Posted on

Doseology Provides Investor Year End Update

Investor Year End Update

With the end of another year at hand, the Doseology family is reflecting on recent achievements and sharing our ambitious plans for 2022.

First of all, we are deeply grateful for your support. This year especially, everyone has been touched in some way by personal wellness or mental health challenges. Change and innovation are now happening rapidly, and you are vital to our mission of alleviating those burdens and helping people lead happier, healthier lives.

And so with gratitude and humility, here are a few things we’ve accomplished together with you in 2021, and our growth plans for a very promising 2022.

Recent highlights:

  • 4,500 sq. ft. facility purpose-built for psychedelic mushroom cultivation under construction
  • Expansion opportunity: 23 acres, 900,000 sq. ft. (+-) permitted & zoned for agricultural use
  • Agreement with large cGMP manufacturer to provide co-packaging and manufacturing services
  • Seven (7) medicinal mushroom products launched for sale in the US market
  • Six (6) medicinal mushroom products with Natural Health Product licenses and Natural Product Numbers (NPN) approved for authorized sale in Canada
  • Launch of a fully-branded international e-commerce store
  • Groundwork laid for multi-revenue generating assets: e-commerce, clinic, and farm operation
  • International sales and growth opportunities through established B2B relationships
  • Submitted Health Canada Dealers License Application for large scale psilocybin mushroom cultivation, as well as the possession, processing, sale, sending, transportation, and delivery of psychedelic compounds, including psilocybin and psilocin
  • Addition of Dr. Wellman-Labadie as Advisor and Qualified Person in Charge (QPIC) to advance development of psilocybin research and mushroom production
  • The genetic analysis, DNA sequencing, marker assisted selection, predictive modeling, and whole genome sequencing has been initiated to support new mushroom strains development and cultivation of medicinal mushrooms through Dose Labs R&D Department
  • Preparations for cultivation-to-consumer, planned vertically integrated operation
  • Experienced management in cultivation, finance, nutraceutical distribution, wholesale, and retail
  • On November 16, 2021, our common shares were listed for trading on the CSE (CSE: MOOD)

Why is our team so excited about the upcoming year? Even beyond the potential of psychedelic mushrooms as innovative mental health therapies is the public “awakening” to the power of medicinal mushrooms. News is spreading that adaptogenic mushroom blends like ours can elevate our minds, improve our moods, and unlock our cognitive potential.

Here are some exciting targets we’re aiming for in 2022:

  • Application for a listing on the OTCQB Exchange is underway for the first quarter of 2022
  • Launching our nootropics line in Canada, expanding into new retail and e-retailer channels
  • Completing the construction on our Dose Labs facility and activating our Dealer’s License
  • Partnering with research groups and world class experts to further expand our R&D scope
  • Building our first flagship clinic 
  • Launching our “Oregon First” cultivation and clinic model

Our team accomplished so many things in 2021, and we’re looking forward to doing much more in 2022! We are grateful to all of our employees, shareholders, and customers for a wonderful year, and for helping position us for even greater success ahead. 

Every day our team works to build measurable value for our shareholders, with an eye to market trends, emerging opportunities, and corporate strategy. We do it because long-term share value is a reflection that we are creating positive impact and fulfilling our corporate vision. We will continue updating you on operations and finances throughout the year, and we always appreciate your direct feedback, questions, and ideas.

In the spirit of community, and with warm wishes for the New Year.

On behalf of the Board of Doseology Sciences Inc.
Gordon Jang, Director

FORWARD-LOOKING STATEMENT

This corporate update contains statements which constitute “forward‐looking information” within the meaning of applicable securities laws. Forward‐looking information is often identified by the words “may,” “would,” “could,” “should,” “will,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “expect” or similar expressions. Readers are cautioned that forward‐looking information is not based on historical facts but instead reflects the Company’s management’s expectations, estimates or projections concerning the business of the Company’s future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Although the Company believes that the expectations reflected in such forward‐looking information are reasonable, such information involves risks and uncertainties, and undue reliance should not be placed on such information, as unknown or unpredictable factors could have material adverse effects on future results, performance or achievements. Among the key factors that could cause actual results to differ materially from those projected in the forward‐looking information are the following: changes in general economic, business and political conditions, including changes in the financial markets; decreases in the prevailing prices for products in the markets that the Company operates in; adverse changes in applicable laws or adverse changes in the application or enforcement of current laws; regulations and enforcement priorities of governmental authorities; compliance with government regulation and related costs; and other risks described in the Prospectus. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward‐looking information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated, or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update this forward‐looking information except as otherwise required by applicable law.

No securities regulatory authority has either approved or disapproved of the contents of this news release. The Company’s securities have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold in the United States, or to or for the account or benefit of any person in the United States, absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities in the United States, or in any other jurisdiction in which such offer, solicitation or sale would be unlawful.

The CSE does not accept responsibility for the adequacy or accuracy of this release.

Posted on

Mindset Pharma Recaps 2021 Milestones and Highlights

Mindset Pharma Recaps 2021 Milestones and Highlights

– Evolving Pipeline of Psychedelic Compounds Focused on Improved Efficacy and Safety

– Advancing MSP-1014 as First Lead Drug Clinical Candidate to IND-Enabling Studies

TORONTO, Dec. 30, 2021 (GLOBE NEWSWIRE) — Mindset Pharma Inc. (CSE: MSET) (FSE: 9DF) (OTCQB: MSSTF) (“Mindset” or the “Company”), a drug discovery and development company focused on creating optimized and patentable next-generation psychedelic medicines to treat neurological and psychiatric disorders with unmet medical needs, today provided a recap of its 2021 milestones and highlights.

“In 2021, we made significant progress in building our portfolio of next-generation psychedelic compounds showing improved preclinical safety and efficacy of 5-MeO-DMT and psilocybin-based therapies,” said James Lanthier, CEO of Mindset. “As we enter 2022, we are excited to advance these novel therapies towards the clinic as we progress IND-enabling studies for our lead candidate, MSP-1014, and select additional candidates from our other families of compounds. 2021 was, however, just the beginning for Mindset; we are building the industry’s leading drug discovery platform and intend to continue to break new ground in psychedelic drug discovery in order to bring patented, safe and effective therapies to those suffering from a range of mental illnesses and neurological disorders.”

Operational Highlights:

  • Expanded Patent Portfolio: Filed four provisional patent applications bringing the total to eight provisional applications filed to-date. Mindset also has filed four final PCT applications, which cover a broad range of novel, next generation drugs inspired by psilocybin, DMT, & 5-MeO-DMT and a novel psilocybin synthesis and manufacturing method.
  • Advanced First Lead Drug Candidate Toward Clinical Trials: Selected its first lead clinical candidate, MSP-1014, a differentiated psilocybin-based analog, to move forward into investigational new drug (IND)-enabling studies.
  • Growing Library of Novel Compounds: Synthesized over 100 novel compounds in more than 500 in vitro and in vivo studies.
  • Developed First-in-Class Benchmarking: Under the Cooperative Psychedelics Evaluation Platform (“COPE”) program, Mindset and its partner, InterVivo Solutions, continued to develop first-in-class benchmarking data across first-generation psychedelic drugs.
  • Effect Size & Safety Differentiation Driven by Technology Platform: Preclinical data generated across the four families of novel chemical entities resulted in the identification of a platform technology that enhances effect size and improves safety profiles of psychedelic drugs. A provisional patent application was filed in May of 2021.
  • Enhanced Leadership and Advisory Teams: Appointed Dr. Malik Slassi as Senior Vice President of Innovation, Mr. Ian Dean as Director of Preclinical Development, and Drs. Michael Rogawski, Guy Higgins, Joseph Gabriele and Ishrat Husain to its Scientific Advisory Board (SAB).

For more information, please contact:

Investor Contact:
Allison Soss/Tim Regan
KCSA Strategic Communications
Email: MindSet@kcsa.com
Phone: 212-896-1267/ 347-487-6788

Company Contact:
James Lanthier, CEO
Email: jlanthier@mindsetpharma.com

Jason Atkinson, VP, Corporate Development
Email: jatkinson@mindsetpharma.com
Phone: 416-479-4094

About Mindset Pharma Inc.
Mindset Pharma Inc. is a drug discovery and development company focused on creating optimized and patentable next-generation psychedelic medicines to treat neurological and psychiatric disorders with unmet needs. Mindset was established in order to develop next generation pharmaceutical assets that leverage the breakthrough therapeutic potential of psychedelic drugs. Mindset is developing several novel families of next generation psychedelic compounds, as well as an innovative process to chemically synthesize psilocybin as well as its own proprietary compounds.

