Novamind Archives - Green Market Report

StaffJune 1, 2022

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

StaffApril 12, 2022

Numinus Wellness Inc. (TSX: NUMI) (OTCQX: NUMIF) is buying Novamind Inc. (CSE: NM) (OTCQB: NVMDF) in an all-stock deal valued at C$26.2 million on a fully diluted in-the-money basis. The combined company will operate 13 wellness clinics and will be positioned as a psychedelic-assisted therapy provider in North America. the company expects revenue of approximately C$10 million in annual pro-forma revenue based on the trailing four quarters.

“Since Numinus began, we have always strived to be the most trusted, evidence-based leader in psychedelic-assisted therapy and medicine. The Novamind acquisition presents a transformational opportunity for Numinus to launch a strong U.S. platform through eight established, reputable, efficiently operating and revenue-producing clinics,” says Payton Nyquvest, Founder and CEO, Numinus. “We prioritize working with the best partners in this industry and Novamind’s U.S. market presence, complementary client programming and respected clinical research capabilities allow us to accelerate our strategic growth plans and broaden access to healing and wellness.”

Research To Continue

Numinus‘ executive team and board will remain in place and the combined company will be led by CEO Payton Nyquvest.

The combined company will operate four clinical research sites and a bioanalytical laboratory, all of which are currently supporting leading drug developers in psychedelic medicine with critical infrastructure and services. Select ongoing psychedelic medicine clinical trials include:

A single-arm, open-label, compassionate access trial for MDMA-assisted therapy that has made significant progress toward treating patients with PTSD hosted in collaboration with MAPS Public Benefit Corporation (MAPS PBC);
A phase II clinical trial investigating psilocybin for major depressive disorder sponsored by the Usona Institute;
An open-label compassionate access trial of psilocybin-assisted psychotherapy for substance use disorders;
A phase IIb randomized clinical trial investigating lysergic acid diethylamide (LSD) for generalized anxiety disorder in adults sponsored by MindMed;

Yaron Conforti, CEO, and Co-Founder, of Novamind, said, “This transaction offers significant value for Novamind’s shareholders and provides compelling new opportunities for our employees, patients, and research partners. The combination of Novamind’s network of mental health clinics and research sites in the U.S. and Numinus’ leadership in psychedelic-assisted psychotherapy in Canada creates a best-in-class company. The combined entity is supported with over C$50 million in pro-forma capital and positioned with distinct capabilities to serve a growing and diverse group of stakeholders. We are excited to join Numinus, a true leader in mental health innovation.”

Mr. Nyquvest added, “We expect this acquisition will significantly bolster our financial performance, growing Numinus’ annual revenue to more than five times our current levels, and driving meaningful margin improvement through identified operating efficiencies. Our combined capabilities will deliver exceptional value for our clients, employees, and shareholders. We look forward to welcoming the Novamind team to the Numinus family.”

StaffMarch 2, 2022

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

Debra BorchardtFebruary 3, 2022

Psychedelic mental health company Novamind Inc. (OTCQB: NVMDF) announced it has been selected by the Ketamine Research Foundation (KRF) to host a phase II clinical trial investigating ketamine-assisted psychotherapy (KAP) for adults with life-threatening illness (the “Conscious Dying/Conscious Living Trial”).

Novamind said in a statement that the FDA approval of the study’s KAP protocol marks a first in the investigation of KAP for end-of-life patients and its potential to serve as a model of care for this difficult-to-treat population. Over the course of six weeks, study participants will undergo two KAP sessions at Novamind’s Murray, Utah research site under the supervision of clinical experts.

“This study is an important addition to the clinical care and research opportunities for patients within the Psychedelic Palliative Care program that we are building at Novamind,” said Dr. Paul Thielking, Chief Scientific Officer and Principal Investigator at Novamind’s Murray research site. “I’ve worked with this population for most of my career and, unfortunately, I’ve sometimes felt limited in what I can offer my patients to ease their emotional distress. The findings will contribute to the evidence for using KAP with patients who have a life-threatening illness and offer new insights into alternative treatments.”

According to the company, the mental health toll of a terminal illness is well-documented with between 24% to 70% of patients experiencing depression with significant negative impacts on quality of life.For patients with shortened life expectancy, ketamine may reduce symptoms of depression, anxiety and existential distress, and improve quality of life.

New Proposed Legislation

Two weeks ago Marijuana Moment reported that Bipartisan members of Congress sent a letter to the Drug Enforcement Administration (DEA) requesting that terminally ill patients be allowed to use psilocybin as an investigational treatment without the fear of federal prosecution.

