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GH Research Reports Third Quarter 2021 Financial Results and Provides Business Updates

GH Research Reports Third Quarter 2021 Financial Results and Provides Business Updates

DUBLIN, Ireland, Dec. 06, 2021 (GLOBE NEWSWIRE) — GH Research PLC (Nasdaq: GHRS), a clinical-stage biopharmaceutical company dedicated to transforming the treatment of psychiatric and neurological disorders, today reported financial results for the third quarter ended September 30, 2021 and gave updates on its business.

Third Quarter 2021 Financial Results

Cash position

Cash was $280.7 million as of September 30, 2021, compared to $5.9 million as of December 31, 2020.

Research and development expenses

R&D expenses were $2.6 million for the quarter ended September 30, 2021, compared to $55 thousand for the same quarter in 2020. The increase was primarily due to increased activities relating to our technical developments and clinical trials and increases in employee expenses to support these activities.

General and administrative expenses

G&A expenses were $2.1 million for the quarter ended September 30, 2021, compared to $5 thousand for the same quarter in 2020. The increase was primarily due to higher professional and compliance fees associated with being a public company, as well as increased employee expenses.

Net loss

Net loss was $1.8 million, or $0.035 loss per share, for the quarter ended September 30, 2021, compared to $60 thousand, or $0.002 loss per share, for the same quarter in 2020.

Business Updates

We announced today, in a separate press release, the successful outcome of the Phase 2 part of our Phase 1/2 clinical trial of GH001 in treatment-resistant depression (TRD), where the primary endpoint was met with 7 of 8 patients (87.5%) in remission (Montgomery–Åsberg Depression Rating Scale (MADRS) ≤10) at day 7 after dosing (p<0.0001).

We plan to request a pre-IND meeting with the FDA and a Scientific Advice meeting with the EMA in the first quarter of 2022 and, pending the outcome of these meetings, we plan to initiate a multi-center, randomized, controlled Phase 2b trial of GH001 in TRD.

Given GH001’s mechanism of action, we believe that GH001 may confer beneficial effects in other psychiatric and neurological disorders with unmet medical needs. We have recently initiated the development in two undisclosed psychiatric disorders which are expected to be announced in Q1 2022.

GH002, our 5-MeO-DMT product candidate formulated for administration via a proprietary injectable approach, and GH003, our recently added 5-MeO-DMT product candidate formulated for administration via a proprietary intranasal administration approach, are currently in preclinical development. We anticipate developing them in subpopulations and confined use scenarios within our focus area of psychiatric and neurological disorders.

About GH Research PLC

GH Research PLC is a clinical-stage biopharmaceutical company dedicated to transforming the treatment of psychiatric and neurological disorders. GH Research PLC’s initial focus is on developing its novel and proprietary 5-MeO-DMT therapies for the treatment of patients with treatment-resistant depression (TRD).

About GH001

Our lead product candidate, GH001, is formulated for 5-MeO-DMT administration via a proprietary inhalation approach. With GH001, we have completed two Phase 1 healthy volunteer clinical trials and a Phase 1/2 clinical trial in patients with treatment-resistant depression (TRD). Based on the observed clinical activity, where 87.5% of patients with TRD were brought into an ultra-rapid remission with our GH001 individualized single-day dosing regimen in the Phase 2 part of the trial, we believe that GH001 has potential to change the way TRD is treated today. Across the GH001 program, no serious adverse events have been reported and GH001 was well tolerated at the investigated single dose levels and in the individualized dosing regimen.

About GH002 and GH003

GH002 is our 5-MeO-DMT product candidate formulated for administration via a proprietary injectable approach. GH003 is our 5-MeO-DMT product candidate formulated for administration via a proprietary intranasal administration approach. GH002 and GH003 are currently in preclinical development, and we anticipate developing them in subpopulations and confined use scenarios within our focus area of psychiatric and neurological disorders.

Forward-Looking Statements

This press release contains statements that are, or may deemed to be, forward-looking statements. All statements other than statements of historical fact included in this press release, including statements regarding our future results of operations and financial position, business strategy, product candidates, research pipeline, ongoing and currently planned preclinical studies and clinical trials, regulatory submissions and approvals, research and development costs, timing and likelihood of success, as well as plans and objectives of management for future operations are forward-looking statements. Forward-looking statements appear in a number of places in this press release and include, but are not limited to, statements regarding our intent, belief or current expectations. Forward-looking statements are based on our management’s beliefs and assumptions and on information currently available to our management. Such statements are subject to risks and uncertainties, and actual results may differ materially from those expressed or implied in the forward-looking statements due to various factors, including, but not limited to, those described in our filings with the U.S. Securities and Exchange Commission. No assurance can be given that such future results will be achieved. Such forward-looking statements contained in this document speak only as of the date of this press release. We expressly disclaim any obligation or undertaking to update these forward-looking statements contained in this press release to reflect any change in our expectations or any change in events, conditions, or circumstances on which such statements are based unless required to do so by applicable law. No representations or warranties (expressed or implied) are made about the accuracy of any such forward-looking statements.

Investor Relations:
Julie Ryan
GH Research PLC
investors@ghres.com

 
GH RESEARCH PLC
 
Condensed Consolidated Interim Statement of Comprehensive Income (Unaudited)
 
(in thousands, except share and per share amounts)
 
  Three months ended
September 30,		 Nine months ended
September 30,
  2021 2020 2021 2020
  $’000 $’000 $’000 $’000
         
Operating expenses        
Research and development (2,556) (55) (5,202) (105)
General and administration (2,110) (5) (3,277) (16)
Loss from operations (4,666) (60) (8,479) (121)
         
Finance expense (3) – (9) –
Foreign currency translation differences 2,832 – 3,377 –
         
Loss for the period (1,837) (60) (5,111) (121)
         
Other comprehensive income/(expense)        
Items that may be reclassified to profit or loss        
Currency translation adjustment (2,845) 15 (3,533) 15
Total comprehensive loss for the period (4,682) (45) (8,644) (106)
         
Attributable to owners:        
Loss for the period (1,837) (60) (5,111) (121)
Comprehensive loss for the period (2,845) 15 (3,533) 15
         
         
Loss per share        
Basic and diluted loss per share (in USD) (0.035) (0.002) (0.125) (0.004)
GH RESEARCH PLC
 
Condensed Consolidated Interim Statement of Financial Position (Unaudited)
 
(in thousands)
 
     
At September 30, At December 31,
  2021 2020
  $’000 $’000
ASSETS    
Current assets    
Cash 280,745 5,895
Other current assets 4,816 17
Total current assets 285,561 5,912
Non-current assets    
Property, plant and equipment 73 –
Total non-current assets 73 –
Total assets 285,634 5,912
     
LIABILITIES AND EQUITY    
Current liabilities    
Trade payables 1,214 1
Other current liabilities 819 245
Total current liabilities 2,033 246
Total liabilities 2,033 246
     
Equity attributable to owners    
Share capital 1,301 871
Share premium 291,448 5,430
Other reserves 131 –
Foreign currency translation reserve (3,333) 200
Accumulated deficit (5,946) (835)
Total equity 283,601 5,666
Total liabilities and equity 285,634 5,912
     
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PsyBio Therapeutics Reports Third Quarter 2021 Financial Results and Provides Corporate Update on Intellectual Property and Clinical Development Milestones

PsyBio Therapeutics Reports Third Quarter 2021 Financial Results and Provides Corporate Update on Intellectual Property and Clinical Development Milestones

OXFORD, Ohio and COCONUT CREEK, Fla., Nov. 30, 2021 /CNW/ – PsyBio Therapeutics Corp. (TSXV: PSYB) (OTCQB: PSYBF) (” PsyBio ” or the ” Company “), an intellectual property driven biotechnology company focusing on discovering and developing new, bespoke, psycho-targeted therapeutics to potentially improve mental and neurological health, today announced that it has reported its unaudited financial results for the interim period ended September 30, 2021 and provided shareholders with a corporate update.

PSYBIO THERAPEUTICS logo (CNW Group/PsyBio Therapeutics Corp.)

Third Quarter 2021 Financial Results

A copy of the unaudited condensed consolidated interim financial statements prepared in accordance with International Financial Reporting Standards and the corresponding management’s discussion and analysis for the interim period ended September 30, 2021, can be found under PsyBio’s profile at www.sedar.com .

Intellectual Property and Clinical Development Milestones

  • The Company furthered its intellectual property portfolio by filing six additional manufacturing patent applications with the United States Patent and Trademark Office (the ” USPTO “) that cover a broad range of approaches to PsyBio’s biologic methodology as it pertains to the current landscape of biotechnology.
  • The Company successfully demonstrated the ability to manufacture PsyBio-11040, one of its first promising therapeutic candidates, at commercial scale.
  • The Company submitted a pre-Investigational New Drug (” IND “) Application request to the United States Food and Drug Administration (” FDA “) seeking guidance on data necessary to warrant an IND submission.
  • The Company filed a provisional patent application with the USPTO entitled Psilocybin and Norbaeocystin Compositions and Methods of Treatment, which contained 67 new inventive claims.
  • The Company filed a provisional patent application with the USPTO entitled NMDA Receptor Antagonist-Containing Compositions and Methods of Treatment and initiated a new program to study N-methyl-D-aspartate (” NMDA “) receptor antagonists and associated analogs for potential activity against a variety of human health conditions.