For further information on Mindset, please visit our website at www.mindsetpharma.com.

Forward-Looking Information

This news release contains certain “forward-looking information” within the meaning of applicable securities law. Forward looking information is frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “may”, “will”, “would”, “potential”, “proposed” and other similar words, or statements that certain events or conditions “may” or “will” occur. These statements are only predictions. Forward-looking information is based on the opinions and estimates of management at the date the information is provided and is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. Additional information regarding risks and uncertainties relating to the Company’s business are contained under the heading “Risk Factors” in the Company’s annual information form for the financial year ended June 30, 2020 dated March 5, 2021. The forward-looking information included in this news release is made as of the date of this news release and the Company does not undertake an obligation to publicly update such forward-looking information to reflect new information, subsequent events or otherwise, except as required by applicable law.

NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATIONS SERVICES PROVIDER HAVE REVIEWED OR ACCEPTED RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

Posted on

Cybin Provides 2021 Year End Summary

Cybin Provides 2021 Year End Summary

TORONTO–(BUSINESS WIRE)– Cybin Inc. (NEO:CYBN) (NYSE American:CYBN) (“Cybin” or the “Company”), a biopharmaceutical company focused on progressing “Psychedelics to Therapeutics™” is pleased to provide a year-end summary of its major milestones and key catalysts from 2021 that it believes have positioned the Company for a transformative 2022.

“2021 was an exciting year for Cybin. We expanded our organization from 5 to more than 55 employees across 4 countries and have established an operating ecosystem of nearly 50 partners and vendors that have supported more than 90 preclinical studies and numerous patent and investigational new drug filings over the past 12 months,” said Doug Drysdale, Cybin’s Chief Executive Officer. “Driven by promising and differentiating preclinical data, our innovative operational and R&D pipeline platforms expect to support 4 first-in-human clinical studies in 2022, which we hope will progress our proprietary psychedelic development candidates CYB003 and CYB004 closer toward potential approval for treating depression and addiction disorders. We believe 2022 will be a truly transformative year for Cybin.”

2021 Business Highlights:

  • Awarded Notice of Allowance from U.S. Patent and Trademark Office for CYB004 (deuterated psychedelic tryptamine) for the treatment of anxiety disorders;
  • Confirmed Scientific Advice Meeting with UK Medical and Healthcare Products Regulatory Agency for lead candidate CYB003 for the treatment of major depressive disorder and alcohol use disorder;
  • Announced FDA Investigational New Drug and Institutional Review Board Approvals for a co-funded investigator-initiated Phase 2 clinical trial evaluating psychedelic-assisted psychotherapy to treat frontline clinicians experiencing COVID-related distress utilizing the EMBARK psychedelic facilitator training program;
  • Awarded Grant for Psychedelic Treatment Clinic to Lenox Hill Hospital to benefit underserved communities. Lenox Hill Hospital, part of Northwell Health is the largest healthcare system in New York State;
  • Announced Positive CYB003 Data demonstrating significant advantages over oral psilocybin for the treatment of mental health disorders. The Company’s deuterated psilocybin analog from its CYB003 program demonstrated a 50% reduction in variability compared to oral psilocybin, a 50% reduction in dose compared to oral psilocybin, a 50% shorter time to onset when compared to oral psilocybin and nearly double brain penetration when compared to oral psilocybin;
  • Granted a Schedule I Manufacturing License from the U.S. Drug Enforcement Agency for the Company’s Boston-area research lab that is expected to allow the Company to expand its internal research and development capabilities;
  • Received Approval from FDA for its Investigational New Drug Application to proceed with a Company-sponsored feasibility study using the Kernel Flow quantitative neuroimaging technology to measure ketamine’s psychedelic effect on cerebral cortex hemodynamics;
  • Launched the EMBARK Psychedelic Facilitator Training Program in collaboration with the University of Washington in preparation for the first clinical trial of psilocybin-assisted psychotherapy to address COVID-19 related distress in frontline healthcare professionals;
  • Completed 74 In-Vitro and In-Vivo Evaluations of the Company’s expanding portfolio of psychedelic compounds being designed for potential therapeutic applications for several mental health conditions. To date, more than 50 novel compounds have been evaluated;
  • Signed Drug Development Agreement with Catalent which employs around 15,000 people, including approximately 2,400 scientists and technicians, at more than 45 facilities;
  • Retained Former FDA Psychiatry Division Director Dr. Thomas Laughren as a Clinical Advisory Board Member;
  • Expanded Operations into Europe and announced the appointment of Dr. Amir Inamdar as Chief Medical Officer for its European Operations;
  • Became the First Psychedelic Company to list on the NYSE American;
  • Raised Nearly $70M through a bought-deal offering and overnight market financing taking the total capital raise since the company’s inception to over $120M;
  • Initiated Next Phase of Company’s Digital Therapeutics Platformwhich will better enable the evaluation of patient outcomes through a highly secure, patient-centered data analytics platform for better pre- and post-psychedelic treatments;
  • Commenced Scale-Up of the Company’s European Operations and Research Activities with various academic and clinical research organizations, including the transfer of its intellectual property assets to its recently formed wholly-owned Ireland subsidiary;
  • Announced Alcohol Use Disorder and Anxiety Disorders as New Target Indications alongside the Company’s previously announced major depressive disorder target indications;
  • Expanded patent portfolio tocover, among other things,novel psychedelic compounds, integration of delivery platforms, methods of use in psychiatric indications, drug discovery pipeline of modified and novel ergolines, tryptamines and phenethylamines;
  • Entered into Exclusive Research and Development Collaboration agreement with TMS NeuroHealth Centers Inc., a wholly-owned subsidiary of Greenbrook TMS Inc. (TSX:GTMS) (NASDAQ:GBNH), which operates 129 outpatient mental health service centers in the United States.

About Cybin
Cybin is a leading ethical biopharmaceutical company, working with a network of world-class partners and internationally recognized scientists, on a mission to create safe and effective therapeutics for patients to address a multitude of mental health issues. Headquartered in Canada and founded in 2019, Cybin is operational in Canada, the United States, United Kingdom and Ireland. The Company is focused on progressing Psychedelics to Therapeutics™ by engineering proprietary drug discovery platforms, innovative drug delivery systems, novel formulation approaches and treatment regimens for mental health disorders. Patent filings described herein are held by Cybin IRL Limited, a wholly owned subsidiary of Cybin.

Cautionary Notes and Forward-Looking Statements
Certain statements in this press release constitute forward-looking information. All statements other than statements of historical fact contained in this press release, including, without limitation, statements regarding Cybin’s future, strategy, plans, objectives, goals and targets, and any statements preceded by, followed by or that include the words “believe”, “expect”, “aim”, “intend”, “plan”, “continue”, “will”, “may”, “would”, “anticipate”, “estimate”, “forecast”, “predict”, “project”, “seek”, “should” or similar expressions or the negative thereof, are forward-looking statements. Forward-looking statements in this news release include statements regarding the Company’s proprietary drug discovery platforms, innovative drug delivery systems, novel formulation approaches and treatment regimens to potentially treat psychiatric disorders.

These forward-looking statements are based on reasonable assumptions and estimates of management of the Company at the time such statements were made. Actual future results may differ materially as forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of the Company to materially differ from any future results, performance, or achievements expressed or implied by such forward-looking statements. Such factors, among other things, include: implications of the COVID-19 pandemic on the Company’s operations; fluctuations in general macroeconomic conditions; fluctuations in securities markets; expectations regarding the size of the psychedelics market; the ability of the Company to successfully achieve its business objectives; plans for growth; political, social and environmental uncertainties; employee relations; the presence of laws and regulations that may impose restrictions in the markets where the Company operates; and the risk factors set out in the Company’s management’s discussion and analysis for the period ended September 30, 2021 and the Company’s listing statement dated November 9, 2020, which are available under the Company’s profile on www.sedar.com and with the U.S. Securities and Exchange Commission on EDGAR at www.sec.gov. Although the forward-looking statements contained in this news release are based upon what management of the Company believes, or believed at the time, to be reasonable assumptions, the Company cannot assure shareholders that actual results will be consistent with such forward-looking statements, as there may be other factors that cause results not to be as anticipated, estimated or intended. Readers should not place undue reliance on the forward-looking statements and information contained in this news release. The Company assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.

