Novamind Archives - Green Market Report

StaffMay 4, 2021
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5min9380

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
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3min5900

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 30th, 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 11th, 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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