Wesana Health Buy PsyTech For C$21 Million

Wesana Health Holdings Inc. (CSE: WESA) (OTC: DBDIF) is buying Psychedelitech Inc., also known as PsyTech Inc., for a price of approximately C$21 million an all-stock deal. PsyTech uses data-driven tools that allow physicians insight into patient well-being and clinical best practices. PsyTech is mainstreaming the adoption of psychedelic-assisted therapies through the promotion and delivery of safe and effective therapy, combating stigma, and accelerating innovation. 

 Wesana said that the acquisition of PsyTech as a wholly-owned subsidiary will add three major components that will expand and enhance its current business, including clinical software-as-a-service (SaaS) platform ‘Tovana Solutions’, the integrated mental health practice network ‘Tovana Clinics’ and PsyTech Connect, the industry’s largest professional psychedelics practitioner community, conferences, and educational courses.  

The PsyTech Connect community has over 8,000 actively engaged professionals and has become a respected resource for complete, current, and peer-accepted psychedelic therapy protocols and clinical best practices. PsyTech Connect also features the annual PsyTech Summit, a psychedelic conference that averages over 2,200+ attendees.

 “TBI is a “moonshot” – by developing diagnostics and effective treatments for a condition as complex as TBI, we are uncovering medicines, therapies and protocols that will enable us to treat a wide range of conditions with roots in the brain.” Said Daniel Carcillo, CEO of Wesana Health. “The acquisition of PsyTech will greatly accelerate our ability to understand, analyze and improve neurological health and performance by providing a data platform on which to build our technical strategy, clinics in which to apply and accelerate our neuroscience research and relationships with many thousands of the practitioners who will leverage our medicines, diagnostics and technology to heal people.”

Management Comments

 “PsyTech Inc.’s psychedelic health solutions are extremely well-positioned to help the mental health industry respond to the growing demand for psychedelic therapies,” said Chad Bronstein, Executive Chairman and co-Founder of Wesana Health. “There are over 50,000 psychiatrists and 15,000 psychiatric practices in North America alone who will require solutions to adopt the novel and effective psychedelic-assisted therapies that already exist and are currently in development.”

 “Our mission at PsyTech has been to empower healthcare providers with tools to deliver best-practice care to patients, including the mainstreaming of breakthrough psychedelic therapies,” said Hayim Raclaw, CEO of PsyTech. “Daniel and his team have shown a tremendous passion for bringing real change to patients suffering from TBI and related mental health conditions which perfectly complements our mission at PsyTech. Together with the Wesana team, we span the range from therapy development to therapy delivery and novel psychedelic modalities of care.”

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