Cybin makes no medical, treatment or health benefit claims about Cybin’s proposed products. The U.S. Food and Drug Administration, Health Canada or other similar regulatory authorities have not evaluated claims regarding psilocybin, psychedelic tryptamine, tryptamine derivatives or other psychedelic compounds. The efficacy of such products has not been confirmed by approved research. There is no assurance that the use of psilocybin, psychedelic tryptamine, tryptamine derivatives or other psychedelic compounds can diagnose, treat, cure or prevent any disease or condition. Rigorous scientific research and clinical trials are needed. Cybin has not conducted clinical trials for the use of its proposed products. Any references to quality, consistency, efficacy and safety of potential products do not imply that Cybin verified such in clinical trials or that Cybin will complete such trials. If Cybin cannot obtain the approvals or research necessary to commercialize its business, it may have a material adverse effect on Cybin’s performance and operations.

Neither the Neo Exchange Inc. nor the NYSE American LLC stock exchange have approved or disapproved the contents of this news release and are not responsible for the adequacy and accuracy of the contents herein.

Investor & Media:
Leah Gibson
Vice President, Investor Relations
Cybin Inc.
leah@cybin.comSource: Cybin Inc.

Posted on

Tryp Therapeutics Announces Fiscal Year 2021 Financial Results and Reports on Corporate Highlights

Tryp Therapeutics Announces Fiscal Year 2021 Financial Results and Reports on Corporate Highlights

SAN DIEGO – December 22, 2021 – Tryp Therapeutics (CSE: TRYP) (OTCQB: TRYPF) (“Tryp” or the “Company“), a pharmaceutical company focused on developing psilocybin-based compounds for diseases with unmet medical needs, announced today the filing of its audited financial statements for the fiscal year ending August 31, 2021 and reported on corporate highlights from 2021. Complete financial statements along with related management discussion and analysis can be found in the System for Electronic Document Analysis and Retrieval, the electronic filing system for the disclosure documents of issuers across Canada, at www.SEDAR.com.

Clinical Development

Tryp achieved several significant development milestones in 2021 as the Company advanced its psilocybin-based drug programs across multiple chronic pain disorders and other indications:

  • The formation of a collaboration with the Chronic Pain & Fatigue Research Center at the University of Michigan Medical School to conduct a Phase 2a clinical trial for fibromyalgia, which is expected to be one of the first Phase 2 studies evaluating the efficacy of a psychedelic compound for the indication.
  • The approval from the U.S. Food and Drug Administration (FDA) to proceed with a Phase 2a study in fibromyalgia at the University of Michigan.
  • The filing of an Investigational New Drug (IND) application to the FDA for Tryp’s Phase 2a study in binge eating disorder in collaboration with the University of Florida.
  • A collaboration with Fluence to support the design and implementation of innovative psychotherapy to be used in combination with Tryp’s psilocybin-based drug compounds.
  • The completion of psychotherapy training with Fluence Training for Phase 2a study in binge eating disorder at the University of Florida.

Product Development

By furthering Tryp’s manufacturing capabilities and establishing critical partnerships for its proprietary TRP-8803 drug product, the Company accomplished several important objectives in 2021:

  • The filing of a provisional patent in March 2021 for Tryp’s proprietary drug product, TRP-8803, that includes a novel formulation and unique route of administration aimed at improving the patient experience.
  • Formalized partnerships with the University of Michigan and the University of Wisconsin-Madison to further the development of TRP-8803.
  • Commenced a research collaboration with Calvert Labs to complete preclinical studies for TRP-8803.
  • Solidified collaborations with Curia and Alcami for the manufacturing of active pharmaceutical ingredient (API) and drug products for TRP-8803.

Management and Advisors

The Company succeeded in attracting high quality management team members and scientific advisors in 2021, creating a best-in-class team within psychedelic drug development:

  • The appointment of Robin Carhart-Harris, Ph.D. as Chairman of Tryp’s Scientific Advisory Board (SAB) and the additions to the SAB of Daniel Clauw, M.D. — a world-leading expert in fibromyalgia and other nociplastic pain indications — and Joel Castellanos, M.D. from UC San Diego. Dr. Carhart-Harris is the leading researcher of psychedelics for medical use.
  • The appointment of Greg McKee as Chairman and Chief Executive Officer in April 2021. The Company also appointed Luke Hayes as Chief Financial Officer in March 2021. Both bring more than 20 years of experience in life science, finance, and investment activities.

Commenting on the Company’s progress, Chairman and CEO Greg McKee said, “This has been a banner year for Tryp Therapeutics as we accelerated our drug development activities and led the extension of psychedelics into chronic pain and other indications. Despite the headwinds that the biotech capital markets have faced in 2021, we have great optimism as we continue to advance a robust slate of clinical milestones in 2022 and beyond.”

Financial Results

The Company’s total assets as of August 31, 2021, were C$4.1 million, including C$3.7 million in cash. Net and comprehensive losses for the twelve months ended August 31, 2021, were C$8.3 million.

About Tryp Therapeutics

Tryp Therapeutics is a pharmaceutical company focused on developing psilocybin-based compounds for the treatment of diseases with unmet medical needs through accelerated regulatory pathways. Tryp’s Psilocybin-For-Neuropsychiatric Disorders (PFN™) program is focused on the development of synthetic psilocybin as a new class of drug for the treatment of chronic pain and other indications. The Company has announced upcoming Phase 2a clinical trials with the University of Michigan and the University of Florida to evaluate its drug products for fibromyalgia and overeating disorders, respectively. Tryp is also developing a proprietary psilocybin-based product, TRP-8803, that uses a novel formulation and route of administration to improve the patient experience. For more information, please visit www.tryptherapeutics.com.

Investor Inquiries:

Joseph Green

Edison Group

investors@tryptherapeutics.com

Media Inquiries:

Abby Berger
KCSA Strategic Communications
TRYP@KCSA.com

1-833-811-8797

Forward-Looking Information

Certain information in this news release constitutes forward-looking information. In some cases, but not necessarily in all cases, forward-looking information can be identified by the use of forward-looking terminology such as “plans,” “targets,” “expects” or “does not expect,” “is expected,” “an opportunity exists,” “is positioned,” “estimates,” “intends,” “assumes,” “anticipates” or “does not anticipate” or “believes,” or variations of such words and phrases or state that certain actions, events or results “may,” “could,” “would,” “might,” “will” or “will be taken,” “occur” or “be achieved.” In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances contain forward-looking information, including expectations for the Company’s progress in 2022. Statements containing forward-looking information are not historical facts but instead represent management’s expectations, estimates and projections regarding future events.

Forward-looking information is necessarily based on a number of opinions, assumptions and estimates that, while considered reasonable by Tryp as of the date of this news release, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including but not limited to the factors described in greater detail in the “Risk Factors” section of Tryp’s final prospectus available at www.sedar.com. These factors are not intended to represent a complete list of the factors that could affect Tryp; however, these factors should be considered carefully. There can be no assurance that such estimates and assumptions will prove to be correct. The forward-looking statements contained in this news release are made as of the date of this news release, and Tryp expressly disclaims any obligation to update or alter statements containing any forward-looking information, or the factors or assumptions underlying them, whether as a result of new information, future events or otherwise, except as required by law.

NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATION SERVICES PROVIDER HAS REVIEWED OR ACCEPTED RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

Posted on

Ketamine One Reports Strong 1Q22 Financial Results

Ketamine One Reports Strong 1Q22 Financial Results

Revenues Reached Just Under $2.0 Million for the Quarter Ended October 31, 2021

VANCOUVER, British Columbia, Dec. 16, 2021 (GLOBE NEWSWIRE) — KetamineOne Capital Limited (“Ketamine One” or the “Company”) (NEO: MEDI) (OTC: KONEF) (Frankfurt: MY0), a company focused on consolidating medical clinics and becoming a North American leader in mental health treatments, is pleased to announce that it has filed its financial results for the quarter ended October 31, 2021, which is the first quarter of the Company’s 2022 fiscal year ending July 31, 2022, the highlights of which are included in this news release. The full set of Consolidated Financial Statements and Management Discussion and Analysis can be viewed by visiting the Company’s website at www.ketamine.one or its profile page on SEDAR at www.sedar.com.

Financial Highlights (all amounts expressed in Canadian Dollars unless otherwise noted)

  • Revenue for the quarter ended October 31, 2021 reached $1,989,752, as compared to $nil for the same period of the prior year, which was primarily due to transitioning from an investment issuer to a single-purpose company focused on consolidating medical clinics and becoming a North American leader in mental health treatments, while the Company’s wholly owned contract research organization, KGK Science Inc., also secured a significant amount of new business in the form of four contracts with third party clinical research and regulatory service clients;
  • Gross profit for the quarter ended October 31, 2021 was $594,411, as compared to $nil for the same period of the prior year, due to the aforementioned reasons;
  • Net loss for the quarter ended October 31, 2021 was $9,225,769, as compared to net loss of $605,810 reported for the same period of the prior year, primarily due to share based payments of $6,156,242, service fees of $941,567 and general and administrative expenses of $691,760; and
  • Total assets for the quarter ended October 31, 2021 decreased by 13% to $19,079,056 from $21,921,195 for the period ended July 31, 2021, which was mainly attributable to a decreased in cash and cash equivalents.

