NCT's treatment of neurological disorders
combined with Numinus' leadership in psychedelic-assisted therapy
will offer opportunity to treat a range of chronic neurological
conditions and common concurrent mental health challenges
VANCOUVER, BC, July 6, 2021 /CNW/ - Numinus Wellness Inc.
("Numinus" or the "Company") (TSXV: NUMI), a mental health
care company advancing innovative treatments and safe,
evidence-based psychedelic-assisted therapies, is pleased to
announce that the Company has agreed to acquire the Neurology
Centre of Toronto ("NCT") pursuant
to a purchase agreement dated July 2,
2021. Numinus and NCT founder Dr. Evan Lewis plan to expand NCT into a
comprehensive clinical neurology treatment centre with a unique
specialization in the application of psychedelics in the field of
neurology.
Numinus will pay $300,000 in cash
and $200,000 in Numinus shares upon
closing and future performance-based payments totaling up to
$500,000 in Numinus shares to
complete the transaction. The transaction is subject to a number of
conditions, including the approval of the TSX Venture Exchange. As
of the date hereof, Numinus and NCT management have completed their
due diligence. The Company anticipates that the acquisition of NCT
will be completed by the end of August
2021.
Transaction Highlights:
- Numinus to acquire a fully operational neurology centre with 13
doctors, 8 allied health staff, nurse practitioners and physician
assistants. Gross revenues for the centre grew more than 25% to
approximately $1 million for the year
ended December 31, 2020, while net
revenue grew 25% to $454,000 for the
same period.
- NCT offers experience managing patients with common
neurological conditions and associated chronic psychological
disorders for whom there is potential to benefit from
psychedelic-assisted psychotherapy.
- NCT's expertise in clinical neurology and associated mental
health disorders will be integrated with Numinus' leadership in
psychedelic-assisted psychotherapy to establish the field of
psychedelic neurology, to develop strategies and treatments
for those with select neurological and concurrent disorders.
- NCT and Numinus plan to establish the first centre for
excellence in psychedelic neurology, comprising highly specialized
neurology experts with an understanding of how psychedelics can
safely and positively impact patients with neurologic illnesses and
associated mental health challenges.
- Numinus to leverage and grow NCT's information technology-based
virtual rapid access care model to streamline and scale pathways
for patients to access psychedelic-assisted psychotherapies.
- Dr. Lewis, recognized for advancing the use of medical cannabis
to treat complex neurologic disorders, will join Numinus as VP,
Psychedelic Neurology Services upon completion of the
acquisition.
"Our collaboration with Numinus represents an important
evolution in patient care for individuals suffering from common
neurological illnesses and challenges that are often associated
with chronic mental health conditions," said Dr. Lewis, a
neurologist and clinical neurophysiologist who founded NCT in 2017.
"While today's treatments help many patients, a significant number
continue to suffer and, we believe, may be helped by
psychedelic-assisted psychotherapy."
Currently, therapies for common neurological disorders such as
concussion, migraine and cluster headache, neuropathic pain
syndromes and chronic epilepsy have limitations, especially when
these disorders are associated with chronic psychological
challenges. The need to develop novel therapies that address both
medical and psychological components of neurological diseases may
be substantial and the potential impact could be significant.
Numinus and NCT are coming together to explore and develop
applications of psychedelic-assisted therapies to reduce patient
suffering and enable greater opportunities for healing. Current
research shows that psychedelic medications such as psilocybin and
MDMA open new pathways in the brain that, in conjunction with
professional therapy, can treat a host of mental health
disorders.
"This acquisition represents an exciting opportunity for NCT and
Numinus to combine medical, clinical and academic expertise to help
create a new discipline and ultimately a centre for excellence in
psychedelic neurology," said Dr. Evan
Wood, Chief Medical Officer, Numinus. "In doing so, this
collaborative discipline could potentially make a transformative
difference for many patients."
In addition, NCT has developed a virtual rapid access model for
patient intake and evaluation that is efficient, team-based and
readily modifiable to support specialized programs across various
disciplines. The rapid access model is cost-effective, supports and
streamlines patient care, reduces wait lists, addresses some
barriers to care, and has scale potential. NCT and Numinus will
explore how this innovative model can support the development and
delivery of efficient, patient-centered psychedelic-assisted
psychotherapy.
"I continue to be humbled by the quality of people joining
Numinus and acting with us on our ambition to help people heal and
be well," said Payton Nyquvest,
Numinus CEO and Chair. "The acquisition of NCT reflects our
thoughtful expansion strategy to add clinics that offer
revenue-generating services, accretive assets and innovative
leadership that maintains our position at the forefront of client
care and psychedelic-assisted therapy."
All of NCT's staff - including medical doctors, nurses,
physician assistants, occupational therapists, psychotherapists,
physiotherapists, nutritionists and administrative staff - are
expected to remain with Numinus post transaction closing.
For more on the acquisition from Numinus CEO Payton Nyquvest, Dr. Evan Wood and Dr. Evan
Lewis, please review this short video.