Corporate Finance Update

  • The Company filed and obtained receipts for a final base shelf prospectus dated October 28, 2021, which is expected to help facilitate institutional investor access to the Company’s securities.
  • The Company’s subordinate voting shares were made eligible for electronic clearing and settlement through the Depository Trust Company (” DTC “) in the United States , which is anticipated to benefit investors with increased liquidity and execution speed.
  • The Company was included in AdvisorShares Psychedelics Exchange Traded Fund, which is listed on the NYSE Arca under the ticker symbol (NYSE: PSIL) and was formed to actively manage investments in the emerging psychedelic drugs sector.
    The Company’s subordinate voting shares commenced trading on the OTCQB Venture Market at market open on July 14, 2021 under the symbol “PSYBF”.
  • The Company purchased an aggregate of 397,500 subordinate voting shares under its normal course issuer bid (” NCIB “) during the month of October 2021 , at an average price of $0.314 per share. All shares purchased under the NCIB were cancelled.

About PsyBio Therapeutics Corp.

PsyBio is an intellectual property driven biotechnology company focusing on discovering and developing new, bespoke, psycho-targeted therapeutics to potentially improve mental and neurological health. The team has extensive experience in drug discovery based on synthetic biology and metabolic engineering as well as clinical and regulatory expertise progressing drugs through human studies and regulatory protocols. Research and development is currently ongoing for naturally occurring psychoactive tryptamines originally discovered in different varieties of hallucinogenic mushrooms, other tryptamines and phenethylamines and combinations thereof. The Company utilizes a bio-medicinal chemistry approach to therapeutic development, in which psychoactive compounds can be utilized as a template upon which to develop precursors and analogs, both naturally and non-naturally occurring.

Cautionary Note Regarding Forward-Looking Statements

This press release contains statements that constitute “forward-looking information” (” forward-looking information “) within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking information and are based on expectations, estimates and projections as at the date of this news release. Any statement that discusses predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information. Forward looking-statements in this press release include statements regarding: the ability of PsyBio to develop novel formulations to potentially treat neurologic and psychologic conditions and other disorders; the ability of PsyBio to launch clinical trials; the ability of PsyBio to build its intellectual property portfolio of novel drug candidates; the ability of PsyBio to move target candidates into scaled commercial manufacturing and regulatory application; the ability to achieve cost competitive synthesis with reduced environmental impact over current production methods; the ability of PsyBio to move target candidates into scaled commercial manufacturing and regulatory application; the impact of DTC eligibility on existing and prospective investors’ ability to trade the Company’s subordinate voting shares; and the impact of DTC eligibility on the liquidity of the Company’s subordinate voting shares.

In disclosing the forward-looking information contained in this press release, the Company has made certain assumptions, including that: PsyBio will be successful in protecting its intellectual property; PsyBio will be successful in discovering new valuable target molecules; PsyBio will file its initial pre-IND Application request and IND Application within anticipated timeframes; PsyBio will be successful in obtaining IND Applications and will be able to obtain all necessary approvals for clinical trials; PsyBio will be successful in launching clinical trials; the results of preclinical safety and efficacy testing will be favourable; PsyBio’s technology will be safe and effective; a confirmed signal will be identified in PsyBio’s selected indications; and that drug development involves long lead times, is very expensive and involves many variables of uncertainty. Although the Company believes that the expectations reflected in such forward-looking information are reasonable, it can give no assurance that the expectations of any forward-looking information will prove to be correct. Known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. Such factors include, but are not limited to: compliance with extensive government regulations; domestic and foreign laws and regulations adversely affecting PsyBio’s business and results of operations; decreases in the prevailing process for psilocybin and nutraceutical products in the markets in which PsyBio operates; the impact of COVID-19; and general business, economic, competitive, political and social uncertainties. Accordingly, readers should not place undue reliance on the forward-looking information contained in this press release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking information to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking information or otherwise.

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

The TSX Venture Exchange (the ” TSXV “) has neither approved nor disapproved the contents of this news release. Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

SOURCE PsyBio Therapeutics Corp.

Cision View original content to download multimedia: http://www.newswire.ca/en/releases/archive/November2021/30/c7717.html

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Blackhawk Growth Files Quarter Ended September 30, 2021 Financials and Reports Increase in Value of Its Portfolio by 165% Quarter Over Quarter

Blackhawk Growth Files Quarter Ended September 30, 2021 Financials and Reports Increase in Value of Its Portfolio by 165% Quarter Over Quarter

Vancouver, British Columbia – TheNewswire – November 29, 2021 – Blackhawk Growth Corp. (CSE:BLR); (CNSX:BLR.CN); (OTC:BLRZF); (Frankfurt:0JJ) (the “Company”), is pleased to announce that the financial statements and MD&A for its first quarter ended September 30, 2021 have been filed on Sedar.

Highlights for the quarter ended September 30, 2021:

  • Blackhawk acquires MindBio Therapeutics Pyt Ltd., clinical stage drug development company that is pioneering psychedelic micro-dosing research and is advancing emerging therapies to treat a range of debilitating health conditions such as depression, anxiety, chronic pain, cognitive impairment and PTSD.
  • Spaced Food Inc. begins commercial production of it proprietary Astronaut Sorbet
  • Sac Pharma Partners Inc. continues to record record results and launches new proprietary strains
  • As at September 30, 2021, Blackhawk held $16,719,850 in current investments, a 165% increase from the value at June 30, 2021
  • As at September 30, 2021, NAV per share was $0.38

 

Blackhawk Growth Corp. (“Blackhawk” or the “Company”) continues to review both equity and debt investment opportunities. The Company has focused its investments in the health, cannabis and CBD industries, in both Canada and the US.

 

“Our acquisition of MindBio Therapeutics in the first quarter ending September 30, 2021 was a transformational step forward for Blackhawk. Our portfolio of companies continue to show growth and value to our shareholders as we work to execute, expand and deliver even more value to shareholders over the course of the year” says Frederick Pels, CEO of Blackhawk Growth Corp.

As at September 30, 2021 the Company’s equity investments consist of the following:

 

Company Cost Fair Value
SAC Pharma Partners Inc. $        1,890,000 $        1,890,000
Noble Line Inc.         986,800         986,800
Trip Pharma 997,644 997,644
NuWave Foods Inc. 783,892 783,892
Gaia Grow Corp. 1,050,000 900,000
Engine Media (UMG) 41,043 10,244
Fantasy Aces Daily Fantasy Sports Corp. 455,268 13,441
Spaced Food Inc. 311,191 311,191
MindBio Therapeutics 10,826,638 10,826,638
Total Equity Investments $        17,342,476 $        16,719,850

 

Short-term loans consist of the following:

 

September 30, 2021 June 30, 2021
Short term loans 259,609 259,609
Total loan investments $        259,609 $        259,609

 

About Blackhawk Growth

 

Blackhawk Growth is an investment holding looking to create substantial value for its shareholders through the acquisition and development of high growth companies. It has focused its investments in the health, cannabis and cannabidiol industries in both Canada and the United States. Its portfolio of companies includes Sac Pharma, LeichtMind Clinics, Noble Hemp, Spaced Food and NuWave Foods. Blackhawk continues to bring its investments to cash flow and is growing at an exceeding pace.

The company diligently posts updates through videos from the official company YouTube channel https://www.youtube.com/channel/UCs4f2tt3yAvOGhNLjgNOy-A

 

Please join the conversation on our Blackhawk group supporter’s telegram group at https://t.me/Blackhawkgrowthcorp and visit us online at https://www.blackhawkgrowth.com.

 

For more information on Blackhawk, please visit our website at:

https://www.blackhawkgrowth.com/

Frederick Pels, Chief Executive Officer

(403)-991-7737

fred@blackhawkgrowth.com

Cautionary Note Regarding Forward-Looking Statement

 

All statements in this press release, other than statements of historical fact, are “forward-looking information” with respect to the Company within the meaning of applicable securities laws, including with respect to the future prospects of the business of the Company and its portfolio companies. The Company provides forward-looking statements for the purpose of conveying information about current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. By its nature, this information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. These risks and uncertainties include but are not limited those identified and reported in the Company’s public filings under the Company’s SEDAR profile at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. 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 unless required by law.

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Braxia Scientific Reports Second Quarter 2022 Financial Results and Provides Corporate Update

Braxia Scientific Reports Second Quarter 2022 Financial Results and Provides Corporate Update

  • Expanded clinical infrastructure to support a growing portfolio of clinical trials of novel interventions and for drug discovery; 14 registered clinical trials in depression, led by Company CEO and Chief Medical and Scientific Officer, completed or in process
  • Excellent progress on only psilocybin trial in Canada actively recruiting study participants to receive psilocybin-assisted therapy
  • Clinical footprint in Canada has administered ~4,900 ketamine treatments to date; focus on expansion opportunities in the U.S. and Europe

 

TORONTO, ONTARIO Nov. 29, 2021 – Braxia Scientific Corp. (“Braxia Scientific”, or the “Company”), (CSE: BRAX) (OTC: BRAXF) (FWB: 496), a medical research company with clinics providing innovative ketamine treatments for persons with depression and related disorders, today announced the filing of its fiscal second-quarter results for the three-month period ending September 30, 2021. Complete financial statements along with related management discussion and analysis can be found in the System for Electronic Document Analysis and Retrieval (SEDAR), the electronic filing system for the disclosure documents of issuers across Canada, at www.SEDAR.com.