Management Commentary

“We are pleased with Ketamine One’s financial results for the first quarter of the 2022 fiscal year, as revenue during the three-month period ending October 31st exceeded that for all of the 2021 fiscal year. It’s a great way to start the fiscal year and I am grateful for the keen efforts of our employees across all of our subsidiaries and to our sage advisors as well,” said Adam Deffett, Interim CEO of Ketamine One. “Ketamine One continues to execute on its plan to become a leader in mental health across North America. Our businesses, including KGK Science and IRP Health, are growing in multiple ways and we are optimistic about the financial performance of the Company for the remainder of the fiscal year as we nurture our existing industry partnerships, cultivate new ones and explore other opportunities as they arise,” added Mr. Deffett.

Subsequent Highlighted Events (all amounts expressed in Canadian Dollars unless otherwise noted)

  • Virtual Mental Healthcare Platform in Partnership With iHealthOX: On November 4, announced that it had entered into a telehealth and virtual health partnership to increase accessibility and service offerings to its patients (the “Telehealth Strategy”). In order to better address the needs of patients as well as incorporate the Telehealth Strategy across its portfolio of mental health clinics, contract research capabilities and its focus on digital therapeutics, the Company had also announced the launch of a new patient-facing website at www.ketamine.one/patients/home.
  • Intention to Submit Draft Registration Statement for Proposed U.S. Initial Public Offering: On November 9, announced that it intended to confidentially submit a draft registration statement on Form S-1 to the U.S. Securities and Exchange Commission (the “SEC”) relating to a potential initial public offering (“IPO”) of its common shares in the United States. The IPO is expected to be for up to USD 20 Million of Ketamine One’s common shares and is currently expected by Company management to occur in the first half of 2022. The number of common shares to be offered, the use of proceeds, and the price range for the proposed IPO have not yet been determined.
  • IRP Health Opened Two New Veteran-Focused Clinics: On November 16, announced that its wholly owned subsidiary, IRP Health Ltd. (“IRP” or the “Subsidiary”), opened its Comox Valley and Ottawa clinics (the “Two Clinics”). As previously announced, the Two Clinics are veteran-focused facilities and multidisciplinary in nature. To date, IRP has successfully performed over 10,000 unique treatments for past or present personnel of the Canadian Armed Forces and the Royal Canadian Mounted Police (“RCMP”), as well as first responders including firefighters, law enforcement officers, paramedics and emergency medical technicians.
  • KGK Science Helps Client Receive New Dietary Ingredient Status from U.S. FDA: On December 2, announced that its wholly owned contract research organization, KGK Science Inc., successfully assisted its client, Hofseth Biocare ASA (HBC.OL) (“HBC”), to receive New Dietary Ingredient status from the United States Food and Drug Administration for its patented CalGo® and OmeGo® branded products. HBC is a leading manufacturer and marketer of unique and innovative marine-derived calcium, protein, collagen, and lipid nutritional supplements.
  • Partners with Cognetivity Neurosciences in Collaborative Clinical Study on Depression and PTSD: Also on December 2, announced that it entered into a collaborative partnership with Cognetivity Neurosciences Ltd. (CSE: CGN; OTCQB: CGNSF; FWB: 1UB) (“Cognetivity”) to study and develop assessments for depression and post-traumatic stress disorder (“PTSD”). In the initial stage of the partnership, Cognetivity and Ketamine One will partner on two separate clinical studies, one for depression and the second for PTSD. Protocols for both studies have received Institutional Review Board approval and patient recruitment is expected to occur in early 2022. Ketamine One’s wholly owned subsidiary, KGK Science Inc., will lead the study, while Cognetivity will lead the analysis.
  • Adds Seattle Location To US Clinical Network: On December 8, announced that it had been engaged by Dr. Tami Meraglia to establish a ketamine infusion clinic in Seattle, Washington. The new clinic will operate as Seattle Ketamine Infusions (“SKI” or the “Clinic”) and be located at 311 West Republican Street. Dr. Meraglia is focused on the areas of personalized intravenous treatments and is also a national best-selling author and frequent media guest regarding total health and wellness topics. Ketamine One will provide training, protocol development, and ongoing support for the Clinic, with the first patient treatments expected at SKI in early 2022.
  • Termination of NY Ketamine acquisition: On December 13, the Company announced that it and NY Ketamine Medical Practice, PLLC (“NY Ketamine”) had mutually agreed to terminate the letter of intent previously announced on April 5, 2021 pursuant to which the Company was working to acquire NY Ketamine. Ketamine One remains active in evaluating the acquisition of clinic assets in several US states and is focused on growing its network of existing clinics across North America.
  • Departure of CMO: On December 13, the Company announced that its Chief Medical Officer, Dr. Mark Kimmins, has departed the organization.
  • Appointment of New CFO: On December 14, the Company announced that Joe Ramelli was appointed as Ketamine One’s new Chief Financial Officer (“CFO”) effective December 14, 2021, subject to the final acceptance of the NEO Exchange. Ketamine One’s former CFO, Peter Nguyen, amicably agreed to depart the Company and also resigned from the Company’s Board of Directors effective December 13, 2021.

Outlook (excerpt from Ketamine One’s Management Discussion & Analysis For the Period Ended October 31, 2021 and 2020)

Ketamine One is dedicated to becoming a leader in clinical offerings of ketamine-enhanced treatments across North America. We have acquired 15 clinics across North America, with letters of intent signed for an additional clinic. We are building the critical infrastructure needed to provide breakthrough and life-changing mental wellness treatments through existing clinics, experienced professionals and advanced technology.

Ketamine One will be utilizing first-of-its-kind wearable technologies to track key vitals before, during, and after psychedelic-assisted therapies. Our technology aims to empower patients in their wellness journey and provide clinicians with data to improve outcomes. Building objective data around the patient experience by measuring physical signals and responses will allow us to refine and adjust our processes, while providing great opportunities to advance psychedelic therapy research.

KGK Science, a wholly owned Ketamine One subsidiary, has helped hundreds of companies with custom designed clinical trials and claim substantiation strategies over the past 23 years. Equipped with state-of-the-art technologies, novel research techniques, and a seasoned team of industry experts, KGK Science is a leader in premium clinical research. The company has extensive experience in pharmaceuticals, cannabis, natural health products, and more recently psychedelics.

ABOUT KETAMINE ONE

KetamineOne Capital Limited (formerly Myconic Capital Corp.) is a company focused on consolidating medical clinics and becoming a North American leader in mental health treatments. It is working to provide the critical infrastructure needed to develop and deliver breakthrough mental health treatments. Currently, Ketamine One has a network of clinics across North America, with plans to further consolidate the highly fragmented industry. KGK Science Inc. is the Company’s wholly-owned contract research division, which places it at the forefront of premium clinical research based on the subsidiary’s history and extensive experience in pharmaceuticals, cannabis, and the emerging psychedelic medicine industries. As a collective enterprise, Ketamine One is dedicated to helping solve the growing need for safe and accessible mental health therapy.

On behalf of:

KETAMINE ONE

“Adam Deffett“
Adam Deffett, Interim CEO

For further information, please contact:

Nick Kuzyk, Investor Relations
Tel: 1-844-PHONE-K1 (1-844-746-6351)
Email: IR@ketamine.one
Web: www.ketamine.one
Twitter: @KetamineOne

Notice Regarding Forward-Looking Information:

This news release contains forward-looking statements including but not limited to statements regarding the Company’s business, assets or investments, as well other statements that are not historical facts. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may cause actual performance and results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. These assumptions, risks and uncertainties include, among other things, the state of the economy in general and capital markets in particular, investor interest in the business and prospects of the Company.

The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities law. Additionally, the Company undertakes no obligation to comment on the expectations of, or statements made, by third parties in respect of the matters discussed above.

Posted on

Awakn Life Sciences Reports Fiscal Third Quarter 2021 Financial Results And Business Highlights

Awakn Life Sciences Reports Fiscal Third Quarter 2021 Financial Results And Business Highlights

TORONTO, CANADA, 15 DECEMBER 2021 – Awakn Life Sciences Corp. (NEO: AWKN)  (OTCQB: AWKNF) (FSE: 954) (‘Awakn’), a biotechnology company developing and delivering psychedelic therapeutics (medicines and therapies) to treat addiction, today is reporting its financial results and business highlights for the three and nine months ended October 31, 2021. All results are reported under International Financial Reporting Standards (“IFRS”) and in Canadian dollars, unless otherwise specified.

