Key milestones met in ongoing trials,
expanding national footprint, and enhanced research
capabilities ensure Numinus' continued growth
VANCOUVER, BC, Jan. 29, 2021 /CNW/ - Numinus Wellness Inc.
("Numinus" or the "Company") (TSXV: NUMI), a health care and
research company developing and delivering psychedelic-centred
solutions to treat mental illness, substance abuse and trauma,
today announced its financial results for the first quarter for the
three months ended November 20, 2020
("Q1 2021"). After achieving two industry firsts, launching new
compassionate access trials, and augmenting its clinical and
research activity, Numinus meaningfully expanded its industry
presence in Q1 2021. All financial results are reported in Canadian
dollars unless otherwise stated.
Q1 2021 Highlights:
- Achieved cash balance of $4,915,209 as at November
30, 2020 through the $4,600,000 short form financing and $1,094,708 from the exercises of warrants and
options
- Achieved revenue of $229,188 for
Q1 2021
- Realized net loss and comprehensive loss of $(1,928,737) for Q1 2021
- Completed a short form prospectus financing offering of
$4,600,000 through the issuance of
18,400,000 units at a price of $0.25
per Unit
- Cultivated and harvested the first legal flush of
Psilocybe mushrooms in Canada under its Health Canada-issued
Controlled Drugs and Substances Dealer's Licence
- Entered into a collaboration agreement with Syreon Corporation
to undertake a compassionate access clinical trial of
psilocybin-assisted psychotherapy for substance use disorders
- Welcomed Jamie Wheal, Ben
Nemtin, Dennis McKenna,
Pamela Hadfield, and Nichol Bradford to its General Advisory
Council
- Continued to develop psychedelic assisted psychotherapy
protocols for broader delivery once COVID-19 precautions are
loosened and therapy can be safely provided in person
Highlights Subsequent to Quarter End:
- Completed a bought deal financing offering of $17,250,138 through the issuance of 25,367,850
units at a price of $0.68 per
Unit
- Achieved available cash on hand of approximately $28,000,000 through the $17,250,138 bought deal financing and
approximately $9,000,000 through the
exercises of warrants and options
- Entered into a collaboration agreement with the
Multidisciplinary Association for Psychedelic Studies Public
Benefit Corporation (MAPS PBC) to seek approval to deliver
MDMA-assisted psychotherapy for posttraumatic stress disorder
through a single-arm, open-label, compassionate access trial
- Announced agreement to acquire Montreal-based Mindspace Wellbeing to continue
national expansion
- Continued research activities related to psilocybin extraction
of Psilocybe mushrooms as part of the Company's research and
development program
- Entered into a contract services agreement with Optimi Health
to advance research and development of psychedelic products
- Upgraded lab equipment, research, and testing capabilities with
the purchase of the Orbitrap Exploris 120 mass spectrometer
CEO Commentary and Outlook
"We are pleased that our first quarter was characterized by
significant growth across many aspects of our business," said
Payton Nyquvest, CEO of Numinus. "We
achieved landmark industry firsts, including the first legal
harvest and extraction of Psilocybe mushrooms by a public
company in Canada, while also
embarking on two compassionate access trials and expanding our
national footprint. Supported by our strong cash position and
balance sheet, Numinus is poised to take advantage of market
opportunities that will further cement our leadership role in the
psychedelics industry. At Numinus, we endeavour to develop and
deliver psychedelic therapies to transform health care, and we
remain committed to executing against our strategic plan
while maximizing long-term value for our shareholders."
Selected Financial Results for Q1 2021
|
For the three
months ended November 30,
|
|
|
2020
|
|
2019
|
|
|
|
|
|
Revenue
|
$
|
229,188
|
$
|
134,415
|
Cost of
Revenue
|
|
(267,323)
|
|
(68,198)
|
Gross
Profit
|
|
(38,135)
|
|
66,217
|
Expenses
|
|
(1,909,929)
|
|
(957,477)
|
Loss Before Other
Items
|
|
(1,948,064)
|
|
(891,260)
|
Other
items
|
|
19,327
|
|
(13,751)
|
Loss Before Income
Taxes
|
|
(1,928,737)
|
|
(905,011)
|
Income tax
|
|
-
|
|
(6,240)
|
Loss and
Comprehensive Loss for the Period
|
$
|
(1,928,737)
|
$
|
(911,251)
|
|
For the three
months ended November 30,
|
|
|
2020
|
|
2019
|
|
|
|
|
|
Cash used in
operating activities
|
$
|
(1,899,655)
|
$
|
(303,106)
|
Cash generated by
(used in) investing activities
|
|
200,867
|
|
(27,853)
|
Cash generated by
financing activities
|
|
4,986,668
|
|
250,932
|
Change in cash during
the period
|
|
3,287,880
|
|
(80,027)
|
Cash, beginning of
period
|
|
1,627,329
|
|
89,987
|
Cash, end of
period
|
$
|
4,915,209
|
$
|
9,960
|
Numinus' condensed consolidated interim financial statements
("financial statements") and management's discussion and analysis
("MD&A") are available on Numinus' website at numinus.ca and on
SEDAR at www.sedar.com.
About Numinus
Numinus Wellness Inc. (TSXV:NUMI) is a health care and research
company developing and delivering psychedelic-centred solutions to
treat mental illness, substance abuse and trauma.
Numinus Health delivers treatments through clinics and
virtual services, with clinics in Vancouver and Montreal.
Numinus R&D develops clinical and therapeutic
protocols to use in treatments, in collaboration with research
partners and regulators.
Numinus Bioscience develops formulations and methods for
a safe supply, using Health Canada licences, scientific expertise
and cutting-edge technology.
Learn more at numinus.ca, and follow us on LinkedIn, Facebook,
Twitter, and Instagram.
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, due
to inconsistent public opinion, perception of the medical-use and
adult-use marijuana industry, bureaucratic 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; and the need to secure and maintain corporate
alliances and partnerships, including with research and development
institutions, customers and suppliers. 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.
SOURCE Numinus Wellness Inc.