“Rep. Earl Blumenauer (D-OR) started circulating a Dear Colleague letter to build support for the request last month. Now signed by a coalition of lawmakers on both sides of the aisle, the letter to DEA stresses that there are state and federal right-to-try (RTT) laws that should make it so certain patients can obtain the psychedelic given that it’s shown early potential in ongoing clinical trials.”

The Conscious Dying/Conscious Living Trial is sponsored by the KRF, a non-profit leader in ketamine research, advocacy and clinical training. Phil Wolfson, MD is the Founder and CEO of KRF and a pioneering practitioner and instructor of KAP. He is also a Principal Investigator for the Multidisciplinary Association for Psychedelic Studies (MAPS)-sponsored phase II study of MDMA-assisted psychotherapy for individuals with significant anxiety due to life-threatening illnesses.

Dr. Wolfson commented, “Ketamine is still considered a novel treatment option for psychiatric illness and can sometimes be seen as controversial. Now with FDA approval, we’re hopeful that this ground-breaking study will demonstrate KAP’s potential to relieve distress and serve as a model for practitioners of palliative care, hospice and mental health professionals engaged with those who are facing death, to assist in their attitudes and choices for their remaining time.”

Debra BorchardtDecember 6, 2021

Novamind Inc. (CSE: NM)(OTCQB: NVMDF) has opened a new clinic located in downtown Salt Lake City to address addiction. The SLC Clinic specializes in integrative behavioral health and services for adults with substance use disorders led by incoming Medical Director, Dr. Amy de la Garza.

Dr. Reid Robison, Novamind‘s Chief Medical Officer, commented: “Social isolation and despair related to the COVID-19 pandemic have further fueled a significant increase in substance use disorders and related deaths. Dr. de la Garza’s expertise in addiction medicine and behavioral health is a vital addition to our team as we continue to expand Novamind’s clinic footprint to address unmet need and broaden our innovative, evidence-based treatments.”

Dr. de la Garza is a board-certified family practice physician with 10 years of experience providing specialized care for patients with behavioral health and SUD diagnoses. She completed an Addiction Medicine Fellowship at the University of Utah and is an Institute for Functional Medicine Certified Practitioner. In 2017, Dr. de la Garza opened the first community-based, co-located primary care and behavioral health practice in Salt Lake City, Utah. “I am thrilled to join Novamind and look forward to establishing an innovative outpatient substance use disorder program that brings together addiction and integrative medicine and treats the whole person,” said Dr. de la Garza, who is also trained in integrative modalities and lifestyle medicine, including nutrition, movement, sleep, stress management, and social connection.

Novamind said that the SLC Clinic’s outpatient SUD services provide an alternative to residential treatment programs and work to address the highly complex public health crisis that is worsening alongside challenges related to access. In 2020 alone, 93,000 Americans died of a drug overdose-an increase of 30% from the previous year, according to the Centers for Disease Control and Prevention.

Novamind said it will collect clinical data on the efficacy of the integrative treatment approach for SUD and host upcoming studies for conditions like opioid use disorder. Additionally, the company said that the SLC Clinic will pilot an innovative and cost-effective group medical visit model that has been shown to reduce anxiety and depression, as well as improve outcomes in chronic conditions like cardiovascular disease and diabetes.

Recent Earnings

In November, Novamind reported that it had total revenue of $1,857,750, an increase of 113% when compared to the same period last year. The company has a debt-free balance sheet with $5,969,673 in cash and $2,018,971 in marketable securities and total working capital of $6,834,011 to fund operations.

“Q1 was a strong start to fiscal year 2022, driven by the addition of another clinic to our network and increased patient demand for our comprehensive range of innovative mental health treatments,” said Yaron Conforti, Novamind’s CEO and Director. “We continue to make progress on our national clinic expansion, most recently with a letter of intent to acquire two locations in Arizona. Our clinical research business has been actively building an exciting pipeline of contracts with leading drug developers.”

StaffMay 4, 2021

Psychedelic clinic companies have been expanding quickly as more patients are seeking alternatives to traditional prescription drug treatments. Both Field Trip Health and Novamind announced news of their expanding clinics across the country.

Field Trip

Field Trip Health Ltd. (OTCQX: FTRPF) opened its fifth location in the United States in the city of Houston, TX. Located in the River Oaks District, the Houston location is the second Field Trip Health center to open this year. Field Trip also announced that it has entered into leases and has commenced, or will soon commence, construction to build Field Trip Health centers in San Diego, CA, San Carlos, CA, Seattle, WA, Washington DC, and Fredericton, NB.