Anthony Tennyson, Chief Executive Officer of Awakn Life Sciences, stated, “Since going public in the summer of 2021, we have made significant progress on the development and delivery of effective psychedelic-based therapeutics to better treat addiction. A key driver of our success is the world-class team we have with leading experts in the fields of drug development, clinical research, psychiatry, psychotherapy and neurochemistry. Heading into the new year we have several meaningful upcoming catalysts including our Phase II A/B study to be published in the American Journal of Psychiatry.”

Business and Operational Updates:

Key Corporate Highlights and Developments:

Key Financial Highlights:

  • As of October 31, 2021, the Company had approximately $5.7 million in cash and no debt. 
  • As of December 14, 2021 there were 24,887,307 million common shares outstanding. 
  • Achieved first revenue of $31,737 via Awakn Oslo AS, compared to $Nil in the prior year.

About Awakn Life Sciences Corp.

Awakn Life Sciences is a biotechnology company developing and delivering psychedelic therapeutics (medicines and therapies) to better treat addiction. Awakn’s team consists of world leading chemists, scientists, psychiatrists, and psychologists who are developing and advancing the next generation of psychedelic drugs, therapies, and enabling technologies to treat addiction. Awakn will deliver these evidence backed psychedelic therapies in clinics in the UK and Europe and through licensing partnerships globally. 

www.awaknlifesciences.com  |  Twitter  |  LinkedIn  |  Facebook

Notice Regarding Forward Looking Information

This news release contains certain forward-looking information and forward-looking statements, as defined in applicable securities laws (collectively referred to herein as “forward-looking statements”). Forward-looking statements reflect current expectations or beliefs regarding future events or the Company’s future performance. All statements other than statements of historical fact are forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “continues”, “forecasts”, “projects”, “predicts”, “intends”, “anticipates”, “targets” or “believes”, or variations of, or the negatives of, such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “should”, “might” or “will” be taken, occur or be achieved, including statements relating to the proposed NEO listing, and the business of the Company. All forward-looking statements, including those herein are qualified by this cautionary statement.

Although the Company believes that the expectations expressed in such statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the statements. There are certain factors that could cause actual results to differ materially from those in the forward-looking information. These include: whether conditions to the listing on NEO will be satisfied; the business plans and strategies of the Company, the ability of the Company to comply with all applicable governmental regulations in a highly regulated business; the inherent risks in investing in target companies or projects which have limited or no operating history and are engaged in activities currently considered illegal in some jurisdictions; changes in laws; limited operating history; reliance on management; requirements for additional financing; competition; inconsistent public opinion and perception regarding the medical-use of psychedelic drugs; and regulatory or political change. Readers are cautioned that the foregoing list of factors is not exhaustive of the factors that may affect forward-looking statements. Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements in this news release speak only as of the date of this news release or as of the date or dates specified in such statements.

Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking information. For more information on the Company, investors are encouraged to review the Company’s public filings on SEDAR at www.sedar.com. The Company disclaims any intention or obligation to update or revise any forward- looking information, whether as a result of new information, future events or otherwise, other than as required by law.

This news release does not constitute an offer to sell, or a solicitation of an offer to buy, any securities in the United States. The Company’s and Awakn’s securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

Investor Enquiries:
KCSA Strategic Communications 
Valter Pinto / Tim Regan 
Phone: +1 (212) 896-1254
Awakn@KCSA.com

Media Enquiries:
America and Canada: KCSA Strategic Communications  
Anne Donohoe 
Adonohoe@KCSA.com

Rest of World: ROAD Communications 
Paul Jarman / Anna Ramsey
Awakn@roadcommunications.co.uk

Posted on

Cannabis Global Reports Significantly Increased Revenues for the Fiscal Year End – Files Annual Report

Cannabis Global Reports Significantly Increased Revenues for the Fiscal Year End – Files Annual Report

LOS ANGELES, CA / ACCESSWIRE / December 15, 2021 / Cannabis Global, Inc. (OTC PINK:CBGL), an innovation-oriented company investing in disruptive cannabis technologies, today announced the filing of its annual report for the fiscal year ended August 31, 2021. Revenues for the fiscal year grew to just over $1.6 million, compared to approximately $27,000 for the previous fiscal year. Growth was attributed to increased sales and distribution of cannabis products across a broad array of product lines, including cannabis flower, edibles, and concentrates.

“We are pleased with the strong growth of our distribution and manufacturing businesses via Northern Lights Distribution and Natural Plant Extract of California, respectively,” commented CEO Arman Tabatabaei. “The customers generating our growth are ordering consistently into this current fiscal year and in some cases are expanding orders and revenues with us. With strong revenue growth and pending new product introductions we remain confident moving into calendar 2022. Our major emphasis moving forward will be to improve profitability especially relating to our high cost of capital to better ensure our bottom line matches the strength of our revenue growth.”

CBGL has recently announced the addition of several new product categories, including solventless extracts, infused cannabis pre-rolls and innovative categories of cannabis edibles, which are expected to be released soon after the first of the new year.

Mr. Tabatabaei continued, “While this past fiscal year was a year of acquisition, product development and of positioning our products and distribution efforts into an increasingly competitive California cannabis market, we anticipate this current fiscal year being one of emphasis on profitability, new product introductions and full utilization of our suburban Los Angeles manufacturing and distribution facilities.”

About Cannabis Global, Inc.

Cannabis Global, Inc. is a Los Angeles-based, fully audited and reporting Company with the U.S. Securities & Exchange Commission, trading under the stock symbol CBGL. We are an emerging force in the cannabis marketplace with a growing product and proprietary intellectual property portfolio. We are marketing and producing Comply Bag™, an innovative solution for cannabis storage, transport and tracking. Our subsidiary, Natural Plant Extract (NPE), is a Southern California licensed cannabis manufacturer and distributor which licenses our technologies to produce edibles for the cannabis marketplace. Cannabis Global has filed three non-provisional and multiple provisional patents for cannabis infusion and nanoparticle technologies and continues an active research & development program.

Forward-looking Statements

This news release contains “forward-looking statements” which are not purely historical and may include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, the development, costs and results of new business opportunities and words such as “anticipate,” “seek,” intend,” “believe,” “estimate,” “expect,” “project,” “plan,” or similar phrases may be deemed “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with new projects, the future U.S. and global economies, the impact of competition, and the Company’s reliance on existing regulations regarding the use and development of cannabis-based products. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that any beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-K, our quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the Securities and Exchange Commission. For more information, please visit www.sec.gov.

Contact:
Arman Tabatabaei
IR@CannabisGlobalInc.com
+1 (310) 986-4929

IR Contact:
John Grosso
http://www.iconiconsulting.com/
+1 (424) 239-9521

SOURCE: Cannabis Global, Inc.

View source version on accesswire.com:
https://www.accesswire.com/677721/Cannabis-Global-Reports-Significantly-Increased-Revenues-for-the-Fiscal-Year-End–Files-Annual-Report

Posted on

Ketamine One Reports Audited Financial Results for the 2021 Fiscal Year

Ketamine One Reports Audited Financial Results for the 2021 Fiscal Year

Gross Profit Exceeded $0.7 Million for the Company’s Inaugural and Partial Year Ended July 31, 2021

Vancouver, British Columbia, December 13, 2021 / Globe Newswire / – KetamineOne  Capital Limited (“Ketamine One” or the “Company”) (NEO: MEDI) (OTC: KONEF)  (Frankfurt: MY0), a company focused on consolidating medical clinics and becoming a North  American leader in mental health treatments, is pleased to announce that it has filed its audited  financial results for the fiscal year ending July 31, 2021, the highlights of which are included in  this news release. The full set of Consolidated Financial Statements and Management Discussion  and Analysis can be viewed by visiting the Company’s website at www.ketamine.one or its profile  page on SEDAR at www.sedar.com.  

Financial Highlights (all amounts expressed in Canadian Dollars unless otherwise noted)  

• Revenue for the year period ended July 31, 2021 reached $1,131,171, as compared to $nil  for the same period of the prior year, which was primarily due transitioning from an  investment issuer to a single-purpose company focused on consolidating medical clinics  and becoming a North American leader in mental health treatments.  

• Gross profit for the year ended July 31, 2021 was $793,166, as compared to $nil for the  same period of the prior year, due to the aforementioned reason.  

• Net loss for the year ended July 31, 2021 was $31,914,151, as compared to net income of  $1,126,874 reported for the same period of the prior year, primarily due to non-cash  expenses of $5,226,365 of share-based payments, $12,324,999 for consideration paid in  excess of net liabilities acquired from acquisitions and $8,905,830 of impairment loss on  goodwill.  

