Novamind Delivers Rising Revenues

Novamind Inc.(CNSX: NM)(OTCQB: NVMDF) reported its financial results for the fiscal second quarter ending December 31, 2021). All results were reported in Canadian dollars, unless otherwise specified. Novamind delivered total revenue of $2,452,540,  an increase of 32% over the previous quarter. Subsequent to quarter-end, the company closed a $5 million private placement with an institutional investor on January 26, 2022.

Novamind CEO, Yaron Conforti, commented, “We’re pleased to report record-high revenue this quarter driven by continued revenue growth from existing and new clinics. Novamind is focused on providing clinical research services to leading drug developers, meeting patient demand by delivering innovative, evidence-based mental healthcare and bringing to market new treatment programs such as Psychedelic Palliative Care by Novamind and Frontline KAP.”

The company also reported that during the quarter it had announced a strategic investment and advisory agreement with Bienstar Wellness to develop Latin America’s first network of integrative mental health clinics. The company also opened a new outpatient clinic located in downtown Salt Lake City, specializing in integrative behavioral health and services for adults with substance use disorders.

In January 2022, the company closed the acquisition of Arizona-based Foundations for Change, a mental health practice specialized in ketamine-assisted psychotherapy with two clinic locations in the Phoenix area.

The company was contracted to provide clinical research services for the following clinical trials:

    • A phase I clinical trial examining ketamine-assisted therapy combined with Mindfulness-Oriented Recovery Enhancement therapy to treat opioid use disorder, led by investigator Eric Garland, PhD at the University of Utah
    • A phase II clinical trial investigating ketamine-assisted psychotherapy for adults with life-threatening illness, sponsored by the Ketamine Research Foundation
    • A phase II clinical trial investigating an antidepressant medication for adults with major depressive disorder and post-traumatic stress disorder, sponsored by Alto Neuroscience

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