In a preclinical animal model, Wesana Health (WESA) found that a single high dose of psilocybin rapidly improved depressive behaviours for 14 days. A regimen of psilocybin microdoses and CBD was able to sustain the results and reduced depressive behaviours by an additional 64%.
Let’s keep the microdosing evidence coming!
CHICAGO and TORONTO, Jan. 12, 2022 (GLOBE NEWSWIRE) — Wesana Health Holdings Inc. (“Wesana” or the “Company”) (CSE: WESA; OTCQB: WSNAF), a data driven life sciences company focused on developing the novel therapies of tomorrow and delivering new care paradigms today, is pleased to announce the following strategic and operational updates to the Company’s Care Development and Care Delivery businesses in addition to leadership changes as the Company streamlines its strategy going into FY 2022.
Care Development
Program overview
Wesana’s drug development program looks to utilize combination therapy to treat the symptoms associated with Traumatic Brain Injury (“TBI”), such as depression and anxiety, and migraines. By utilizing psilocybin and cannabidiol (“CBD”), a combination therapy of compounds with demonstrated effectiveness, Wesana’s lead drug candidate, SANA-013, is targeted to improve neuroplasticity and neurogenesis while acting as an anti-neuroinflammatory. In contrast to therapist assisted, single dose therapy, where a large dose of psilocybin is administered in clinic, which has exhibited poor durability and waning effects over a short time-period, SANA-013 utilizes a loading dose of psilocybin in combination with self-administered at-home maintenance doses of psilocybin and CBD to provide more sustained effects and benefit over time.
Pre-IND meeting milestone
The U.S Food and Drug Administration (“FDA”) granted the Company’s request for a pre-Investigational New Drug (“IND”) meeting to discuss the novel therapy and proprietary protocol of SANA-013 for the treatment of TBI-related major depressive disorder (“MDD”).
In the pre-IND meeting, scheduled for March 11, the Company expects to receive feedback from the FDA on its toxicology program and research to-date. The outcome of the meeting will provide key development guidance in advance of IND clearance and initiation of the Phase I clinical trial, currently anticipated to occur in late 2022.
Mark Wingertzahn, Chief Scientific Officer of Wesana commented: “We are impressed with the latest Wesana data and look forward to discussing our drug development approach with regulators in the US and abroad.”
Care Delivery
Record Q4 numbers at Wesana Clinics
The Company is pleased to report that following its previously announced milestone of 4,000 ketamine infusions since the clinic’s inception, Wesana Clinics (the “Clinics”) have shown tremendous growth. The Clinics realized a record quarter in Q4 of billings, new patient visits, telemedicine utilization, overall patient appointments, and ketamine administrations. The record quarter can be attributed to an increase in marketing efforts inclusive of relationship building with the provider and therapist community and strategic and targeted marketing communications.
Wesana Clinics saw a 40% increase in new patient volume and a 29% increase in new appointments relative to the previous quarter. In December 2021, compared to the prior month, Ketamine infusions have also exceeded previous records by 52% while Spravato appointments have increased by 35%. Additionally, the Clinics are expanding access to mental health care through higher utilization of telemedicine appointments. Telemedicine appointments accounted for 57% of all appointments in the last quarter.
Dr. Abid Nazeer, Wesana’s Chief Medical Officer, commented: “I am incredibly pleased with the growth and optimization of the clinics since Wesana’s acquisition in September. Even taking into consideration the backdrop of increasing COVID-19 cases in Chicago, our ability to achieve record numbers is evidence that there is a growing need for accessible, effective, and patient-focused quality mental health care models that integrate established treatment approaches with novel care paradigms. Wesana’s expertise in marketing combined with our existing success in operations has created a winning combination for our patients and improved operating leverage for shareholders.”
Clinic Expansion within Chicago
The Company is also pleased to announce the expansion of clinical operations through the build-out of a third clinic in Naperville, Illinois. Strategically located approximately 25 minutes from the company’s clinic in Oak Brook, IL and 45 minutes from the clinic in downtown Chicago, the Naperville clinic will serve as a key expansion center that will benefit from existing referral sources and marketing initiatives as current locations reach capacity.
At approximately 3,100 square feet, the clinic will offer ketamine treatments in addition to existing Wesana Clinics insurance reimbursable services such as general psychiatric care, Spravato, individual psychotherapy, neurocognitive testing and addiction medicine. The Naperville clinic will also look to showcase the evolution of the clinics through new value-added, insurance reimbursable services such as deep Transcranial Magnetic Stimulation (“dTMS”), group psychotherapy, cognitive training and other mental health and wellness care. The launch of the clinic is currently targeted for late Q1 2022.