• Total assets for the year ended July 31, 2021 increased by 346% to $21,921,195 from  $4,919,093 for the same period of the prior year, which was mainly attributable to its  acquisition of KGK Science Inc. 

Management Commentary  

“The 2021 fiscal year was our first as a public issuer and, therefore, was a transformative one as the Company went public, rebranded to Ketamine One, became a single-purpose entity and completed multiple acquisitions. We have accomplished a great deal this year to build a strong foundation as one of the top mental health and digital therapeutic platforms in North America” said Adam Deffett, Interim CEO of Ketamine One. “We are assembling a talented team and a unique platform of synergistic assets to advance innovative treatments and technologies. I believe we have shown the great potential of combining our clinics with an established contract research organization and using those assets to advance digital therapeutics. KGK Science continues to secure new business, the portfolio of clinics keeps evolving, and our corporate development efforts have resulted in new partnerships and a growing list of opportunities across North America, which we look forward to developing further throughout the year,” added Mr. Deffett.  

Subsequent Highlighted Events (all amounts expressed in Canadian Dollars unless otherwise noted) 

• Scent-Enabled Virtual Reality Via Exclusive Agreement for Psychedelic Molecules With OVR Technology: On August 4, announced an exclusive agreement for the use of virtual reality technology in psychedelic treatments with OVR Tech LLC to provide its INHALE Wellness Platform over an initial term of two years in Ketamine One’s clinics. 

• Multiple New Contracts for KGK Science: On August 16, announced that KGK Science had secured a significant amount of new business in the form of four newly signed contracts with third-party clinical research and regulatory service clients. KGK was also formally selected to conduct the clinical trials for four other parties, the contracts of which are currently being negotiated and finalized.  

• Medical Advisory Board: On August 23, announced the establishment of a Medical Advisory Board (“MAB”) to help guide the development of Ketamine One’s mental health platform and other aspects of the Company.  

• IRP Health Expands With New Veteran-Focused Clinics: On August 30, announced that its wholly owned subsidiary, Integrated Rehab and Performance Ltd., is expanding its business through the addition of four new, veteran-focused, multidisciplinary clinics in the Comox Valley, Ottawa, Halifax and Surrey.  

• Deployment of Cognetivity’s Integrated Cognitive Assessment Tool: On September 1, announced that it had reached a commercial agreement with Cognetivity Neurosciences Ltd. (“Cognetivity”) for Cognetivity’s Integrated Cognitive Assessment to be deployed in Ketamine One’s clinics across North America.  

• Engages Psychology & Counselling Services Group for IRP Health: On September 14, announced that it had entered into an agreement with Psychology & Counselling Services Group to provide psychology, therapy, dietary and other mental health services for Ketamine One’s subsidiary, IRP Health Ltd., as early as October of 2021.  

• LOI with Veteran Services USA to Open Therapy Center: On September 21, announced that it had recently signed a non-binding letter of interest with Veteran Services 

USA to lease approximately 5,000 square feet of space over an initial term of five years in Blue Island, Illinois.  

• KGK Science Contracted To Support A Ketamine Clinical Trial In The US: On October 6, announced that its wholly-owned contract research organization, KGK Science Inc., had recently been contracted by a third party to develop the protocol and Informed Consent Form to support its Institutional Review Board application related to a ketamine clinical trial planned to be conducted by a clinic operator within its medical facilities located in Miami, Florida.  

• Launching Two Inaugural Research Studies: On October 14, announced that it would be launching a single arm, open label study of patients with post-traumatic stress disorder who are undergoing the proprietary physical therapy program at the Company’s IRP Health clinics as well as an observational, single-arm, pilot study aimed at collecting objective biometric data and validated psychiatric instrument measures of efficacy in patients with depression symptoms who are receiving IV ketamine infusion therapy. Both studies have now received IRB approvals.  

• Biostrap Part of Inaugural Research Studies: On October 20, announced that it would be conducting its previously announced single arm, observational, biometric research studies in association with Biostrap USA, LLC across multiple locations in Canada and the United States.  

• Virtual Mental Healthcare Platform in Partnership With iHealthOX: On November 4, announced that it had entered into a telehealth and virtual health partnership to increase accessibility and service offerings to its patients (the “Telehealth Strategy”). In order to better address the needs of patients as well as incorporate the Telehealth Strategy across its portfolio of mental health clinics, contract research capabilities and its focus on digital therapeutics, the Company had also announced the launch of a new patient-facing website at www.ketamine.one/patients/home. 

• Intention to Submit Draft Registration Statement for Proposed U.S. Initial Public Offering: On November 9, announced that it intended to confidentially submit a draft registration statement on Form S-1 to the U.S. Securities and Exchange Commission (the “SEC”) relating to a potential initial public offering (“IPO”) of its common shares in the United States. The IPO is expected to be for up to USD 20 Million of Ketamine One’s common shares and is currently expected by Company management to occur in the first half of 2022. The number of common shares to be offered, the use of proceeds, and the price range for the proposed IPO have not yet been determined.  

• IRP Health Opened Two New Veteran-Focused Clinics: On November 16, announced that its wholly owned subsidiary, IRP Health Ltd. (“IRP” or the “Subsidiary”), opened its Comox Valley and Ottawa clinics (the “Two Clinics”). As previously announced, the Two Clinics are veteran-focused facilities and multidisciplinary in nature. To date, IRP has successfully performed over 10,000 unique treatments for past or present personnel of the Canadian Armed Forces and the Royal Canadian Mounted Police (“RCMP”), as well as first responders including firefighters, law enforcement officers, paramedics and emergency medical technicians. 

• KGK Science Helps Client Receive New Dietary Ingredient Status from U.S. FDA: On December 2, announced that its wholly owned contract research organization, KGK Science Inc., successfully assisted its client, Hofseth Biocare ASA (HBC.OL) (“HBC”), to receive New Dietary Ingredient status from the United States Food and Drug 

Administration for its patented CalGo® and OmeGo® branded products. HBC is a leading manufacturer and marketer of unique and innovative marine-derived calcium, protein, collagen, and lipid nutritional supplements.  

• Partners with Cognetivity Neurosciences in Collaborative Clinical Study on Depression and PTSD: Also on December 2, announced that it entered into a collaborative partnership with Cognetivity Neurosciences Ltd. (CSE: CGN; OTCQB: CGNSF; FWB: 1UB) (“Cognetivity”) to study and develop assessments for depression and post-traumatic stress disorder (“PTSD”). In the initial stage of the partnership, Cognetivity and Ketamine One will partner on two separate clinical studies, one for depression and the second for PTSD. Protocols for both studies have received Institutional Review Board approval and patient recruitment is expected to occur in early 2022. Ketamine One’s wholly owned subsidiary, KGK Science Inc., will lead the study, while Cognetivity will lead the analysis. 

• Adds Seattle Location To US Clinical Network: On December 8, announced that it had been engaged by Dr. Tami Meraglia to establish a ketamine infusion clinic in Seattle, Washington. The new clinic will operate as Seattle Ketamine Infusions (“SKI” or the “Clinic”) and be located at 311 West Republican Street. Dr. Meraglia is focused on the areas of personalized intravenous treatments and is also a national best-selling author and frequent media guest regarding total health and wellness topics. Ketamine One will provide training, protocol development, and ongoing support for the Clinic, with the first patient treatments expected at SKI in early 2022.  

• Termination of NY Ketamine acquisition: The Company announces today that it and NY Ketamine Medical Practice, PLLC (“NY Ketamine”) have mutually agreed to terminate the letter of intent previously announced on April 5, 2021 pursuant to which the Company was working to acquire NY Ketamine. Ketamine One remains active in evaluating the acquisition of clinic assets in several US states and is focused on growing its network of existing clinics across North America.  

• Departure of CMO: The Company announces today that its Chief Medical Officer, Dr. Mark Kimmins, has departed the organization. Ketamine One thanks Dr. Kimmins for his service as an officer of the Company since June of this year.  

Outlook  

Ketamine One continues to grow its mental health platform across North America and integrate its suite of complimentary assets to provide patients with innovative treatments, both in our clinics and beyond. The Company has seen early success in leveraging its clinics and KGK to bring exciting technology partners to its platform. Looking ahead, management expects to expand Ketamine One’s partnerships and to help validate products through clinical testing and the growth of the market for emerging treatments and therapeutics. The Company is also planning to expand the programs being offered in-clinic and advance its veteran health initiatives.  

