VANCOUVER, BC, July 29, 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, today announced its
fiscal third quarter results ended May 31,
2021.
In the third quarter, Numinus maintained a healthy cash
position, achieved key milestones in its lab and proprietary
portfolio, expanded the clinic network, and continued to advance
its basic and clinical research.
All financial results are reported in Canadian dollars unless
otherwise stated.
Q3 2021 Highlights:
- Cash balance of $63.2 million as
at May 31, 2021.
- Completed $40.3 million bought
deal financing and exercised $1.6
million in warrants and options.
- Generated revenues of $562,076
and $1,022,771 for the three and nine
months, respectively, ended May 31,
2021, compared to $216,244 and
$610,148 for the same periods,
respectively, ended May 31, 2020, for
a total year-over-year increase of 160% and 68%, respectively.
- Received amendments to the Health Canada licence under Numinus
Bioscience, including the addition of Ketamine and LSD to the list
of permitted research substances (alongside DMT, MDMA, Mescaline,
Psilocin, Psilocybin) and expanded ability to produce finished
products for research and supply of other groups. These changes
expand the lab's capabilities and position as an industry
manufacturer and supplier.
- Announced 7,500 square foot expansion of Numinus Bioscience's
research laboratory.
- Announced a Phase 1 clinical trial to assess the safety and
efficacy of a Psilocybe extract developed at Numinus
Bioscience.
- Announced key milestones in the compassionate access trial of
psilocybin-assisted psychotherapy for substance use disorders.
- Made key leadership hires in business development and strategy,
clinic operations, communications and marketing, experience design,
lab operations and M&A to support growth and innovation.
Highlights Subsequent to Quarter End:
- Announced acquisition of the Neurology Center of Toronto (NCT) for a total of $1.1 million, allowing for the planned expansion
of NCT into a comprehensive neurologic care centre specialized in
psychedelic neurology.
- Filed a provisional patent application with the United States
Patent and Trademark Office (USPTO) for a rapid production process
containing psychoactive compounds, with the first proprietary
extract from Psilocybe cubensis containing psilocybin, other indole
alkaloids and additional beneficial compounds.
- Received Health Canada approval for the compassionate access
trial of MDMA-assisted therapy in collaboration with the
Multidisciplinary Association for Psychedelic Studies (MAPS).
- Uplisted to Tier 1 of the TSX Venture Exchange.
Commentary and Outlook
"Q3 underscores that Numinus is
well into its next phase of rapid growth. Continuing the strong
performance seen in Q2, we've maintained a healthy cash balance
while making key investments in our human and technical
infrastructure that provide a strong foundation for the significant
advances seen across our lab and clinics," said Payton Nyquvest, Numinus Founder and CEO.
"Numinus Bioscience is demonstrating its leadership in scientific
discovery grounded in accessibility, while Numinus Health continues
to advance on robust clinic expansion and service delivery targets.
We are prepared to sustain this growth trajectory over the coming
quarter, and we are grateful to all of our clients, investors,
partners and allies for supporting our mission to bring healing and
wellness to all."
"We are proud of our third quarter results that saw a steady
increase in revenue from our clinic operations," said John Fong, Numinus CFO. "As we expand our clinic
network and lab activities, we look forward to seeing further
revenue growth and operational efficiency across our business
units."
Selected Consolidated Financial Results
|
For the three
months ended May 31,
|
For the nine
months ended May 31,
|
|
2021
|
2020
|
2021
|
2020
|
Revenue
|
$562,076
|
$216,244
|
$1,022,771
|
$610,148
|
Cost of
revenue
|
(577,573)
|
(140,650)
|
(1,136,127)
|
(363,879)
|
|
(15,497)
|
75,594
|
(113,356)
|
246,269
|
Operating
expenses
|
(4,779,580)
|
(1,231,210)
|
(10,860,168)
|
(4,323,959)
|
Loss before other
items
|
(4,795,077)
|
(1,155,616)
|
(10,973,524)
|
(4,077,690)
|
Other
items
|
(29,347)
|
(2,179,306)
|
(17,509)
|
(2,230,190)
|
Loss before income
tax
|
(4,824,424)
|
(3,334,922)
|
(10,991,033)
|
(6,307,880)
|
Income tax
|
-
|
6,187
|
-
|
(53)
|
Loss and
comprehensive loss
|
$(4,824,424)
|
$(3,328,735)
|
$(10,991,033)
|
$(6,307,933)
|
Numinus' condensed consolidated interim financial statements for
the period ended May 31, 2021 and
related management's discussion and analysis are available on
Numinus' website at www.numinuswellness.com and under
the Company's profile on SEDAR at www.sedar.com.
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 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 use.
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 www.numinuswellness.com and follow us on LinkedIn,
Facebook, Twitter, and Instagram.
Forward-looking statements
This press 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
regarding future performance are "forward-looking
statements". Forward-looking statements can be identified by
the use of words such as "expects", "does not expect", "is
expected", "believes", "intends", "anticipates", "does not
anticipate", "believes" or variations of these words, expressions
or statements, that certain actions, events or results "may",
"could", "would", "might" or "will be" taken, will occur or will be
realized. Such forward-looking statements involve risks,
uncertainties and other known and unknown factors that could cause
actual results, events or developments to differ materially from
the results, events or developments expected and expressed or
implied in such forward-looking statements. These risks and
uncertainties include, but are not limited to, dependence on
obtaining and maintaining regulatory approvals, including the
acquisition and renewal of federal, provincial, municipal, local or
other licenses, and any inability to obtain all necessary
government authorizations, licenses and permits to operate and
expand the Company's facilities; regulatory or policy changes
such as changes in applicable laws and regulations, including
federal and provincial legalization, due to fluctuations in public
opinion, industry perception of integrative mental health,
including the use of psychedelic-assisted therapy, delays or
inefficiencies or any other reason; any other factor or
development likely to hamper the growth of the market; the
Company's limited operating and profitability track
record; dependence on management; the Company's need for
additional financing and the effects of financial market conditions
and other factors on the availability of
capital; competition, including that of more established
and better funded competitors; the continued impact of the
COVID-19 pandemic; and the need to build and maintain alliances and
partnerships, including with research and development companies,
customers and suppliers. These factors should be carefully
considered, and readers are cautioned not to place undue reliance
on forward-looking statements. Despite the Company's efforts
to identify the main risk factors that could cause actual measures,
events or results to differ materially from those described in
forward-looking statements, other risk factors may cause measures,
events or developments to materially 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 does
not undertake to revise forward-looking statements, even if new
information becomes available as a result of future events, new
facts or any other reason, except as required by applicable
laws.
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 news release.
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SOURCE Numinus Wellness Inc.