“The Naperville expansion is a natural evolution for our clinics business and allows us to realize our vision of Wesana Clinics 2.0,” commented Daniel Carcillo, Chief Executive Officer of Wesana Health. “Serving as our flagship, we are positioned to help the Naperville community with much needed mental health access through new integrated and more effective personalized approaches to healing. Based on our research and understanding of our patient population, we are confident that the new clinic will be a validation of our view on the evolution of our clinics business into a more comprehensive care model.”
Leadership Changes
Israel Mirsky, Chief Marketing and Strategy Officer of Wesana, has transitioned out of the organization to pursue other opportunities. As an early executive of Wesana, Mr. Mirsky was instrumental in building out the Company’s marketing function and in refining the Company’s strategy. The Company would like to thank Mr. Mirsky for his contributions in the early stages of the company and for his role in building out one of Wesana’s key functions.
Hayim Raclaw, Chief Operating Officer of Wesana, has transitioned out of the organization to pursue other opportunities. As co-founder and CEO of PsyTech, Hayim led the development of the clinics and clinical software divisions that now comprise the Care Delivery segment of Wesana. The Company would like to thank Mr. Raclaw for a successful integration of PsyTech’s assets into Wesana and for his contributions to the combined organization.
“On behalf of the management team, I would like to thank Israel and Hayim for their commitment and contributions to building Wesana to its current stage and wish them all the best in their future endeavors,” commented Daniel Carcillo. “As our strategy continues to evolve on both sides of our business, these transitions serve as needed steps to realize our vision of helping patients transcend the barriers in mental health and performance.”
Additional Restructuring
The Company also announces a strategic restructuring program as part of the next phase of the business. The restructuring includes a reorganization and simplification of the Company’s operating structure and a reduction in the workforce. The restructuring program specifically looked to reduce layers of management, remove duplicative roles, and outsource certain non-core functions in order to streamline operations and drive efficiency. The overall restructuring program has reduced general corporate overhead annualized commitments by $1.1M excluding charges associated with severance and related costs.
“We are announcing extensive changes today to make Wesana a stronger, more durable and focused company,” said Zed Wang, Chief Financial Officer of Wesana. “This includes making the difficult decision to part ways with some of our workforce. Saying goodbye to teammates is not a decision that was taken lightly, and we remain very grateful to everyone for their hard work and dedication to Wesana. These changes better positioned our organization by allowing our organization to be laser focused on executional excellence, R&D, quality and accessibility of care.”
On behalf of the Board of Directors:
“Daniel Carcillo” Chief Executive Officer
About Wesana Health
Wesana Health helps people transcend barriers in mental health and performance. We innovate in care development through our therapies and proprietary protocols, and in care delivery through activating a new multidisciplinary, technology-supported clinical model. Learn more at www.wesanahealth.com.
Investor Relations:
Keenan Gentry
Email: IR@wesanahealth.com
Phone: 702.329.8038
Media Contacts:
Isadora Forman
Email: media@wesanahealth.com
Phone: 917.653.4613
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 initiation of Phase I clinical trials in late 2022, the launch of the Naperville clinic in late Q1 2022 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.
Certain factors that influence successfully initiating Phase I clinical trials in late 2022 include: (i) the Company has retained industry leading experts/consultant to assist with strategy, drafting and submission of pre-IND/CTA meeting Packages; (ii) preparation of materials and internal discussions with consultants have been ongoing, productive and in line with timeline expectations; (iii) the Company has submitted an authorization letter to the FDA authorizing one of its Contact Research Organizations to communicate directly with the FDA on the Company’s behalf and personnel capable of attending the pre-IND/CTA meetings on behalf of the Company have been engaged; (iv) timelines for completion of pre-clinical studies and the receipt of a final report on the Anxiety and Depression Effects Study have been met; (v) the Company has identified the next key IND-enabling studies, including the pharmacology and toxicology assessments necessary to support submissions; (vi) the Company has substantially completed drafting the protocols for the above-referenced IND enabling studies, including the pharmacology and toxicology assessments; (vii) the pre-IND meeting is contemplated to provide the Company with the requisite guidance as to whether the protocols for the IND enabling studies are sufficient.