“We have made tremendous progress on our strategic priorities, including increasing access to novel treatments for patients with depression through our clinics. We have also established a clinical research infrastructure required to execute on our growing pipeline of registered clinical trials alongside third-party sponsors, with 14 trials registered to date in the area of depression, including Canada’s first and only psilocybin trial actively recruiting study participants to receive psilocybin-assisted therapy,” said Dr. Roger McIntyre, CEO, Braxia Scientific.

“Looking ahead to our clinical research and development, our psilocybin trial is underway with newly trained therapists. These therapists have the required skills to execute a successful psilocybin-assisted therapy trial while ensuring patients receive treatments according to approved protocols and best practices – critical milestones that will create near-term value for Braxia Scientific in terms of patient access, drug development and implementation. While our product development pipeline is at an early stage, we have made progress in our goal to develop new ketamine derivatives and delivery formats underpinned by our large proprietary health database from administering ~4,900 ketamine treatments to date at our clinics.” 

“We continue to prioritize the expansion of our clinical footprint in Canada. We remain disciplined in our growth efforts and continue to actively assess a strong pipeline of opportunities to scale access to ketamine treatments for patients in North America.”

Recent Operational Highlights and Corporate Update

Established Clinical Infrastructure to Advance Research and Drug Development and Provide Patient Access to Ketamine, Psilocybin and other Potential Psychedelics in Future

 

Building on management’s extensive clinical expertise, the Company has expanded the necessary infrastructure to provide novel interventions that include ketamine, psilocybin and other potential future psychedelics that become available.

More specifically, the Company infrastructure has:

  • Established access to a high-quality source of psilocybin that meets all regulatory requirements for human use in clinical research
  • Received over 100 referrals for psilocybin-assisted therapy at our clinic in the first six weeks of opening patient recruitment approved protocols to collect treatment outcome data to allow for further optimization of treatment protocols and development of best practice guidelines
  • Established well-trained medical and research staff to assess patients for psilocybin suitability. This includes twenty (20) therapists licensed to practice in Ontario with specialized training in psilocybin-assisted therapy
  • Built physical space to safely provide psilocybin treatment with a comfortable living room-like environment with appropriate medical and psychological monitoring and evidence-based protocols

 

This infrastructure enables Braxia Scientific to provide psilocybin-assisted therapy as part of the current clinical trial, and importantly, if psilocybin is approved in the future, Braxia Scientific is positioned to provide access to psilocybin-assisted therapy treatment for eligible patients immediately.

Fourteen (14) Clinical Trials Including Landmark Multi-Dose Psilocybin Study: Dr. Joshua Rosenblat, Chief Medical and Scientific Officer for Braxia Scientific, recently commenced a landmark clinical trial to conduct Canada’s first multiple-dose controlled psilocybin study for treatment-resistant depression (TRD). Through this trial, patients will be able to receive immediate access to psilocybin and be monitored by therapists with specialized training in psilocybin-assisted therapy. Whereas most other TRD studies limit participation to patients that have not found relief from a maximum of five other potential remedies, this trial does not impose an upper limit, and allows for patients that have endured dozens of unsuccessful medical treatments, including with ketamine and electroconvulsive therapy.

Developing the Next Generation of Clinicians: The Braxia Institute, the Company’s training centre focused on advancing psychiatric clinical practice and health services of ketamine and psychedelic treatment therapy, is set to graduate the first cohort of medical professionals from its psilocybin-assisted therapy training program. This multidisciplinary group of 20 therapists from diverse psychiatry and psychotherapy backgrounds experienced and learned, through pre-readings, didactic teaching, peer teaching, group discussion and simulations, which provided important background on the use of psilocybin for treating depression and practical considerations for providing psilocybin-assisted psychotherapy. All the enrolled therapists are also required to complete a practicum component, in which medical professionals gain experience in administering psilocybin-assisted therapy for participants with depression as part of an upcoming Health Canada-approved clinical trial.

The Company anticipates that, subject to the regulatory approval of psilocybin, therapists would also be trained to implement psychedelics in clinical practice.

Growing Proprietary Ketamine Research Database: As the Company continues to focus on developing novel ketamine derivatives, Braxia Scientific’s team of researchers also continue to carry out multiple research trials adding to the Company’s large database of proprietary data critical to future drug development efforts.

The Canadian Rapid Treatment Centre of Excellence (CRTCE), a wholly owned Braxia subsidiary, has comprehensive health data from administering approximately 4,900 ketamine treatments at CRTCE clinics. Braxia Scientific’s researchers have published 39 ketamine-related manuscripts in peer-reviewed biomedical journals.

During the quarter, the Company reported encouraging preliminary findings of an important ketamine clinical study that suggest ketamine may be as effective as a standalone antidepressant, versus as an adjunctive therapy. The study, which was conducted at the CRTCE, showed comparable clinical benefits (e.g., antidepressant effects and reduction in suicidal thoughts) in a sample of 220 patients with treatment-resistant depression (TRD) who received intravenous (IV) ketamine infusions as a monotherapy, as compared with those receiving IV ketamine in addition to oral antidepressants.

Following the study protocols, participants in the ketamine monotherapy group achieved response and remission rates of 39.1% and 17.4%, respectively. Meanwhile, those receiving ketamine treatment adjunct to antidepressants, saw corresponding rates of 21.9% and 6.7%.

These initial findings support ketamine’s effectiveness as a rapid-acting antidepressant treatment approach as evidenced by its ability to improve depression as a monotherapy, and the data is particularly important, because it shows that the benefits of ketamine may not be dependent on the co-prescription of other medications.

Publishing timely studies: Braxia Scientific was pleased to announce the publication of a new analysis led by the Company’s CEO, Dr. Roger McIntyre, in the Journal of the Royal Society of Medicine. The study, which showed a decrease in the Canadian suicide mortality rate during the first year of the COVID-19 pandemic, was initiated to evaluate the impact on national suicide rates in Canada of federal, public health and social support programs that were put in place to mitigate the coinciding abrupt changes to social and financial provisions. The findings also underscore Braxia Scientific’s core objective to develop derivatives of ketamine and other psychedelics as additional measures to further reduce suicidality.

Growing Canadian Patient Treatments: To accommodate increasing demand for ketamine treatments, the Company expects to commence expansion of its existing clinics in Toronto and Ottawa in the coming months, as well as ramp up personnel at its existing clinics. Through its four multidisciplinary, community-based Canadian clinics, the Company continues to see increased patient referrals and treatments which led to a year-over-year increase in revenue of nearly 55% in the second quarter of fiscal 2022.

North American Clinic Expansion: Following the publication by the American Journal of Psychiatry of the international guidelines and best practices for clinicians on the use of IV ketamine, which is based on research conducted by the Company’s research team, including CEO Dr. Roger McIntyre and Chief Medical and Scientific Officer Dr. Joshua Rosenblat, at CRTCE, the Company remains focused on expanding its clinical footprint beyond Canada into the U.S. and Europe.  The Company continues to be disciplined in deploying capital towards acquisition initiatives.

Cultivating Name Recognition: Braxia Scientific was featured in recent national and local news coverage, discussing access and promoting the use of ketamine to treat brain-based illnesses, bolstering the Company’s brand awareness. Braxia Scientific CEO Dr. Roger McIntyre was featured on CTV’s W5, Canada’s most-watched current affairs and documentary program. The episode, entitled “Psychedelic Healing,” aired on October 23, 2021.

Braxia Scientific and the CRTCE were also highlighted in a recent article by Toronto Life, a monthly magazine. In the piece, Dr. McIntyre and Dr. Rosenblat discussed the benefits of ketamine therapy to rapidly treat mental disorders like treatment-resistant depression (TRD) and the access to the treatments Braxia Scientific provides through its clinics.

 

Second Quarter Financial Summary

The Company’s cash and cash equivalents as of September 30, 2021, was $9,614,977, compared with $10,257,750 at June 30, 2021.

The Company recorded revenue of $385,525 for the second quarter fiscal 2022, ended September 30, 2021 compared with revenue of $249,049 in the second quarter ended September 30, 2020, reflecting 54.8% increase year-over-year. Second quarter 2022 gross margin was $57,140, compared with $3,603 in the prior year period. Revenues consisted primarily of sales from the administering of ketamine infusion treatments at the CRTCE clinics in Ontario.

Net loss for the quarter decreased 16%, to $1,709,942 including a non-cash share-based compensation expense of $821,748, compared to a net loss of $2,052,580 in the second quarter of the prior year period.

