Novamind Reports Earnings Ahead of Acquisition

Novamind Inc. (CSE: NM)(OTCQB: NVMDF) reported its financial results for the fiscal third quarter ending March 31, 2022. Novamind reported total revenue of $3,227,352, an increase of 32% over the previous quarter. The company had a net loss of $2.4 million. Numinus Wellness will be buying Novamind in an all-share transaction.

Novamind said it had total working capital of $3,928,642 to fund operations. It also closed a $5,000,000 private placement with an institutional investor.

Novamind CEO, Yaron Conforti, commented, “Once again, we’re pleased to report record-high revenue this quarter. Growth was driven by our recent expansion to Arizona in addition to the continued progress of our Utah operations. With the anticipated shareholder approval of the acquisition of Novamind by Numinus in June, the Company is well-positioned to continue this record growth in pursuit of its mission to responsibly reintroduce psychedelic therapy to mental healthcare.”

Quarter highlights included:

  • Closed the acquisition of Arizona-based Foundations for Change, Inc., a mental health practice specialized in ketamine-assisted psychotherapy
  • Opened the Company’s eighth integrative psychiatry clinic, located in Phoenix, Arizona
  • Launched Groups by Novamind, an expansion of the Company’s clinical care model focused on increasing patient access to mental health treatments
  • Novamind’s strategic partner, Bienstar Wellness Corp., signed a letter of intent to acquire BRC Saude Mental E Terapias Assistidas Ltda., a leader in specialized ibogaine treatments for substance use disorder based in Sao Paolo, Brazil

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

  • A phase IIb randomized clinical trial investigating lysergic acid diethylamide (LSD) for generalized anxiety disorder in adults, sponsored by MindMed
  • A phase II clinical trial investigating psilocybin for major depressive disorder, sponsored by the Usona Institute
  • A phase II clinical trial investigating ketamine-assisted psychotherapy for adults with life-threatening illnesses, sponsored by the Ketamine Research Foundation
  • A phase I clinical trial investigating the safety and efficacy of ketamine-assisted psychotherapy combined with Mindfulness-Oriented Recovery Enhancement therapy for the treatment of adults with opioid use disorder
  • A phase II clinical trial investigating an antidepressant medication for adults with major depressive disorder and PTSD, sponsored by Alto Neuroscience
  • A phase II randomized clinical study for the acute treatment of social anxiety disorder, sponsored by Bionomics

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