Certain assumptions that influence successfully initiating Phase I clinical trials in late 2022 include: (i) third parties assisting the Company with the pre-IND/CTA submissions will continue to satisfy deadlines on deliverables within anticipated timeframes; (ii) the pre-IND/CTA meetings are positive and support that a drug development plan and future clinical trials are going to be acceptable to the FDA and Health Canada; (iii) the Company and its consultants can efficiently and timely address any additional correspondence, submission of additional materials or information pursuant to any ongoing requests from FDA/Health Canada as they may arise during the course of their review following the filing of submissions; (iv) additional pre-clinical studies will be commenced and completed on a timely basis and results will be supportive and as anticipated; (v) the Company’s pre-clinical studies (animal pharmacology and toxicology testing) generate data and analyses to support an FDA decision that it is safe to proceed with human trials of the Company’s formulation; and (vi) the Company is able to maintain a GMP supply source necessary to conduct in-human clinical trials.
Certain factors that influence successfully launching the Naperville clinic in late Q1 2022 include: (i) the Company has identified a third clinic location and property and is finalizing the lease, (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, and (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 launching the Naperville clinic in late Q1 2022 include: (i) there are no significant delays in the buildout for the Naperville clinic early in Q1 2022, and (ii) there are no significant delays in renovation/permitting.
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: reliance on third parties to plan, conduct and monitor product research and development; failure to comply with health and data protection laws and regulations; violations of laws and regulations resulting in repercussions; regulatory or political change; 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 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.
The majority of patients with traumatic brain injury (TBI) also experience depression, and patients with severe TBI-related depression are 5x more likely to attempt suicide.
Wesana Health (WESA) is planning a study to see if the condition can be treated with one large dose of psilocybin in a clinic, followed by “self-administered maintenance doses” of psilocybin and CBD to sustain the benefits.
Researchers believe the treatment will promote neuroplasticity and neurogenesis while reducing neuroinflammation.
CHICAGO and TORONTO, Dec. 14, 2021 (GLOBE NEWSWIRE) — Wesana Health Holdings Inc. (“Wesana” or the “Company”) (CSE: WESA; OTCQB: WSNAF), a data-driven life sciences company, is pleased to announce receipt of a commercial viability analysis conducted by the Boston Consulting Group (BCG) which validated and will expedite Wesana’s partnership talks with Multidisciplinary Association for Psychedelic Studies (MAPS) and MAPS Public Benefit Corporation (MAPS PBC). The parties will move forward with the negotiation of their definitive agreement to study the use of MDMA-assisted therapy to treat symptoms associated with traumatic brain injury (TBI).
“This analysis brings us one step closer to partnering with Wesana to conduct research into the potential of MDMA-assisted therapy in the underserved TBI population,” said MAPS Executive Director, Rick Doblin, Ph.D. “This market analysis makes the case even more compelling for our partnership.”
Daniel Carcillo, CEO of Wesana Health added, “The receipt of favorable results in the MAPS-commissioned BCG report is a critical milestone in what will be the first-of-its-kind collaboration between MAPS and Wesana, facilitating our definitive agreement conversations regarding MDMA-assisted therapy for TBI symptoms.”
The BCG report forecasts a continuing favorable environment for this collaboration. Should a definitive agreement be entered into, it is expected to accelerate the parties’ research timelines and provide additional support to MAPS for further investigation, advocacy, education, and equitable access to MDMA-assisted therapy for TBI symptoms.
Carcillo continued, “With the overall reported cost of TBI in the range of ~$76.5 billion annually in the US according to the Centers for Disease Control and Prevention, the market is ready for a new solution. We remain committed to this important work as we move toward our goal of MDMA-assisted therapy for TBI symptoms and would be thrilled to deliver meaningful help to victims, families, friends and communities whose lives have been impacted by TBI.”
About Wesana Health
Wesana Health helps people transcend barriers in mental health and performance. We innovate in care development through our therapies and proprietary protocols, and in care delivery through activating a new multidisciplinary, technology-supported clinical model. Learn more at www.wesanahealth.com
ABOUT MAPS
Founded in 1986, MAPS is a 501(c)(3) non-profit research and educational organization that develops medical, legal, and cultural contexts for people to benefit from the careful uses of psychedelics and marijuana. MAPS is sponsoring the most advanced psychedelic therapy research in the world: Phase 3 clinical trials of MDMA-assisted therapy for PTSD. Since its founding, MAPS has raised over $130 million for psychedelic and marijuana research and education and has earned both the Guidestar Platinum Seal of Transparency and a 4-Star Rating from Charity Navigator.
ABOUT MAPS PUBLIC BENEFIT CORPORATION
MAPS Public Benefit Corporation (MAPS PBC) catalyzes healing and well-being through psychedelic drug development, therapist training programs, and sales of prescription psychedelics while prioritizing public benefit above profit. Founded in 2014, MAPS PBC is a wholly-owned subsidiary of the Multidisciplinary Association for Psychedelic Studies (MAPS), a 501(c)(3) non-profit organization.