 

Looking Ahead

“Braxia Scientific’s value proposition rests in our superior human capital, well established clinical infrastructure and large proprietary health database,” said Dr. McIntyre. “Our team includes three researchers ranked among the world’s top 25 in depression, as well as mood disorders research. Having conducted or registered 14 clinical trials for depression, we believe Braxia Scientific has a distinct competitive advantage among the leading groups endeavouring to research and develop new psychedelic treatments. With this expertise and data, we will work to enhance our intellectual property, including and developing new chemical entities, while providing patients with access to new pathways to treat their mental health disorders.”

 

About Braxia Scientific Corp.

Braxia Scientific is a medical research company with clinics that provide innovative ketamine treatments for persons with depression and related disorders. Through its medical solutions, Braxia aims to reduce the illness burden of brain-based disorders, such as major depressive disorder among others. Braxia is primarily focused on (i) owning and operating multidisciplinary clinics, providing treatment for mental health disorders, and (ii) research activities related to discovering and commercializing novel drugs and delivery methods. Braxia seeks to develop ketamine and derivatives and other psychedelic products from its IP development platform. Through its wholly owned subsidiary, the Canadian Rapid Treatment Center of Excellence Inc., Braxia currently operates multidisciplinary community-based clinics offering rapid-acting treatments for depression located in Mississauga, Toronto, Ottawa, and Montreal.

ON BEHALF OF THE BOARD

“Dr. Roger S. McIntyre”
Dr. Roger S. McIntyre
Chairman & CEO

FOR FURTHER INFORMATION PLEASE CONTACT:
Braxia Scientific Corp.
Tel: 416-762-2138
Email: info@braxiascientific.com
Website: www.braxiascientific.com

 

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

 

Forward-looking Information Cautionary Statement

This news release contains forward-looking statements within the meaning of applicable securities laws. All statements that are not historical facts, future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations, or beliefs of future performance are “forward-looking statements.”

Forward-looking statements include statements about the intended promise of ketamine-based treatments for depression and the potential for ketamine to treat other emerging psychiatric disorders, such as Bipolar Depression. Such forward- looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, events, or developments to be materially different from any future results, events or developments expressed or implied by such forward-looking statements. Such risks and uncertainties include, among others, the failure of ketamine, psilocybin and other psychedelics to provide the expected health benefits and unanticipated side effects, dependence on obtaining and maintaining regulatory approvals, including acquiring and renewing federal, provincial, municipal, local or other licenses and engaging in activities that could be later determined to be illegal under domestic or international laws. Ketamine and psilocybin are currently Schedule I and Schedule III controlled substances, respectively, under the Controlled Drugs and Substances Act, S.C. 1996, c. 19 (the “CDSA”) and it is a criminal offence to possess such substances under the CDSA without a prescription or a legal exemption. Health Canada has not approved psilocybin as a drug for any indication, however ketamine is a legally permissible medication for the treatment of certain psychological conditions. It is illegal to possess such substances in Canada without a prescription.

These factors should be considered carefully, and readers are cautioned not to place undue reliance on such forward-looking statements.

Although the Company has attempted to identify important risk factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other risk factors that cause actions, events or results to differ from those anticipated, estimated or intended. Additional information identifying risks and uncertainties that could affect financial results is contained in the Company’s filings with Canadian securities regulators, including the Amended and Restated Listing Statement dated April 15, 2021, which are available at www.sedar.com. 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.

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Wesana Health Reports Q3 2021 Financial Results

Wesana Health Reports Q3 2021 Financial Results

CHICAGO and TORONTO, Nov. 29, 2021 (GLOBE NEWSWIRE) — Wesana Health Holdings Inc. (“Wesana” or the “Company”) (CSE: WESA; OTCQB: WSNAF), a data driven life sciences company, has announced its quarterly financial results for the three- and nine-month period ending September 30, 2021.

Q3 2021 Highlights

  • Ended the third quarter with US$11,266,187 in cash
  • Completed the acquisition of PsyTech and related transactions, launching Care Delivery as a new business segment consisting of Wesana Solutions, Wesana Clinics and PsyTech Connect
  • Committed US$1.5mm in funding to Multidisciplinary Association for Psychedelic Studies (“MAPS”) to work towards developing a partnership agreement on the research of the application of MAPS’ psychedelic-assisted therapy programs towards the treatment of Traumatic Brain Injury (“TBI”)
  • Wesana was included as a core component of the AdvisorShares Psychedelics ETF

Chad Bronstein, Executive Chairman of Wesana Health Commented: “The third quarter marked a number of important strategic developments for Wesana Health, including the PsyTech acquisition. Through the acquisition of PsyTech we have been able to expand our patient reach and overall patient impact through the addition of Care Delivery as a business segment. Notably, the Care Delivery segment, highlighted by the two flagship clinics in Chicago, provides key clinical protocols for Wesana to use as a base for greenfield expansion in addition to a network of acquisition targets through PsyTech Connect. The Care Delivery segment also provides an important future conduit to test Wesana’s psychedelic drug development program having recently surpassed 4,000 administered ketamine treatments at the clinics level since inception.

Additionally, we are incredibly pleased with our funding commitment to MAPS to work towards a partnership agreement. Assuming we can achieve successful partnership discussions, a research collaboration with MAPS could accelerate Wesana’s timing to market on MDMA therapy for the treatment of TBI.

We believe Wesana is ending the most recent quarter in a position of strength and expect that our continuous strategic investments in people, assets and capabilities will continue to deliver value to our expanding patient base.”

Selected Consolidated Financial Information

The following table sets forth selected financial information derived from the Company’s unaudited condensed interim combined and consolidated financial statements for the three- and nine-months ended September 30, 2021. The following information should be read in conjunction with the financial statements and the accompanying management’s discussion and analysis (“MD&A”), which are available on the Company’s website at www.wesanahealth.com and under the Company’s SEDAR profile at www.sedar.com.

For the three months ended ($USD) Sept 30, 2021 Dec 31, 2020 Change
Cash Balance 11,266,187 1,266,781 9,999,406
Total Assets 36,284,015 1,267,293 31,016,722
Total Equity 33,671,164 63,181 33,607,983
Weighted Average Shares Outstanding 14,394,323 4,775,997 9,618,326
Fully Diluted Shares Outstanding (as converted*) 39,919,613 4,775,997 35,143,616

*The number is presented assuming all of the Company’s outstanding Proportionate Subordinate Voting Shares and Super Voting Shares as at September 30, 2021 are converted into Subordinate Voting Shares and all of the Company’s other outstanding convertible, exchangeable and exercisable securities as at September 30, 2021 are converted, exchanged or exercised in accordance with their terms.

PsyTech Acquisition and Launch of the Care Delivery Segment

On September 8, 2021, the Company completed the acquisition (the “PsyTech Acquisition”) of Psychedelitech Inc. (“PsyTech”) and the acquisition of Advanced Psychiatric Management LLC. Such acquisitions added three components that expanded the Company’s business into Care Delivery:

•       Wesana Clinics – Wesana Clinics is a chain of psychiatrist-led mental health clinics focused on delivering psychiatric care, inclusive of ketamine therapy, while also preparing for the delivery of other psychedelic therapies as they become available. The Wesana clinical network currently includes two flagship clinics located in Illinois with another under development contemplated to open in the first quarter of 2022. See “Cautionary Note Regarding Forward-Looking Information” below.

•       Wesana Solutions – Wesana Solutions is a clinical software platform focused on improving mental healthcare through facilitating access to clinical protocols and tracking their efficacy. In concert with electronic medical records and practice management systems, Wesana Solutions is intended to be used in clinics delivering psychedelics and related therapies, targeting the developing international psychiatric clinic and research market, with initial clinical deployment to be focused on the United States. Wesana Solutions is contemplated to begin clinical deployment in the first quarter 2022 and will help Wesana gather and process neurological data about patient response to various compounds and protocols under investigation. See “Cautionary Note Regarding Forward-Looking Information” below.

•        PsyTech Connect – PsyTech Connect is a community for the clinical use of psychedelics with over 8,000 actively engaged professionals and has become a resource for psychedelic therapy protocols and clinical best practices. PsyTech Connect also features the annual PsyTech Summit, a premier psychedelic conference that averages over 2,200 attendees. Through PsyTech Connect, Wesana will be able to develop relationships with leading edge psychiatric practitioners and provide them with tools for managing, understanding, and personalizing care for their patients.

US$1.5 Million Funding of MAPS Research
On September 14, 2021, the Company announced its commitment pursuant to a memorandum of understanding to fund an initial US$1.5 million to MAPS with the aggregate amount expected to be used in part by MAPS to finance the evaluation of legal, scientific and operational elements of a proposed partnership. In connection with the investment, MAPS Public Benefit Corporation (“MAPS PBC”), a wholly-owned subsidiary of MAPS, is expected to activate a team to carry out such an assessment.

