“So, ultimately, has to go through a platform where that therapy can be offered. Nyquvest added that though there is rightly and understandably a “effort being paid to doing research on particular compounds or trying to identify new novel compounds” in the psychedelics medicine space,” which is important for Numinus, he and the company also believe that it’s “equally or more so” important to develop psychedelic-assisted psychotherapy, which is the business line targeted by this acquisition. “We've been working really hard since since we started the company to develop what we believe is the model in which psychedelic therapy needs to fit into, as well as how it's going to scale across North America,” Nyquvest said. platform through eight established, reputable, efficiently operating and revenue-producing clinics," says Payton Nyquvest, founder and CEO of Numinus. The Novamind acquisition presents a transformational opportunity for Numinus to launch a strong U.S. "Since Numinus began, we have always strived to be the most trusted, evidence-based leader in psychedelic-assisted therapy and medicine. The acquisition is anticipated to generate C$3 million in annual cost synergies, the majority of which relate to the elimination of duplicative public company expenses and operational systems, further supporting margin enhancement. It is expected to be immediately accretive to Numinus' revenue and gross profit, and, based on forecasts and efficiencies of scale, will shorten the timeline of Numinus' path to profitability. The deal allows Cerebral to refer its patients to Field Trip’s services, and in turn, Field Trip to refer its patients to Cerebral.The acquisition also accelerates Numinus' path to profitability. purchased Ketamine Wellness Centers Arizona LLC (KWC) for $10 million in September 2021.Īdditionally, digital mental health company Cerebral inked a deal with Toronto-based psychedelic-assisted treatment provider Field Trip Health. This isn’t the only Canadian psychedelic wellness company looking to come south. “But there are some very large regulatory changes happening, kind of in conjunction with that as well, which is really encouraging.” “We’re in this unique environment at the moment, where that clinical trial research is being done and underway,” Nyquvest said. Other states are looking to decriminalize psychedelic treatment as well. Specifically, Oregon is moving to legalize psilocybin-assisted therapy. Nyquvest noted that in the U.S., regulations are changing on a state-by-state basis. Now, evolving regulations around psychedelic treatment makes the U.S. For example, Canada’s Special Access program “permits health care practitioners to request access to drugs that have shown promise in clinical trials or been approved in other countries, but that have not yet been authorized for sale in Canada.”Īdditionally, its 56(1) exemptions allow individuals with end-of-life anxiety or depression to get psilocybin on a case-by-case basis. While Canada does not have any approved therapeutic products containing psilocybin, the government does have exemption programs. Psilocybin is a hallucinogenic compound found in certain types of mushrooms. Yet, recently, Canada has led the way in psilocybin assisted treatment. This trial is important because it could be used to support regulatory approval for the medication for the FDA. Since then, the Multidisciplinary Association for the Psychedelic Studies worked with the FDA on a Phase 3 MDMA-Assisted Therapy PTSD. has a strong history of psychedelic research.įor example, five years ago the FDA granted Breakthrough Therapy Designation to use MDMA to treat Post Traumatic Stress Disorder. Novamind has partnerships with five larger insurers for ketamine assisted psychotherapy. The Novamind acquisition also brings with it insurer agreements. market, which we plan on expanding upon.” “ has given us a very strong footing and step into the U.S. “We usually say it’s kind of like a ‘one plus one equals five’ in regards to what it’s done for the organization,” Nyquvest said.
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