Cautionary Note Regarding Forward-Looking Information
This news release contains “forward-looking information” within the meaning of applicable securities laws with respect to the Company, including 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.
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: 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; 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; 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 Company’s management’s discussion and analysis for the three- and nine-months ended September 30, 2021 and 2020 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
Source: Wesana Health
Released December 14, 2021
CHICAGO and TORONTO, Dec. 09, 2021 (GLOBE NEWSWIRE) — Wesana Health Holdings Inc. (“Wesana” or the “Company”) (CSE: WESA; OTCQB: WSNAF), a data-driven life sciences company, is pleased to announce that it has filed Patent Cooperation Treaty (“PCT”) patent applications towards securing the exclusive rights to protocols, delivery methods and compositions of matter which includes utilizing a high loading dose of psilocybin-assisted psychotherapy, coupled with non-hallucinogenic, low maintenance doses of psilocybin with and without other evidence-based therapies (plant medicines, fungi and adaptogens) to treat neurological based conditions.
This PCT application, filed with the World Intellectual Property Organization will enable Wesana to file patent applications and seek protection in most major markets throughout the world.
These applications are focused on developing novel therapies to treat symptoms associated with traumatic brain injury (“TBI”), such as depression and anxiety, as well as migraines unrelated to TBI among the general population. Overall, any patent efforts in relation to the foregoing are at the patent application stage.
“Since we began our research at Wesana, our goal remains to find novel therapies to help other sufferers of TBI and mental health challenges find hope through effective healing medicine and therapies,” said Daniel Carcillo, Wesana founder and CEO. “As we continue to develop our process and refine our unique solutions, we want to ensure proper IP protection to be able to provide the most innovative methods for proper treatment. To pass this critical milestone and bring us one step closer to accomplishing this goal is truly thrilling.”
Dr. Mark Wingertzahn, Wesana’s Chief Scientific Officer, added “I am excited for this filing as it serves to further advance Wesana’s proprietary development portfolio.”
About Wesana Health
Wesana Health helps people transcend barriers in mental health and performance. We innovate in care development through our therapies and patent-pending protocols, and in care delivery through activating a new multidisciplinary, technology-supported clinical model. Learn more at www.wesanahealth.com.
Cautionary Note Regarding Forward-Looking Information
This press release includes statements or information which may constitute “forward-looking information” within the meaning of applicable Canadian securities laws. Forward-looking statements include, but are not limited to, statements with respect to activities, events or developments that the Company expect or anticipate will or may occur in the future, including management’s assessment of future plans, operations and performance and statements with respect to the business plan of the Corporation. In certain cases, forward-looking statements can be identified by terminology such as “may”, “will”, “expect”, “plan”, “anticipate”, “believe”, “intend”, “estimate”, “predict”, “forecast”, “outlook”, “potential”, “continue”, “should”, “likely”, or the negative of these terms or other comparable terminology. 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.
Any patent efforts of the Company remain at the application stage and there is no assurance that the Company will file additional patent applications or in what jurisdictions they may be filed, if any. Furthermore, while the PCT application has been filed, there is no assurance that a patent(s) will be granted or will be granted in a form that will be sufficient to protect the Company’s proprietary therapies or protocols or enable it to gain or keep any competitive advantage that it may have.
Although management believes that the anticipated future results, performance or achievements expressed or implied by the forward-looking statements are based upon reasonable assumptions and expectations, the reader should not place undue reliance on forward-looking statements because they involve assumptions, known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to differ materially from anticipated future results, performance or achievements expressed or implied by such forward-looking statements. Certain risk factors include but are not limited to the ability of the Company to protect its intellectual property, changes to patent law, requirements to share intellectual property with service providers, general economic, market and business conditions and other risk factors including those found in 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.
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
Source: Wesana Health
Released December 9, 2021
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
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:
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
Source: Wesana Health
Released November 29, 2021
CHICAGO and TORONTO, Nov. 19, 2021 (GLOBE NEWSWIRE) — Wesana Health Holdings Inc. (“Wesana” or the “Company”) (CSE: WESA; OTCQB: WSNAF), a data-driven life sciences company, announced today that the Company’s Wesana Clinics business segment has surpassed 4,000 administered ketamine treatments for major depressive disorder, anxiety, PTSD, and addiction since inception.
Daniel Carcillo, CEO of Wesana Health commented, “This is a significant achievement for Wesana Clinics. There is an urgent need for innovative and effective treatments to combat the current budding epidemics of suicide, addiction, anxiety, and depression. We continue to believe that Wesana’s clinical network remains at the forefront of mental health advancements while maintaining a strong foundation in traditional psychiatric care.”