About Dr. Evan
Lewis
Dr. Evan Cole
Lewis, MD, FRCPC, CSCN EEG Diplomate, is a pediatric
neurologist and clinical neurophysiologist with expertise in
epilepsy, epilepsy surgery, electroencephalography and virtual
medicine. He is considered an innovative leader in the use of
cannabinoids for neurological disorders in adults and children.
Dr. Lewis is an Adjunct Assistant Professor at the University of Toronto and a Fellow of the Royal
College of Physicians of Canada.
He obtained his MD from the University of
Ottawa and trained as a pediatric neurologist at the
Children's Hospital of Eastern
Ontario. He completed fellowships in both clinical
neurophysiology and epilepsy at Nicklaus Children's Hospital and
Toronto's Hospital for Sick
Children. Dr. Lewis was a staff neurologist, clinical
neurophysiologist and the Director of the Epilepsy Fellowship
Training Program at the Hospital for Sick Children between 2015 and
2016.
On behalf of the board of Numinus Wellness Inc.
Payton Nyquvest
President, Chief Executive Officer and Chair
About Numinus
Numinus Wellness (TSX-V: NUMI) helps
people to heal and be well through the development and delivery of
innovative mental health care and access to safe, evidence-based
psychedelic-assisted therapies. The Numinus Wellness model -
including psychedelic production, research and clinic care
- is at the forefront of a transformation aimed at healing
rather than managing symptoms for depression, anxiety, trauma, pain
and substance abuse. At Numinus, we are leading the integration of
psychedelic-assisted therapies into mainstream clinical practice,
and building the foundation for a healthier society.
Learn more at numinus.ca, and follow us on Facebook, Twitter,
and Instagram.
About NCT
NCT is a multi-disciplinary, community-based
neurology clinic centrally located in midtown Toronto. NCT utilizes a model of care that
brings together neurologists, neurology-related specialists and
allied health practitioners to address the complex conditions that
affect patients' health and well-being. Our team assesses a wide
range of neurologic conditions and provides specialty care in the
areas of epilepsy, concussion, brain injury, multiple sclerosis,
headache & migraine and the treatment of neurologic disorders
with medical cannabis. NCT strives to deliver comprehensive
neurologic care organized around its core values of patient-centred
care, collaboration, community, health equity and innovation that
focuses on transforming the lives of our patients.
Forward-Looking Statements
This news release
contains forward-looking statements within the meaning of
applicable securities laws. All statements that are not historical
facts, including without limitation, statements regarding future
estimates, plans, programs, forecasts, projections, objectives,
assumptions, expectations or beliefs of future performance, are
"forward-looking statements". Forward-looking statements can be
identified by the use of words such as "plans", "expects" or "does
not expect", "is expected", "estimates", "intends", "anticipates"
or "does not anticipate", or "believes", or variations of such
words and phrases or statements that certain actions, events or
results "may", "could", "would", "might" or "will" be taken, occur
or be achieved. Such forward-looking statements involve known and
unknown risks, uncertainties and other factors that may cause
actual results, events or developments to be materially different
from any future results, events or developments expressed or
implied by such forward looking statements. Such risks and
uncertainties include, among others, dependence on obtaining and
maintaining regulatory approvals, including acquiring and renewing
federal, provincial, municipal, local or other licences and any
inability to obtain all necessary governmental approvals, licences
and permits to operate and expand the Company's facilities;
regulatory or political change such as changes in applicable laws
and regulations, including federal and provincial legalization of
psychedelic therapies, due to inconsistent public opinion,
perception of the medical-use of psychedelics, delays or
inefficiencies or any other reasons; any other factors or
developments which may hinder market growth; the Company's limited
operating history and lack of historical profits; reliance on
management; the Company's requirements for additional financing,
and the effect of capital market conditions and other factors on
capital availability; competition, including from more established
or better financed competitors; the need to secure and maintain
corporate alliances and partnerships, including with research and
development institutions, customers and suppliers; the development
and implementation of medical protocols and treatment standard
operating procedures for the use of psychedelic therapies; the
Company's goals to develop and implement partnerships with research
organizations and other key players in the integrative mental
health industry; the Company's ability to successfully withstand
the economic impact of COVID-19; the medical benefits, safety,
efficacy, dosing and social acceptance of psychedelics; the
approval and/or success of compassionate access clinical trials;
the cultivation and harvest of Psilocybe mushrooms; and the
availability of trained personnel and medical professionals. These
factors should be considered carefully, and readers are cautioned
not to place undue reliance on such forward-looking statements.
Although the Company has attempted to identify important risk
factors that could cause actual actions, events or results to
differ materially from those described in forward-looking
statements, there may be other risk factors that cause actions,
events or results to differ from those anticipated, estimated or
intended. There can be no assurance that forward-looking statements
will prove to be accurate, as actual results and future events
could differ materially from those anticipated in forward-looking
statements. The Company has no obligation to update any
forward-looking statement, even if new information becomes
available as a result of future events, new information or for any
other reason except as required by law.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
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SOURCE Numinus Wellness Inc.