Events subsequent to quarter end include
$40.25 million financing and Phase 1
clinical trial
VANCOUVER, BC, April 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
second quarter financial results for the three months ended
February 28, 2021.
In the second quarter, Numinus raised significant funds and
advanced its compassionate access trial portfolio, acquisition
strategy and innovation agenda while creating a strong
foundation for long-term, sustainable growth across all lines
of business.
All financial results are reported in Canadian dollars unless
otherwise stated.
Q2 2021 Highlights:
- Achieved cash balance of $28.5
million as at February 28,
2021
- Completed $17.25 million bought
deal public financing and exercised more than $14.5 million in warrants and options
- Realized net loss of $4.2 million
compared to $2.1 million in Q2
2020
- Reported revenue of $231,507
compared to $259,489 in Q2 2020
- Completed acquisition of Montreal-based Mindspace Wellbeing
- Signed lab services agreement with Optimi Health to advance
R&D
- Announced collaboration with Multidisciplinary Association for
Psychedelic Studies Public Benefit Corporation (MAPS PBC) and key
advancements for the compassionate access trial for MDMA-assisted
therapy for post-traumatic stress disorder
- Completed the first legal extraction of Psilocybe
mushrooms by a Canadian public company
- Obtained the Orbitrap Exploris 120 mass spectrometer instrument
to accelerate R&D
Highlights Subsequent to Quarter End:
- Completed $40.25 million bought
deal public financing
- Raised $1.48 million due to the
exercise of warrants and options
- Achieved several milestones for the compassionate access trial
with Syreon Corporation for Psilocybin-Research Intervention with
Motivational Enhancement (PRIME) for substance use disorders
- Received Health Canada license amendment to allow for the
possession, production, assembly, sale, export, and delivery for a
wide variety of psychedelics including ketamine, LSD, mescaline,
DMT, and MDMA
- Announced a 7,500-square-foot expansion of Numinus Bioscience's
research laboratory
- Continued research activities related to psilocybin extraction
of Psilocybe mushrooms as part of the Company's research
program
- Announced Phase 1 clinical trial of natural psilocybin mushroom
extraction prepared at Company lab in partnership with KGK
Science
Commentary and Outlook
"Q2 was a landmark quarter for Numinus, and we were pleased
to close the period with a strong cash position, stable balance
sheet and robust pipeline of announcements across all lines of our
business," said Payton Nyquvest,
President, CEO, and Chair, Numinus. "In addition, we were pleased
to welcome Mindspace Wellbeing, its exceptional leadership team and
more than 30 therapists into our family of clinics."
"As of today, we are well set up for the balance of the fiscal
year with $65 million in cash, a
strategy for future M&A, leadership in lab licensing,
world-class clinical trial partnerships and a uniquely integrated
approach to psychedelic production, research and clinic
care. Our focus remains on investments in our growth
initiatives, and we are confident that we will continue advancing
our leadership position in the implementation of evidence-based,
psychedelic-assisted therapy," added Mr. Nyquvest. "I want to thank
our team, partners and shareholders for helping us achieve these
important milestones less than one year after our public markets
debut, and for supporting our mission to empower people to heal and
be well."
Numinus continues to generate revenue in its first operational
year as a public company and is actively investing capital to
further its growth initiatives. The Company expanded its
psychedelic testing capabilities and services at its Numinus
Bioscience laboratory, and has undertaken renovations at its
Vancouver clinic to offer a wider
variety of therapy options and prepare for psychedelic-assisted
therapy delivery and compassionate access trials later in 2021. In
addition, the Company started generating revenue from the closing
of the Mindspace acquisition in Q2.
With the capital raised in Q2 and subsequently in Q3, Numinus
has a strong cash position that will be invested to support lab
initiatives, Vancouver clinic
renovations and new hires, including positions in business
development, M&A, marketing and communications, and mental
health and psychedelic-assisted therapy services.
Selected Financial Results for Q2 2021
|
For the three
months ended
|
For the six months
ended
|
|
February
28,
2021
|
February 29,
2020
|
February
28,
2021
|
February
29,
2020
|
Revenue
|
$
|
231,507
|
$
|
259,489
|
$
|
460,695
|
$
|
393,904
|
Cost of
revenue
|
(291,231)
|
(155,031)
|
(558,554)
|
(223,229)
|
Gross
profit
|
(59,724)
|
104,458
|
(97,859)
|
170,675
|
Expenses
|
(4,170,659)
|
(2,135,273)
|
(6,080,588)
|
(3,092,750)
|
Loss before
other items
|
(4,230,383)
|
(2,030,815)
|
(6,178,447)
|
(2,922,075)
|
Other
items
|
(7,489)
|
(37,133)
|
11,838
|
(50,884)
|
Loss before income
taxes
|
(4,237,872)
|
(2,067,948)
|
(6,166,609)
|
(2,972,959)
|
Income tax
|
-
|
-
|
-
|
(6,240)
|
Loss and
comprehensive loss for the period
|
$
|
(4,237,872)
|
$
|
(2,067,948)
|
$
|
(6,166,609)
|
$
|
(2,979,199)
|
|
|
For the six months
ended
|
|
|
|
February
28,
2021
|
February
29,
2020
|
Cash used in
operating activities
|
|
|
$
|
(6,212,845)
|
$
|
(526,861)
|
Cash generated by
(used in) investing activities
|
|
|
(71,847)
|
53,552
|
Cash generated by
financing activities
|
|
|
33,238,449
|
584,803
|
Change in cash during
the period
|
|
|
26,953,757
|
111,494
|
Cash, beginning of
period
|
|
|
1,627,329
|
89,987
|
Cash, end of
period
|
|
|
$
|
28,581,086
|
$
|
201,481
|
Numinus' condensed consolidated interim financial statements for
the period ended February 28, 2021
and related management's discussion and analysis are available on
Numinus' website at numinus.ca and under the Company's
profile on SEDAR at www.sedar.com.
About Numinus
Numinus Wellness (TSX-V: NUMI) empowers 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 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 numinus.ca, 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" or "does not
anticipate", or "believes" or variations of these words,
expressions or statements, that certain actions, events or results
"may", "could", "would" or "be" taken, will occur or will be
realized. Such forward-looking statements involve risks,
uncertainties and other known and unknown factors that could cause
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 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.
SOURCE Numinus Wellness Inc.