agreement with BlackSwan, a developer and retailer of custom vaporizers, to provide a community engagement software platform to support its new product development initiatives under the terms of MyDx360.
Licensing Agreement Provides for Branding on Multiple Delivery Mechanisms
As part of the MyDx360 agreement, BlackSwan chose from one of MyDx's base chemical formulations that best alleviated pain and inflammation according to the MyDx community. From there, MyDx software enabled BlackSwan to "boost" that formula by changing various cannabinoid and terpene parameters as well as other natural organic terpenes to come to a final formula uniquely formulated by BlackSwan.
"This uniquely positions MyDx at the center of a revolution in how therapies are developed utilizing chemicals found in cannabis and other naturally occurring plants. The MyDx360 platform makes it incredibly easy for market players to create new high quality tailored formulations that can support their customer's needs. It also speaks to our ability as a company to execute on our vision of creating a brand centric ecosystem powered by community driven data. We look forward to supporting BlackSwan and the development of the I+huntr brand personalized for high performance athletes and powered by MyDx360," said Daniel Yazbeck, CEO of MyDx.
MyDx will continue to work with BlackSwan to support the development of new formulations, which will be manufactured in the form of concentrates via state licensed suppliers, and then delivered via MyDx's hardware, the ECO Smart Pen, and supplements tailored to performance athletes. Once products have been delivered via MyDx's manufacturing partnerships, the MyDx App will provide customer-engagement support to acquire and analyze user feedback.
The MyDx White Paper: A practical review of the cannabis testing industry
https://drive.google.com/file/d/0B7B53DOpun05...&pli=1
MyDx featured on HBO's Daily News:
https://youtu.be/Miv2vHbvdSY
Share Structure a/o Jan, 2017:
Authorized Shares 10,000,000,000
Outstanding Shares 1,809,028,964
Float 1,535,318,771
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