ABOUT KETAMINE ONE 

KetamineOne Capital Limited (formerly Myconic Capital Corp.) is a company focused on  consolidating medical clinics and becoming a North American leader in mental health treatments.  It is working to provide the critical infrastructure needed to develop and deliver breakthrough 

mental health treatments. Currently, Ketamine One has a network of clinics across North America,  with plans to further consolidate the highly fragmented industry. KGK Science Inc. is the  Company’s wholly-owned contract research division, which places it at the forefront of premium  clinical research based on the subsidiary’s history and extensive experience in pharmaceuticals,  cannabis, and the emerging psychedelic medicine industries. As a collective enterprise, Ketamine  One is dedicated to helping solve the growing need for safe and accessible mental health therapy.  

On behalf of:  

KETAMINE ONE 

“Adam Deffett”  

Adam Deffett, Interim CEO  

For further information, please contact:  

Nick Kuzyk, Investor Relations  

Tel: 1-844-PHONE-K1 (1-844-746-6351)  

Email: IR@ketamine.one  

Web: www.ketamine.one 

Twitter: @KetamineOne  

Notice Regarding Forward-Looking Information: 

This news release contains forward-looking statements including but not limited to statements regarding the Company’s business, assets or investments, as well other statements that are not historical facts. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may cause actual performance and results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward looking statements. These assumptions, risks and uncertainties include, among other things, the state of the economy in general and capital markets in particular, investor interest in the business and prospects of the Company.  

The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities law. Additionally, the Company undertakes no obligation to comment on the expectations of, or statements made, by third parties in respect of the matters discussed above.  

Posted on

Numinus Wellness Inc. Reports Q4 and Year End 2021 Results

Numinus Wellness Inc. Reports Q4 and Year End 2021 Results

  • Ended the year with strong cash position of $59.2 million
  • Revenues grew 81% year-over-year to $0.5 million for Q4 2021
  • Revenues grew 72% year-over-year to $1.5 million for FY 2021
  • Gross profit of $31,818 for Q4 2021
  • Completed the acquisition of the Neurology Centre of Toronto in September 2021
  • Two clinical trials about to launch: Phase 1 study for proprietary psilocybe extract and Phase 3 open label extension study partnership with MAPS for MDMA for PTSD
  • Recently received conditional approval to graduate to the TSX (from the TSX Venture)

All financial results are reported in Canadian dollars unless otherwise stated.

VANCOUVER, BC, Dec. 9, 2021 /CNW/ – Numinus Wellness Inc. (“Numinus” or the “Company”) (TSXV: NUMI) (OTCQX: NUMIF), a mental health care company advancing innovative treatments and safe, evidence-based psychedelic-assisted therapies, today announced its fiscal fourth quarter and full year results for the periods ended August 31, 2021.

“During the fourth quarter we were focused on building the team, infrastructure, technologies and protocols that will allow us to scale our business over the next several years,” said Payton Nyquvest, Founder and CEO. “We welcomed several new key executives, began our laboratory expansion, and filed a patent for a proprietary rapid production process for psilocybe.”

Mr. Nyquvest continued: “Since the quarter ended, we have started to see the benefits of these transformative initiatives, with the expansion of our Ketamine-Assisted Psychotherapy offering, the acquisition of the Neurology Centre of Toronto, the finalization of our Phase 1 clinical trial protocols for our proprietary psilocybe extract, a partnership with MAPS to conduct the Phase 3 extension study of MDMA for PTSD, and the development of new proprietary toxicity and potency testing tools for psilocybin.”

Fourth Quarter Financial Highlights:

  • Cash balance of $59.2 million as of August 31, 2021
  • Revenues grew 81.1% year-over-year to $0.5 million in Q4 2021, due primarily to the acquisition of Mindspace.
  • Gross profit of $31,818 in Q4 2021, compared to gross loss of $158,222 in Q4 2020
  • Loss was $7.8 million for Q4 2021, which included a $1.6 million non-cash goodwill impairment charge related to the acquisition of Mindspace1.
__________
1 The impairment is primarily related to the exclusion of future revenues derived from psychedelic-assisted psychotherapies as these services are currently unregulated. As a result of IFRS standards, the Company must recognize there is uncertainty of realization of such revenues, and the impact on expected revenue growth and profitability to related services, relative to management’s forecasts.

Fiscal 2021 Financial Highlights:

  • Revenues grew 71.8 % year-over-year to $1.5 million in fiscal 2021, due primarily to the acquisition of Mindspace.
  • Gross loss of $81,538, compared to gross profit of $88,047 in fiscal 2020
  • Loss was $18.8 million for fiscal 2021, which included a $1.6 million non-cash goodwill impairment charge related to the acquisition of Mindspace¹, compared to a loss of $9.6 million in fiscal 2020.

Operational Highlights During and Subsequent to Fourth Quarter 2021:

Numinus Bioscience – Research and Laboratory

  • Q4 2021 revenue of $90,593, a decrease of 66.7% from Q4 2020. This is primarily due to the Company ceasing cannabis related activities during the year to dedicate resources towards advancing psychedelic-centered service offerings – including psychedelic analytical testing and contract laboratory services, to align with the Company’s strategy and overall objectives.
  • In June 2021, the Company filed a provisional patent application with the United States Patent and Trademark Office for a proprietary rapid production process for psilocybe and other psychoactive fungi species. This process dramatically increases the production of therapeutics for use in psychedelic-assisted psychotherapy and leads to standardized psychedelic extracts that are reproducible, scalable, cost-effective and commercially viable.
  • In July 2021, Numinus received Health Canada approval for the MAPS-sponsored, single-arm, open-label safety and feasibility study evaluating MDMA-assisted therapy for PTSD.
  • During the quarter, Numinus began the 7,500 ft. expansion of its psychedelics research facility, including the building of an additional laboratory. An application for federal licensing for the additional lab was submitted in September 2021. The new space (adjacent to Numinus’ existing laboratory) will be dedicated to the following services:
    • Bioanalytical testing,
    • Bioassay and in-vitro studies,
    • Research & development and formulation studies for several psychedelic compounds, including ketamine and LSD, and,
    • Small batch manufacturing.

Subsequent to Q4 2021:

  • On October 24, 2021, Numinus announced it finalized the study design and protocol for a Phase 1 clinical trial on a naturally derived Psilocybin extract. This major milestone advances Numinus’ investigation of its first proprietary psychedelic product, which was developed using a patent-pending technology.
  • On November 10, 2021, the Company announced it will host the Montreal and Vancouver sites of the MAPPUSX study, which will continue to study the safety and efficacy of MDMA in treating severe PTSD, titled “A multi-site open-label extension study of MDMA-assisted psychotherapy for PTSD.”
  • On November 29, 2021, the Company announced that Numinus Bioscience developed proprietary psychedelic drug tests with new toxicity and potency scans. These new analytical tests will accelerate Numinus’ research and development capabilities and generate new revenue streams through third-party client product testing.

Numinus Health and Mindspace – Wellness Clinics

  • Q4 2021 revenue of $400,306, a 100% increase compared to nil during the same period last year when Numinus’ only clinic at the time was closed due to COVID-19.
  • As at August 31, 2021, Numinus Health had four wellness clinics across Canada (one in Vancouver and three in Montreal) that had a total of 16 treatment rooms.
  • During Q4 2021, 650 individual clients received a total of 2,671 therapy appointments through Numinus Health clinics (including one-on-one and group therapy sessions). In the three months following (during fiscal Q1 2022) the total number of client appointments at these same clinics grew by 42% to 3,792 (including one-on-one and group therapy sessions, and Ketamine-assisted psychotherapy).

Subsequent to Q4 2021:

  • On September 23, 2021, Numinus completed the acquisition of the Neurology Centre of Toronto (“NCT”) for $1.0 million, allowing for the planned expansion of NCT into a comprehensive neurologic care center specialized in psychedelic neurology.
  • On November 10, 2021, the Company announced that it had secured two additional clinic locations in Vancouver and Montreal that will primarily be used for clinical research studies in the near-term. The locations are already fully compliant with Health Canada regulations and can be seamlessly converted to client facing wellness clinics in the future.
  • As of December 9, 2021, Numinus has five wellness clinics offering services to clients (one in Vancouver, one in Toronto, and three in Montreal) that have a total of 21 treatment rooms. In addition, the company has two dedicated research clinics where psychedelic studies are being conducted (one in Vancouver and one in Montreal).

Corporate Updates

  • During Q4 2021, Numinus expanded its management team with new executive appointments in Marketing, Clinic Operations, Human Resources and Investor Relations.