“Every week, new evidence about the safety and efficacy of psychedelic therapies is being published. The academic data matches closely with what we are seeing in our Field Trip Health centers — that psychedelic-assisted therapy is a safe and effective treatment for depression, anxiety, and other mental health challenges,” commented Dr. Ben Medrano, Field Trip’s Senior Vice President, and U.S. Medical Director. “It is great to see academic journals like The New England Journal of Medicine as well as former Governor Rick Perry adding their voices to the conversation.” The company noted that many peer-reviewed studies have shown the efficacy and safety of psychedelic-enhanced therapies as powerful and effective treatments for mental health challenges like depression, anxiety, and PTSD, as well as to promote mental and emotional health and well-being. In addition, according to new research from the New England Journal of Medicine, there is evidence indicating that psychedelic substances boost divergent thinking and creative ability in the long term.

Field Trip said that the design of the Houston location was heavily influenced by its local aesthetic, honoring Houston’s charm. It features Southwestern-inspired rugs, soft recycled leather couches, a beautiful moss wall, and most notably a zen rock box stretching almost the entire length of the hallway. With seven treatment rooms, a large group therapy room, and a beautiful light-filled integration lounge, the Houston location is calm, bright, and inviting. Each treatment room features custom photography of clouds taken all over the world, included to provide a relaxing atmosphere and to allow the mind to drift into a peaceful quiet space.

Novamind

Novamind Inc. (OTC PINK:NVMDF) reported it would open four new Cedar Psychiatry clinics, doubling its network to eight total locations. The expanded capacity from the New Clinics is forecasted to increase Novamind’s patient volume from 20,000 client visits recorded in 2020 to approximately 65,000 client visits anticipated in 2021.

“We are doubling the size of our clinic network six months ahead of schedule, with the added capacity enabling us to scale to 65,000 client visits in 2021,” said Yaron Conforti, CEO and Director of Novamind. “Expect continued and aggressive growth as we expand Novamind’s clinic network and clinical research infrastructure ahead of the FDA’s anticipated approvals of MDMA and psilocybin.”

Novamind said it has begun construction on three of the New Clinics and leased a fourth additional property. Scheduled to open between July and September 2021, the New Clinics represent the initial phase of Novamind’s national expansion strategy whereby the Company is replicating the successful operating track record of its current clinics in Utah, at scale, ahead of its expansion into other American states in 2021.

StaffMarch 1, 2021

Psychedelic medicine company Novamind Inc. (OTC:NVMDF) reported its fiscal second-quarter results for the three months ended December 31, 2020. Novamind reported revenue of $1,288,828 primarily composed of patient services revenue from its network of four Cedar Psychiatry outpatient mental health clinics in Utah. The company said it was a 47% increase over the first fiscal quarter ending September 30^th, 2020.

Novamind reported a net loss of $3,567,883 for the second quarter versus a net loss of $493,614 for the first quarter. The company said the net loss was primarily due to expenses related to the company’s listing on the CSE, and funding of capacity expansion at its Cedar Psychiatry clinics. This included consulting expenses of $416,268, professional fees of $450,419, salaries and wages of $791,078, office and general expenses of $87,368, advertising and promotion expenses of $236,650, and stock-based compensation of $664,814. Additionally, there were $1,379,144 in RTO transaction costs in the quarter.

Novamind began trading on the CSE under the stock symbol “NM” on January 5. The company has been included in the underlying index of the Horizons Psychedelic Stock Index ETF (NEO: PSYK) through a “Fast Entry” category, increasing its profile with retail and institutional investors in the psychedelic medicine sector.

Following the end of the quarter, Novamind announced that it had reached two significant milestones at its Cedar Psychiatry mental health clinics: administering over 5,000 ketamine treatments since its opening in 2016, and administering over 2,000 Spravato treatments since the product became available in 2019. The company said that these milestones position Novamind as one of North America’s top providers of ketamine-assisted psychotherapy and Spravato.

On February 11^th, 2021, Novamind said that it had made a strategic investment of AU$827,486 (approximately CAN$810,000), in Bionomics Limited (OTCQB: BNOEF), a biopharmaceutical company dedicated to developing better treatments for central nervous system disorders. In addition, Cedar Clinical Research, a wholly-owned subsidiary of Novamind, will be evaluated by Bionomics as a clinical research site to conduct Bionomics’ phase IIb clinical trial examining BNC210, a drug that has received Fast Track Designation from the U.S. Food and Drug Administration for the treatment of post-traumatic stress disorder (PTSD).

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