The partnership between MAPS and the Company is contemplated to accelerate MAPS PBC’s research timelines and provide additional support to MAPS for further research, advocacy, education, and equitable access to MDMA-assisted therapy treatments. Under the terms of the partnership, Wesana is contemplated to, among other things: (i) gain expertise and information to design psychedelic-assisted therapy programs for TBI and improve the Company’s timeline and path to market for its treatments, (ii) explore obtaining an exclusive commercial license to use MDMA for the treatment of TBI, (iii) evaluate the viability of, and enter into, revenue share agreements between the organizations, (iv) adapt MAPS’ equitable access research projects to develop a meaningful patient access program, and (v) fund associated research, administered by MAPS PBC, with additional capital.

The formation of a partnership between the Company and MAPS remains subject to, among other things, negotiation and execution of definitive documentation and satisfaction of the conditions precedent negotiated therein. There is no assurance that any such definitive documentation will be settled and entered into by the parties nor that any such conditions precedent will be met. Overall, any direct or indirect research and development efforts of the Company related to MDMA remain at a preliminary stage. Please refer to the MD&A for additional details.

Inclusion in the AdvisorShares Psychedelics ETF

On October 1, 2021 the Company announced that its shares were included in the AdvisorShares Psychedelics ETF (the “Fund”), currently trading under the ticker symbol “PSIL” on the NYSE Arca exchange. The recently launched Fund primarily focuses its strategy on investing in publicly traded companies in the life sciences, biotechnology and pharmaceuticals sectors that derive at least 50% of their net revenue or devote 50% of their assets to the advancement of psychedelic compounds. The Fund looks to highlight the leaders in the psychedelics sector as its core holdings.

Continuous Disclosure

Further to a review by the Ontario Securities Commission (the “OSC”) of the Company’s continuous disclosure in connection with the Company’s filing of its preliminary base shelf prospectus dated September 15, 2021, the Q3 MD&A includes amended disclosure pertaining to the Company’s management’s discussion and analysis for the quarter ended June 30, 2021 (the “Q2 MD&A”). Such amended disclosure (the “Amended Q2 MD&A Information”) is being included in the MD&A to address comments received from the OSC and to improve the Company’s disclosure. In particular, the Company has included additional disclosure regarding the Q2 MD&A as follows:

  • The Company has provided additional disclosure regarding the Company’s active projects that have not yet generated revenue, broken down by business segments, including the status thereof, the expenditures made in respect of such projects and how such expenditures relate to anticipated timing and costs to take each such project to the next stage of the project plan;
  • The Company has provided additional disclosure regarding an update to the Company’s previously disclosed milestones and how the Company has allocated, re-allocated and used the proceeds from certain prior financings in relation to such milestones;
  • The Company has provided additional disclosure regarding the Company’s results of operations, including the material components of research and development and general and administration expenses for the three and six-month periods ended;
  • The Company has provided additional disclosure regarding an analysis of the Company’s liquidity, including the primary need for liquidity to fund the development of its business segments to meet the Company’s planned growth and development activities and that the primary source of liquidity has been, and is expected to continue to be, through reliance on capital markets until commercialization of projects or until cash flow positive status is achieved;
  • The Company has provided additional disclosure regarding the Company’s capital resources, including the extent to which such resources have been committed towards capital expenditures, disclosures on cash held, available working capital and cash burn rate as at and for the quarter ended June 30, 2021 in addition to anticipated cash flow requirements for the 12 months following the quarter ended; and
  • The Company has provided additional disclosure regarding the material factors and assumptions underlying previously disclosed forward-looking information, as well as updates to, or withdrawals of, previously disclosed forward-looking statements.

As a result of having to include such enhanced disclosure within the MD&A as a corrective matter, the Company will be placed on the public list of Refiling and Errors in accordance with OSC Staff Notice 51-711 (Revised) – Refilings and Corrections of Errors.

About Wesana Health
Wesana Health is an emerging life sciences company championing the development of innovative approaches for better understanding, protecting, and improving neurological health and performance. Through extensive clinical research and academic partnerships, Wesana Health is developing evidence-based formulations and protocols, including psilocybin-based therapies, that empower patients to overcome neurological, psychological, and mental health ailments. In order to comply with applicable corporate practice of medicine laws, the Wesana Clinics are solely licensed physician owned and are organized as physician practices, with the Company providing management services to the Wesana Clinics. Learn more at www.wesanahealth.com.

Cautionary Note Regarding Forward-Looking Information
This press release contains “forward-looking information” within the meaning of applicable securities laws with respect to the Company, including, but not limited to: the beta testing results for, the completion of product development and timing for clinic deployment of, Wesana Solutions, the opening of a third Wesana Clinic in the first quarter of 2022, the completion and timing of entering into a partnership with MAPS and information concerning the expected benefits thereof; and any other statement that may predict, forecast, indicate or imply future plans, intentions, levels of activity, results, financial position, operational or financial performance or achievements. Often, but not always, forward-looking information can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, “will”, “projects”, or “believes” or variations (including negative variations) of such words and phrases, or statements that certain actions, events, results or conditions “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Except for statements of historical fact, information contained herein constitutes forward-looking information. Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management at the date the statements are made.

Wesana Solutions remains in the beta testing phase. While there is no assurance that product development will be completed and clinical deployment will be achieved nor the extent to which the Company will secure clinical customers for Wesana Solutions once it completes product development and initiates the clinical deployment, the clinic deployment of Wesana Solutions is contemplated to begin in the first quarter of 2022. Certain factors that influence successfully completing beta testing and product development and achieving clinical deployment within such timeline include: (i) the development of this software platform was subcontracted out by the Company and the beta testing phase has been initiated; (ii) third parties and internal product leads have met expected deliverable timelines to date; (iii) to date the Company has not identified any significant issues regarding functionality of the software; (iv) the Company has allocated sufficient funds and resources to complete final product development and marketing plans; and (v) the Company has engaged regulatory and data consultants to monitor regulations impacting commercialization of the software.

Certain assumptions that influence successfully completing beta testing and product development and achieving clinical deployment within such timeline include: (i) there are no significant delays in the final development and testing schedule and staffing plans; (ii) beta testing results are positive and supportive of the software being deployed in a clinical setting; (iii) development and marketing costs remaining consistent with the Company’s budgeting; and (iv) the Company will be able to secure future relationships and establish commercial agreements for the software with third party clinics.

Certain factors that influence successfully opening a third Wesana Clinic in the first quarter of 2022 include: (i) the Company has identified a third clinic location and property and is currently in lease negotiations; (ii) should the Company procure additional capital and proceed with a lease in connection with the identified third property, renovations and permitting of the property for the purpose of clinic operations are expected to be minimal; (iii) the Company has an internal team dedicated to identifying potential target clinics and locations and evaluating and addressing issues that may arise during due diligence of any potential targets.

Certain assumptions that influence successfully opening a third Wesana Clinic in the first quarter of 2022 include: (i) there are no significant delays in executing the third property lease in the fourth quarter of 2021 or shortly thereafter, if additional capital is raised; (ii) additional capital is raised during the fourth quarter of 2021 or shortly thereafter for the third location; and (iii) there are no significant delays in renovation/permitting if the third property lease is executed.

The formation of a partnership between the Company and MAPS remains at a preliminary stage. Certain assumptions that influence successfully forming such a partnership include: (i) the ability of the Company to successfully negotiate and enter into definitive documentation in respect of the contemplated partnership with MAPS and satisfy any related conditions precedent; and (ii) the ability of the Company to raise sufficient additional capital to be able to fund such potential partnership with MAPS.

Other general assumptions include, operating conditions remaining favorable, including sustained availability of third-party service providers and other inputs for the Company’s operations; sustained political and regulatory stability; and sustained stability in capital goods markets.

While the Company considers the foregoing assumptions to be reasonable, the assumptions are inherently subject to significant business, economic, social, political, regulatory, competitive, and other risks and uncertainties, contingencies and other factors that could cause actual performance, achievements, actions, events, results or conditions to be materially different from those projected in the forward-looking information. Many assumptions are based on factors and events that are not within the control of the Company and there is no assurance they will prove to be correct.

Furthermore, such forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual performance, achievements, actions, events, results, or conditions of the Company to be materially different from any future performance, achievements, actions, events, results or conditions expressed or implied by such forward-looking information. Such factors include, among others: delays in beta clinical testing resulting in delays in commercializing; the Company does not remain within its development and marketing costs for Wesana Solutions, requiring the Company to reallocate existing capital away from other projects and/or raise additional capital; reliance on third parties to plan, conduct and monitor beta clinical testing, product development and clinical deployment of technology; the Company does not secure future relationships and establish commercial agreements for Wesana Solutions with third party clinics; inability to raise sufficient additional capital to fund the opening of the third Wesana Clinic; inability to receive any applicable governmental approvals and permits to advance the business of the Company, including to open the third Wesana Clinic, should additional capital to fund its opening be raised; inability to negotiate, settle, enter into or execute upon a definitive partnership arrangement with MAPS; inability to raise sufficient additional capital to fund such potential partnership with MAPS; research and development of drugs targeting the central nervous system being particularly difficult; failure to comply with health and data protection laws and regulations; violations of laws and regulations resulting in repercussions; regulatory or political change; changes to applicable corporate practice of medicine laws and regulations; delays in pre-clinical and clinical testing resulting in delays in commercializing; inability to file investigational new drug applications or clinical trial applications to commence clinical trials in a timely manner; difficulty enrolling patients in clinical trials; reliance on third parties to plan, conduct and monitor preclinical studies and clinical trials; competition from other biotechnology and pharmaceutical companies; maintaining and enhancing reputation and brand recognition; ability to protect intellectual property; requirements to share intellectual property with service providers; negative operating cash flow and going concern; the detrimental impact of future losses and negative cash flow from operations; unfavorable publicity or consumer perception; not achieving publicly announced milestones; psychedelic inspired drugs possibly never being approved as medicines; reliance on the capabilities and experience of key executives and scientists; disruptions due to acquisitions or collaborations; risk of product liability claims; COVID-19; litigation; conflicts of interest; limited operating history; exposure to the fluctuation of foreign exchange rates; enforcement of judgments and effecting service of process on directors and officers; general economic, market and business conditions, and other risks factors including those found in the MD&A and the Company’s annual information form dated September 3, 2021 filed on the Company’s profile on SEDAR at www.sedar.com and discussed in the Company’s other public filings available on SEDAR.

Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such forward-looking information will prove to be accurate as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. Forward-looking information is provided and made as of the date of this news release and the Company does not undertake any obligation to revise or update any forward-looking information other than as required by applicable law.

For more information, please contact:

Investor Contact:
Keenan Gentry
Email: IR@wesanahealth.com
Phone: 773-236-7972

Media Contacts:
Nick Opich / Fallon Carter
KCSA Strategic Communications
Email: Wesana@kcsa.com
Phone: 212-896-1206

On behalf of the Board of Directors:
Daniel Carcillo, Chief Executive Officer
Phone: 773-236-7972


Primary Logo

Source: Wesana Health

Released November 29, 2021

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Red Light Holland Reports Second Quarter 2021 Results

Red Light Holland Reports Second Quarter 2021 Results

Company announces 56% increase in the number of stores selling its iMicrodose products in the Netherlands

Six-month revenues of $1,080,875

Toronto, Ontario–(Newsfile Corp. – November 29, 2021) – Red Light Holland Corp. (CSE: TRIP) (FSE: 4YX) (OTC Pink: TRUFF) (“Red Light Holland” or the “Company”), an Ontario-based corporation engaged in the production, growth, and sale of a premium brand of magic truffles, today reported its financial results for the three and six months ended September 30, 2021. Unless otherwise stated, all amounts are expressed in Canadian dollars. The Company is also pleased to announce a significant increase in the number of Smart Shop retail stores selling its iMicrodose products in the Netherlands.

Commenting on Red Light Holland’s second quarter performance, Todd Shapiro, Chief Executive Officer stated, “I am pleased with the progress that we have made during the second quarter. We were focused on iMicrodose and Maka product development with the goal of increasing future revenues and related margins. The quarter saw us close two important strategic acquisitions and continue to realize revenues and gross profit from our existing operations. Our acquisition of a majority interest in Acadian Exotic Mushrooms (AEM) is expected to commence significant revenue generation in March 2022. Increasing our revenue is a core focus and we continue to identify and analyze merger and acquisition transactions while remaining cautious with our spending habits.”

With regards to the increased store presence in the Netherlands, Hans Derix, Red Light Holland President, added “We have increased the number of stores that sell our iMicrodose psychedelic products from 25 to 39 (a 56% increase) in the Netherlands. This is a significant increase in market presence that was completed under the backdrop of retail pressure attributed to the continuing global pandemic. We have also developed and launched a newly branded Maka line of products. As a result of these efforts, we expect increased revenue related to psychedelic products and functional mushroom products in the coming quarters.”

Sarah Hashkes, Red Light Holland’s CTIO added, “Rec and Tech is Red Light Holland’s core focus. We have seen a strong increase in privacy first data collection with our iMicrodose end consumers in the Netherlands via our iMicro App. Our Tele-counseling support remains a phenomenal option and we are also thrilled to have entered into a ‘mold making stage agreement’ with Hotopfun factory in China to continue to build out Wisdom smart home devices, inspired by the mycelium network, in preparation for mass manufacturing Q1 of 2022. Red Light Holland continues to execute its strategic initiatives and we are proud of our unique and innovative technology and their alternative revenue streams.”

SUMMARY OF THE QUARTER ENDED SEPTEMBER 30, 2021

  • Completed the acquisition of a 51% interest in Acadian Exotic Mushrooms Ltd (AEM), a Canadian gourmet mushroom production facility co-owned by leading Canadian mushroom farming groups.
  • Completed the acquisition to acquire 100% of the issued and outstanding shares of Mera Life Sciences LLC, a company permitted to perform research, cultivation, production, development, extraction, import and export, and clinical treatment facilities with prescribed patient access in St. Vincent and the Grenadines.
  • Completed Canada’s largest legal sale and import of psilocybe truffles into Canada under a Health Canada approved Psilocybin Import Permit. The Company sold 1.5 kg to CCrest Laboratories Inc., a cGMP pharmaceutical laboratory in Montreal, Canada.
  • Generated revenues of $485,738 for the three months ended September 30, 2021 resulting in gross profit of $156,970, an increase of $61,240 (or 64.0%) over the previously reported quarter.
  • Continued balance sheet strength including cash in the amount of $29.1 million.

Both the Financial Statements and Management’s Discussion and Analysis for the three and six months ended September 30, 2021 are now available on SEDAR.

About Red Light Holland

The Company is an Ontario-based corporation engaged in the production, growth and sale (through existing Smart Shops operators and an advanced e-commerce platform) of a premium brand of magic truffles to the legal market within the Netherlands.

For additional information on the Company:

Todd Shapiro
Chief Executive Officer & Director
Tel: 647-643-8747 (TRIP)
Email: todd@redlighttruffles.com
Website: https://redlighttruffles.com/

Forward-Looking Statements

This press release contains certain “forward-looking information” within the meaning of applicable Canadian securities legislation. Such forward-looking information and forward-looking statements are not representative of historical facts or information or current condition, but instead represent only the Company’s beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of the Company’s control. Often, but not always, forward-looking statements and information can be identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “estimates”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company, or their respective subsidiaries to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained in this news release. Examples of such information include statements with respect to: Acadian Exotic Mushrooms Ltd and its ability to commence revenue generating deliveries by March 2022; the Company’s ability to close merger and acquisition transactions in both the psychedelic and exotic farm industries; the increase in Smart Shop retail store presence translating into increased sales of the Company’s psychedelic products; the Company’s plans to begin mass manufacturing of the Wisdom smart home devices in Q1 of 2022; and expectations for other economic, business, and/or competitive factors.

Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information, expectations regarding future growth and expansion of the operations of the business; regulatory and licensing risks; changes in general economic, business and political conditions, including changes in the financial and stock markets; changes in demand for the Company’s product offerings; risks related to infectious diseases, including the impacts of the COVID-19 pandemic; legal and regulatory risks inherent in the psychedelics industry, including the global regulatory landscape and enforcement related to psychedelics; political risks and risks relating to regulatory change; risks relating to anti-money laundering laws; compliance with extensive government regulation and the interpretation of various laws regulations and policies; public opinion and perception of the psychedelics industry; and such other risks contained in the public filings of the Company filed with Canadian securities regulators and available under the Company’s profile on SEDAR at www.sedar.com, including the Company’s annual information form for the year ended March 31, 2020.

Although the Company believes that the assumptions and factors used in preparing, and the expectations contained in, the forward-looking information and statements are reasonable, undue reliance should not be placed on such information and statements, and no assurance or guarantee can be given that such forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information and statements. The forward-looking information and forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake to update any forward-looking information and/or forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws

The forward-looking information and forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake to update any forward-looking information and/or forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws.

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Novamind Reports Fiscal Q1 Financial Results and Operating Highlights

Novamind Reports Fiscal Q1 Financial Results and Operating Highlights

  • Multistate expansion underway, signed LOI to acquire Arizona-based mental health practice
  • Total revenue of $1,857,750, +113% when compared to same period last year
  • Total working capital of $6,834,011 to fund operations

 

TORONTO, ON / November 29, 2021 / Novamind Inc. (CSE: NM | OTCQB: NVMDF | FSE: HN2) (“Novamind” or the “Company”), a leading mental health company specialized in psychedelic medicine, reported its fiscal first quarter results for the three months ended September 30, 2021 (“Fiscal Q1 2022”). All results are reported under International Financial Reporting Standards and in Canadian dollars, unless otherwise specified.

“Q1 was a strong start to fiscal year 2022, driven by the addition of another clinic to our network and increased patient demand for our comprehensive range of innovative mental health treatments,” said Yaron Conforti, Novamind’s CEO and Director. “We continue to make progress on our national clinic expansion, most recently with a letter of intent to acquire two locations in Arizona. Our clinical research business has been actively building an exciting pipeline of contracts with leading drug developers.”