Wesana’s psychiatrist-led clinical network includes two flagship clinics strategically located in Oak Brook and Downtown Chicago, Illinois. Since 2016, under the leadership of Wesana’s Chief Medical Officer, Dr. Abid Nazeer, the clinics have helped thousands of patients through integrated treatment and a comprehensive therapeutic approach.
Contributing to the advancement in patient care at the clinic level is Wesana’s proprietary clinical patient monitoring and management platform, Wesana Solutions. Currently in the beta testing phase, Wesana Solutions looks to improve mental healthcare by tracking the efficacy of clinical protocols with a particular focus on clinics delivering personalized care, inclusive of ketamine therapy.
“In the past, I would need to rely solely on the subjective reporting of a patient or a family member regarding symptoms. Now, there is a way to gather and process the data, which helps guide clinical decision making,” said Dr. Nazeer. He added: “this is addressing a need.”
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. Learn more at www.wesanahealth.com. 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.
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, and the completion of product development and timing for clinic deployment of, Wesana Solutions, 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.
As disclosed herein, 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. 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; failure to comply with health and data protection laws and regulations; violations of laws and regulations resulting in repercussions; regulatory or political change; 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 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
CHICAGO and TORONTO, Oct. 01, 2021 (GLOBE NEWSWIRE) — Wesana Health Holdings Inc. (“Wesana” or the “Company”) (CSE: WESA; OTCQB: WSNAF), an emerging data driven life sciences company focused on developing innovative approaches for better understanding, protecting and improving neurological health and performance, including through the advancement of psychedelic medicines, is pleased to announce its inclusion 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 their core holdings.
Chad Bronstein, Executive Chairman of Wesana, commented: “We are incredibly pleased to have been selected as a core constituent in the new AdvisorShares Psychedelics ETF. Inclusion in this ETF is another validation in the evolution of Wesana as a publicly traded company and the impact Wesana’s core initiatives have had on the psychedelics sector. By strengthening our shareholder base and improving our visibility in the global investment community, we are excited for the next steps in bringing Wesana’s unique approach to neurological health and wellness to patients across the country.”
You can find additional information on the AdvisorShares Psychedelics ETF here.
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. Learn more at www.wesanahealth.com.
Forward-Looking Information and Statements
This press release contains “forward-looking information” within the meaning of applicable securities laws with respect to the Company, including, but not limited to: information concerning completion and timing of completion of the issuance of DRS statements to the former PsyTech shareholders, expectations for the effects of the proposed Transaction, including the potential expansion of the clinic platform of the Company upon completion of the Transaction, expectations regarding the markets to be entered into by the Company as a result of completing the Transaction, the ability of the Company to successfully achieve its business objectives as a result of completing the Transaction, expectations regarding the method by which future revenue is generated, 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 including among other things assumptions about: development costs remaining consistent with budgets; favorable equity and debt capital markets; the ability to raise sufficient capital to advance the business of the Company; favorable operating conditions; political and regulatory stability; obtaining and maintaining all required licenses and permits; receipt of governmental approvals and permits; sustained labor stability; stability in capital goods markets; the level of demand for the Company’s products and services; the ability of the Company to be successful in its research and development initiatives; and the availability of third party service providers and other inputs for the Company’s operations. While the Company considers these assumptions to be reasonable, the assumptions are inherently subject to significant business, social, economic, 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 plans, intentions, activities, results, financial position, performance or achievements of the Company to be materially different from any future plans, intentions, activities, results, financial position, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others: research and development of drugs targeting the central nervous system (“CNS”) being particularly difficult; failure to comply with health and data protection laws and regulations; delays in clinical testing resulting in delays in commercializing; inability to file investigational new drug applications to commence clinical trials in a timely manner; difficulty enrolling patients in clinical trials; competition from other biotechnology and pharmaceutical companies; violations of laws and regulations resulting in repercussions; psychedelic inspired drugs possibly never being approved as medicines; regulatory or political change; maintaining and enhancing reputation and brand recognition; reliance on third parties to plan, conduct and monitor preclinical studies and clinical trials; requirements of commercial scale and quality manufactured drug supply; negative results from clinical trials or studies of others; negative operating cash flow and going concern; the detrimental impact of future losses and negative cash flow from operations; requirements for additional capital; lack of product revenue; unfavourable publicity or consumer perception; not achieving publicly announced milestones; 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; ability to protect intellectual property; changes in patent law; requirements to share intellectual property with service providers; general economic, market and business conditions, other risks factors including those found in 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
Source: Wesana Health
Released October 1, 2021