Subsequent to Q4 2021:

  • On November 22, 2021, the Company changed its OTC ticker symbol to “NUMIF” (from “LKYSF”) to better align with its Canadian ticker symbol.
  • On November 25, 2021, Numinus received conditional approval to graduate to the TSX (from the TSXV), with the first day of trading scheduled for approximately December 16, 2021.
Key Performance Metrics:
For the quarter ended
August 31,		For the year ended
August 31,
2021202020212020
     Numinus Bioscience¹ revenue90,593272,023479,502791,504
     Numinus Health revenue11,852(993)²63,00889,674
     Mindspace revenue388,454–971,160–
Total revenue$490,899$271,030$1,513,670$881,178
Cost of revenue(459,081)(429,252)(1,595,208)(793,131)
Gross profit (loss)$31,818($158,222)($81,538)88,047
Total expenses($7,643,606)($3,041,299)($18,503,774)($7,365,258)
Loss before other items($7,611,788)($3,199,521)($18,585,312)($7,277,211)
Other items(171,124)(101,047)(188,633)(2,331,237)
Loss before income tax($7,782,912)($3,300,568)($18,773,945)($9,608,448)
Income tax recovery/ (expense)–7,937–7,884
Loss and comprehensive loss($7,782,912)($3,292,631)($18,773,945)($9,600,564)
Basic & diluted loss per share($0.04)($0.03)($0.11)($0.15)
1 Numinus Bioscience consists of revenues generated through Numinus’ laboratory and research activities.
2 During Q4 2020, Numinus’ only wellness clinic (at that time) was closed due to COVID-19. Negative revenue was recorded as a result of adjustments made during the quarter.

Numinus’ condensed consolidated annual financial statements for the period ended August 31, 2021 and related management’s discussion and analysis are available on Numinus’ Investor Relations website at www.investors.numinus.com and under the Company’s profile on SEDAR at www.sedar.com.  These documents were prepared in accordance with IFRS and with TSX-V disclosure timeline requirements.

Conference Call and Webcast Details

Interested parties are invited to participate in the Company’s Q4 and 2021 results conference call and webcast. On the call Numinus executives will review the Company’s performance and recent initiatives, and answer questions from analysts.

Date:Thursday, December 9, 2021
Time:5:30 p.m. (EST)
Dial-In:1 (833) 989-2968 (Toll-free North America), 1 (236) 714-4028 (International)
Code:5255006
Webcast:https://event.on24.com/wcc/r/3506991/5B53106F5B6F898C2A8E46D1C03BF708

The webcast will also be archived on the Events and Presentations page of Numinus’ Investor Relations website: https://www.investors.numinus.com/events-and-presentations

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.numinus.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.

SOURCE Numinus Wellness Inc.

For further information: Investor Contact, Jamie Kokoska, Vice President, Investor Relations, jamie.kokoska@numinus.com, 1-833-686-4687; Media Contact, May Lee, Communications Manager, may.lee@numinus.com

Related Links

https://numinus.ca/

Posted on

Creso Pharma’s wholly-owned Canadian subsidiary, Mernova Medicinal Inc. on track to achieve quarter-on-quarter revenue growth

Creso Pharma’s wholly-owned Canadian subsidiary, Mernova Medicinal Inc. on track to achieve quarter-on-quarter revenue growth

Highlights:

  • A$666,042 (C$612,734i) in revenue generated by Mernova during current quarter – adds to total of A$3,159,141 (C$2,979,797ii) to the year to date divisional revenue
  • Creso Pharma group revenue for the current quarter is A$1,482,477 so far – highlighting a ~28% increase on previous quarter
  • Growth expected to continue during December – additional purchase orders expected to materialise from North American and Swiss operations
  • Mernova revenue underpinned by orders from key provincial partners and ongoing sales in New Brunswick, Nova Scotia, the Yukon and Ontario, as well as a wholesaler
  • High THC content products stemming from advanced growing initiatives driving customer demand
  • Creso Pharma’s other business divisions in North America and Switzerland continue to make strong progress – ongoing growth and expansion initiatives underway

Creso Pharma Limited (ASX:CPH, OTC:COPHF, FRA:1X8) (‘Creso Pharma’ or ‘the Company’) is pleased to provide the following update on revenue growth through wholly-owned, Canadian subsidiary Mernova Medicinal Inc. (“Mernova”). During the current quarter, Mernova has generated A$666,042 (C$612,734i) in revenue, leaving the division well placed to continue quarter-on-quarter growth. Q4 CY2021 sales also add to the business division’s year to date revenue, which is A$3,159,141 (C$2,979,797i).

The recent revenue from Mernova, alongside growth from the Company’s Swiss operations (refer ASX announcement: 11 November 2021), highlights that Creso Pharma has generated A$1,482,477 during Q4 2021. This represents a ~28% increase on the previous quarter (A$1,160,723).

Mernova’s revenue has been underpinned by orders for the Company’s top-quality, indoor grown, hand trimmed, hang dried, cured, artisanal craft cannabis products, sold through both its Ritual Green and Ritual Sticks product lines. The Company has secured a number of purchase orders from key provincial partners in Nova Scotia, the Yukon, New Brunswick and Ontario. None of the purchase orders individually are material to the Company. Additional revenue has also been generated through the sale of products to a wholesale group during the current quarter.

The growth in revenue follows the implementation of advanced growing and harvesting processes, which has led to an increase in product THC content. The higher THC content product has underpinned pleasing customer demand across key operating markets for Mernova.

Management is confident that purchase orders will continue to materialise before the end of the quarter, allowing Mernova to achieve growth on previous quarter (Q3 CY2021 revenue: A$797,963).

The Company has built a robust sales pipeline and coupled with ongoing product development initiatives, Mernova remains well placed to continue its upward trajectory.

More broadly, Creso Pharma continues to achieve pleasing progress across its other key operating divisions in North America and Switzerland. Each of the Company’s operating businesses remains focused on progressing a number of initiatives, including international expansion, sales increases, and product development, which is expected to unlock a number of growth opportunities for Creso Pharma.

Commentary:

Mernova Managing Director Mr Jack Yu said: “Mernova has achieved strong sales during October and November, and we anticipate that this will continue during the remainder of the quarter. We have a number of potential purchase orders from provincial partners in the pipeline and expect these to materialise and underpin further revenue increases.

“Operationally, we remain focused on refining our growing techniques to ensure that our cannabis products continue to improve and THC content increases. This is incredibly important and will provide Mernova with a competitive advantage. We look forward to providing additional updates on purchase orders as they materialise.”

-Ends

Authority and Contact Details

This announcement has been authorised for release by the Board of Directors of Creso Pharma Limited.

For further information, please contact:

Investor Enquiries

Creso Pharma Limited

E: info@cresopharma.com

P: +61 (0) 497 571 532

About Creso Pharma

Creso Pharma Limited (ASX:CPH) brings the best of cannabis to better the lives of people and animals.

It brings pharmaceutical expertise and methodological rigor to the cannabis world and strives for the

highest quality in its products. It develops cannabis and hemp derived therapeutic, nutraceutical, and life style products with wide patient and consumer reach for human and animal health.

Creso Pharma uses GMP (Good Manufacturing Practice) development and manufacturing standards for its products as a reference of quality excellence with initial product registrations in Switzerland. It has worldwide rights for a number of unique and proprietary innovative delivery technologies which enhance the bioavailability and absorption of cannabinoids. To learn more please visit:

www.cresopharma.com

Creso Pharma offices:

ABN: 89 609 406 911

Suite 5 CPC, 145 Stirling Highway, | Nedlands, WA, 6009 | Australia

Allmendstrasse 11 | 6310 Steinhausen | Schweiz

CresoPharma.com

(ASX: CPH)

Australia

Suite 5 CPC, 145 Stirling Hwy, Nedlands, WA, 6009

Switzerland

Allmendstrasse 11, 6310 Steinhausen, Schweiz

Canada

59 Payzant Driver, Windsor, Nova Scotia, B0N 2TO and 50 Ivey Ln, Windsor, Nova Scotia, B0N 2TO

Forward Looking statements

This announcement contains forward-looking statements with respect to Creso and its respective operations, strategy, investments, financial performance and condition. These statements generally can be identified by use of forward-looking words such as “may”, “will”, “expect”, “estimate”, “anticipate”, “intends”, “believe” or “continue” or the negative thereof or similar variations. The actual results and performance of Creso could differ materially from those expressed or implied by such statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Some important factors that could cause actual results to differ materially from expectations include, among other things, general economic and market factors, competition and government regulation.

The cautionary statements qualify all forward-looking statements attributable to Creso and persons acting on its behalf. Unless otherwise stated, all forward-looking statements speak only as of the date of this announcement and Creso has no obligation to up-date such statements, except to the extent required by applicable laws.

i Based on a CAD to AUD exchange rate of $1.087

ii Based on a CAD to AUD exchange rate of $1.0602