Fiscal Q1 2022 Operating Results and Subsequent Events

  • Signed letter of intent (“LOI”) to acquire Arizona-based mental health practice, Foundations for Change, the first announcement from a pipeline of accretive transactions
  • Leased new clinic to meet patient demand in Utah, the Wheeler Park Clinic, scheduled to open in early 2022
  • Opened a new clinic and third research site in Murray, Utah, featuring a new specialized care and research program, Psychedelic Palliative Care by Novamind
  • Secured insurance coverage for direct billing of intravenous ketamine for treatment-resistant depression from four major health insurance providers: Blue Cross Blue Shield, the University of Utah, PEHP Health & Benefits and MBA Benefit Administrators
  • Unveiled new Company logo and announced rebrand of all subsidiary clinics and research sites

Fiscal Q1 2022 Financial Highlights

  • Total revenue of $1,857,750, +113% when compared to same period last year
  • Debt-free balance sheet with $5,969,673 in cash and $2,018,971 in marketable securities
  • Total working capital of $6,834,011 to fund operations

The following table presents selected financial information from Novamind’s reviewed condensed interim financial statements for the three months ended September 30, 2021. The following information should be read in conjunction with the financial statements and management’s discussion and analysis, which are available under Novamind’s SEDAR profile at www.sedar.com.

Q1 2022

About Novamind
Novamind is a leading mental health company enabling safe access to psychedelic medicine through a network of clinics and clinical research sites. Novamind provides ketamine-assisted psychotherapy and other novel treatments through its network of integrative mental health clinics and operates a full-service contract research organization specialized in clinical trials and evidence-based research for psychedelic medicine. For more information on how Novamind is enhancing mental wellness and guiding people through their entire healing journey, visit novamind.ca.

Contact Information
Novamind
Yaron Conforti, CEO and Director
Telephone: +1 (647) 953 9512

Samantha DeLenardo, VP, Communications
Email: media@novamind.ca

Bill Mitoulas, Investor Relations
Email: bill@novamind.ca

Forward-Looking Statements
This news release contains forward-looking statements. All statements other than statements of historical fact included in this release are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations including the risks detailed from time to time in the Company’s public disclosure. The reader is cautioned not to place undue reliance on any forward-looking information. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will update or revise publicly any of the included forward-looking statements as expressly required by applicable laws.

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Numinus to Host Q4 and 2021 Annual Results Conference Call on December 9, 2021

Numinus to Host Q4 and 2021 Annual Results Conference Call on December 9, 2021

VANCOUVER, BC, Nov. 22, 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, will release its financial results for the quarter and year ended August 31, 2021 after market close on Thursday, December 9, 2021.

Interested parties are invited to participate in the Company’s Q4 and 2021 results conference call and webcast, occurring on the same day, at 5:30 p.m. Eastern time / 2:30 p.m. Pacific time. During the call, Numinus executives will review the Company’s performance and recent initiatives, and answer questions from analysts.

To listen to the live webcast, please register at: 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

To participate in the live conference call, please use the following dial-in information:

  • 1 (833) 989-2968 (Toll-free North America)
  • 1 (236) 714-4028 (International)
  • Please ask to participate in Numinus’ Q4 2021 Results Call. To avoid any delays in joining the call, please dial in at least five minutes prior to the call start time. If prompted, please provide conference passcode 5255006.

A replay of the conference call can also be accessed after 8:30 p.m. Eastern time / 5:30 p.m. Pacific time on Thursday, December 9, 2021, at 1-800-585-8367 or 1-416-621-4642 (using passcode 5255006). The replay will be available until December 16, 2021.

About Numinus
Numinus Wellness 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
Statements and other information contained in this press release about anticipated future events constitute forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “seek”, “anticipate”, “believe”, “plan”, “estimate”, “expect” and “intend” and statements that an event “may”, “will”, “should”, “could” or “might” occur or other similar expressions. Forward-looking statements are subject to risks and uncertainties and other factors that could cause actual results to differ materially from those contained in the forward-looking statements. Forward-looking statements are based on estimates and opinions of management at the date the statements are made. The Company does not undertake any obligation to update forward-looking statements even if circumstances or management’s estimates or opinions should change except as required by applicable laws. Investors should not place undue reliance on forward-looking statements.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE Numinus Wellness Inc.

For further information: please contact: Investor Contact Jamie Kokoska, Vice President, Investor Relations, jamie.kokoska@numinus.com; Media Contact, May Lee, Communications Managermay.lee@numinus.com

Related Links

https://numinus.ca/

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Revitalist Reports Sales Growth of 100% for the 10 months ended October 31, 2021 compared to the same period in 2020

Revitalist Reports Sales Growth of 100% for the 10 months ended October 31, 2021 compared to the same period in 2020

VANCOUVER, BC, November 16, 2021 – REVITALIST LIFESTYLE AND WELLNESS LTD. (“Revitalist” or the “Company”) (CSE: CALM) (OTC: RVLWF) (FSE: 4DO) is pleased to announce its clinic operations generated approximately $1.55 million in revenue for the ten months ended October 31, 2021, compared to $789,000 for the same period in 2020. The growth represents an approximate 100% increase over prior year and is attributable to organic growth at its flagship clinic in Knoxville, TN, plus additional revenue from its pipeline of 8 clinics in 5 States.  Estimated gross margin on this level of sales is approximately $1.17 million.

The Company has consistently achieved month over month sales growth as evidenced in the chart below.

 

Mrs. Kathryn Walker, CEO, commented, “We continue to build on our clinic network and mood and pain services which is attributing to the year over year sales growth. Most of our recent new clinics were opened in the second half of 2021 and are starting to see traction with new patient growth. Our marketing team led by our Chief Marketing Officer Larry Heinzlmeir, have developed marketing strategies in the communities that we serve allowing us to attract new patients and optimize revenue growth. We expect to continue this growth trajectory into 2022 given the demand for mental health services.”

 

ABOUT REVITALIST LIFESTYLE AND WELLNESS

Revitalist Lifestyle and Wellness Ltd. (CSE: CALM) (OTC: RVLWF) (FSE: 4DO) is a publicly traded company, headquartered in Knoxville, Tennessee, with five clinics operating across the United States and expanding. Revitalist is dedicated to empowering individuals toward an improved quality of well-being through a combination of comprehensive care and future-centric treatments provided by medical professionals, mental health experts, and chronic pain specialists. Since opening their first clinic in 2018, Revitalist has provided thousands of infusions for patients suffering from treatment-resistant conditions. Additionally, Revitalist offers a number of lifestyle optimization services and vitamin infusions that can bring anyone closer to total wellness. For more information, please visit www.revitalist.com or follow us at:

Twitter:                @RevitalistCorp

Facebook:           @RevitalistLifestyleandWellnessLtd.

Instagram:          @RevitalistCorp

LinkedIn:             @RevitalistLifestyleAndWellnessLtd

Contacts

On Behalf of the Board
Kathryn Walker
Chief Executive Officer

Revitalist Lifestyle and Wellness Ltd.
Email: IR@revitalist.com
Tel: (865) 585-8414

Forward Looking Statements

This news release contains forward-looking statements and information within the meaning of applicable securities legislation. Often, but not always, forward-looking statements and information can be identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “estimates”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward looking statements or information involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Revitalist to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements or information contained in this news release.

Risks, uncertainties, and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. The Canadian Securities Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.

Posted on

Mydecine Reports Third Quarter 2021 Financial Results and Provides Business Update

Mydecine Reports Third Quarter 2021 Financial Results and Provides Business Update

To Launch Phase 2/3 Smoking Cessation Clinical Trial with Johns Hopkins University (JHU)

Signed 5-Year Research Agreement with JHU to Further Mydecine’s Research of Multiple Molecules for a Variety of Indications
—

DENVER, Nov. 16, 2021 (GLOBE NEWSWIRE) — Mydecine Innovations Group (NEO: MYCO) (OTC: MYCOF) (FSE: 0NFA) (“Mydecine” or the “Company’), a biotechnology and digital technology company aiming to transform the treatment of mental health and addiction disorders, today reported its financial results for the third quarter ended September 30, 2021 and provided a business update.

“During the third quarter of 2021, we entered into a 5-year research agreement with Johns Hopkins University School of Medicine, one of the most experienced university departments in conducting clinical research related to the therapeutic use of psychedelics. In collaboration with JHU, we are rapidly progressing one of our lead candidates, MYCO-001, through clinical trials with the upcoming seamless Phase 2/3 smoking cessation clinical trial, and their NIDA grant-funded smoking cessation study which will use MYCO-001. This marks the first time in over 50 years that the U.S government has funded a study of a psychedelic compound for therapeutics,” stated Joshua Bartch, CEO of Mydecine. “As we prepare for the launch of these trials, we expect to meet with the FDA for Pre-Investigational New Drug Application (Pre-IND) meetings in early 2022, another step closer to bringing to market more effective treatments for today’s unmet needs in mental health and addiction.”

Business Highlights During and Subsequent to the Third Quarter 2021

Clinical Trials

  • Prepared to supply its lead drug candidate, MYCO-001, for a JHU multi-site NIDA grant-funded smoking cessation study led by Dr. Matthew Johnson.
  • Announced upcoming launch of seamless Phase 2/3 smoking cessation clinical trial studying the science and efficacy of MYCO-001.
  • Signed a five-year research agreement with JHU School of Medicine to advance clinical trials and explore multiple molecules and medicines for a variety of indications.

