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:
Nick Opich / Fallon Carter
KCSA Strategic Communications
On behalf of the Board of Directors:
Daniel Carcillo, Chief Executive Officer