IP Portfolio

  • Filed final patent application for MYCO-003 with the United States Patent and Trademark Office and the World Intellectual Property Organization, which is being developed to offer enhanced treatment of anxiety and PTSD.
  • Filed new patent for MDMA-like compounds further expanding its robust portfolio of novel compounds after MDMA-assisted psychotherapy received Breakthrough Therapy Designation from the Food and Drug Administration (FDA).
  • Filed a technology patent that allows for the creation of formulations that utilize nanoemulsion technology to enhance, stabilize and make repeatable properties of ingredients from traditional medicine. The patent will cover formulations that are generally recognized as safe by FDA (GRAS-certified).
  • Successfully synthesized a novel psilocin analogue with improved pharmaceutical properties to further expand its library of patent-pending tryptamines.

Technology

  • Launched Mindleap 2.0, an updated version of its virtual health platform, providing improved infrastructure, better user experience, and expanded content. The 2.0 version also adds focus on the conscious and trustworthy adoption of psychedelics into the broader categories of mental health.
  • Continued development of AI-driven drug discovery program, screening billions of new drug candidates and filtering them for their ability to modulate the activity of the psychedelic-related targets.

Corporate

  • Completed its spin-out transaction of ALT House Cannabis Inc., which now holds the Company’s U.S. cannabis assets in order for the Mydecine Innovations Group’s team to focus on the company’s core drug development business.

Financial Results for the Third Quarter 2021

Net Loss: Net loss attributable to common stockholders was $4.5 million for the third quarter 2021, or a basic and diluted loss per share attributable to common stockholders of $0.02, as compared to a net loss attributable to common stockholders of $17.4 million for the third quarter 2020, or a basic and diluted loss per share attributable to common stockholders of $0.11.

Cash Position: As of September 30, 2021, the Company had cash and cash equivalents of $1.6 million.

About Mydecine Innovations Group
Mydecine Innovations Group™ (NEO:MYCO) (OTC:MYCOF) (FSE:0NFA) is a biotechnology and digital technology company developing innovative first-and-second-generation novel therapeutics for the treatment of mental health and addiction through world-class technology and drug development infrastructure. Mydecine Innovations Group was founded in 2020 on the guiding principle that there is a significant unmet need and lack of Innovations in the mental health and therapeutic treatment environments. Mydecine Innovations Group is dedicated to efficiently developing innovative therapeutics to treat PTSD, depression, anxiety, addiction, and other mental health disorders. Mydecine Innovations Group’s business model combines clinical trials and data outcome, technology, scientific and regulatory expertise with a focus on psychedelic therapy underpinned by other novel molecules with differentiated therapeutic potential. By collaborating with some of the world’s foremost authorities connected by best practices, Mydecine Innovations Group aims to responsibly fast-track the development of new medicines across its platforms, seeking to effectively treat and ultimately change the way we view mental health disorders. Mydecine Innovations Group’s vision is to bridge the current gap between what the mental healthcare system currently provides with the needs of the patients. Mydecine Innovations Group is headquartered in Denver, Colorado, USA with international offices in Leiden, Netherlands.

Learn more at: https://www.mydecine.com and follow us on Twitter, and LinkedIn.

For more information, please contact:

Media Contacts
Anne Donohoe / Nick Opich
KCSA Strategic Communications
myco@kcsa.com
1-212-896-1265 / 1-212-896-1206

Investor Contacts
Charles Lee, Investor Relations
corp@mydecineinc.com
1-720-277-9879

Allison Soss / Erika Kay
KCSA Strategic Communications
myco@kcsa.com
1-212-896-1267

On behalf of the Board of Directors:
Joshua Bartch, Chief Executive Officer
contact@mydecineinc.com

For further information about Mydecine Innovations Group, Inc., please visit the Company’s profile on SEDAR at www.sedar.com or visit the Company’s website at www.mydecine.com.

This news release contains forward-looking information within the meaning of Canadian securities laws regarding the Company and its business, which relate to future events or future performance and reflect management’s current expectations and assumptions. Often but not always, forward-looking information can be identified by the use of words such as “expect”, “intends”, “anticipated”, “believes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would” or “will” be taken, occur or be achieved. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and information currently available to the Company. Readers are cautioned that these forward-looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected including, without limitation, risks regarding the COVID-19 pandemic, the availability and continuity of financing, the ability of the Company to adequately protect and enforce its intellectual property, the Company’s ability to bring its products to commercial production, continued growth of the global adaptive pathway medicine, natural health products and digital health industries, and the risks presented by the highly regulated and competitive market concerning the development, production, sale and use of the Company’s products. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances save as required under applicable securities legislation.

MYDECINE INNOVATIONS GROUP INC.
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
UNAUDITED
(EXPRESSED IN CANADIAN DOLLARS)

As at, September 30,
2021
$		 December 31,
2020 (audited)
$
Current assets
Cash 1,593,516 2,190,702
Rent and other receivable 135,674 27,746
Inventory 41,268 47,262
Sales tax receivable 73,632 13,734
Prepaids and deposits 3,782,180 216,003
Total current assets 5,626,270 2,495,447
Non-current assets
Prepaids and deposits 1,922,559 –
Investment in joint venture 158,432 303,982
Note receivable 327,536 316,110
Investment in associate 233,579 4,481,988
Right-of-use asset 154,347 223,645
Investment properties 1,419,347 1,418,345
Property and equipment 521,867 291,614
Total assets 10,363,937 9,531,131
Current liabilities
Accounts payable and accrued liabilities 1,315,927 1,187,486
Convertible debentures 272,740 2,959,755
Derivative liabilities 837,207 1,586,744
Lease liability – current portion 76,969 69,329
Total current liabilities 2,502,843 5,803,314
Non-current liabilities
Long-term portion of lease liability 94,515 167,118
Total liabilities 2,597,358 5,970,432
Shareholders’ equity
Share capital 105,648,795 85,298,435
Contributed surplus 14,848,383 12,734,636
Equity portion of convertible debentures 17,190 254,690
Accumulated other comprehensive loss (449,317 ) (444,803 )
Deficit (112,298,472 ) (94,282,259 )
Total shareholders’ equity 7,766,579 3,560,699
Total liabilities and shareholders’ equity 10,363,937 9,531,131

 

MYDECINE INNOVATIONS GROUP INC.
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS
UNAUDITED
(EXPRESSED IN CANADIAN DOLLARS)

For the three-month
period ended,		 For the nine-month
period ended,
September
30, 2021		 September
30, 2020		 September
30, 2021		 September
30, 2020
Sales 73 17,158 21,278 43,391
Cost of goods sold (35 ) (21,153 ) (10,032 ) (31,829 )
Gross margin 38 (3,995 ) 11,246 11,562
Expenses
Finance cost 22,995 19,151 146,692 19,151
Corporate development 410,424 325,038 2,838,317 1,099,728
Amortization 47,572 61,886 126,767 128,926
Consulting fees 1,617,184 461,623 3,835,207 1,744,009
Director and management fees 454,215 186,520 1,286,723 367,622
Foreign exchange loss (gain) (65,862 ) (21,233 ) 249,746 (158,014 )
Insurance 171,704 – 324,927 –
Office and miscellaneous 427,486 113,441 648,961 170,235
Share of losses (income) from investment in Joint Venture 28,503 – 136,604 –
Share of (income) from investment in Associate 45,056 (7,470 ) 86,808 (15,411 )
Professional fees 179,130 43,255 1,529,599 143,088
Regulatory and filing fees 7,879 12,644 185,791 27,091
Research and development 1,265,610 433,408 2,587,740 434,791
Salaries 311,355 – 545,686 –
Share-based payments – 3,715,421 – 4,725,174
Total expenses (4,923,251 ) (5,343,684 ) (14,529,568 ) (8,686,360 )
Other income (expenses)
Change in fair value of derivative liabilities 353,612 (740,434 ) 575,505 (740,434 )
Impairment of investment in associate – – (4,169,616 ) –
Consideration paid in excess of net assets acquired from acquisition – (10,645,239 ) – (10,645,239 )
Write-off of inventory – (458,921 ) – (458,921 )
Other income – 35 – 35
Rental income 33,073 45,293 98,539 141,715
Gain (loss) on settlement of debt – 21,879 (2,319 ) 33,304
Total other income (expenses) 386,685 (11,777,387 ) (3,497,891 ) (11,669,540 )
Net loss for the period (4,536,528 ) (17,125,066 ) (18,016,213 ) (20,344,338 )
Foreign currency translation adjustment 44,114 (279,811 ) (4,514 ) (152,659 )
Net loss and comprehensive loss for the period (4,492,414 ) (17,404,877 ) (18,020,727 ) (20,496,997 )
Net loss per share – Basic and diluted (0.02 ) (0.11 ) (0.08 ) (0.22 )
Weighted average number of shares outstanding – Basic and diluted 240,222,065 152,596,239 228,662,632 95,039,381