The combination further enhances Numinus'
leadership position in evidence-based psychedelic-assisted
psychotherapy and health solutions
VANCOUVER, BC, Dec. 15, 2020 /CNW/ - Numinus Wellness
Inc. ("Numinus" or the "Company") (TSXV: NUMI), a company
creating an ecosystem of health solutions centered around
developing and supporting the safe, evidence-based, accessible use
of psychedelic-assisted psychotherapies (PAP), is pleased to
announce the acquisition of Montreal-based Mindspace Psychology Services
Inc (DBA Mindspace Wellbeing), a leader and pioneer in psychedelic
programming. The agreement brings together the capabilities of two
leading Canadian organizations to develop and scale delivery of
evidence-based psychedelic-assisted psychotherapy to provide the
highest quality patient outcomes.
"Adding Mindspace to the Numinus platform will provide strong
synergies for both companies," said Dr. Devon Christie, Medical Director at Numinus and
a MAPS-trained therapist for the delivery of MDMA-assisted
psychotherapy. "The companies have similar values and complementary
strengths, which make this a strong corporate and cultural fit. We
are also proud to grow our presence nationally through this
announcement."
"Joining the Numinus team is a natural choice," said Dr.
Joe Flanders, Founder and Managing
Partner of Mindspace. "It's an excellent opportunity for us to work
closely with a partner that shares our vision and values. We are
impressed by the depth and rigor of Numinus' clinical team and
their authentic commitment to finding meaningful, accessible, and
sustainable solutions to the mental health challenges we
collectively face".
"We're very excited to be bringing the Mindspace brand under the
Numinus umbrella," said Payton
Nyquvest, CEO of Numinus. "The combination furthers our
stated mission and delivers on our prospectus. This is a first and
major step forward in our plan for global expansion of
revenue-generating clinics and virtual therapy with the objective
of health and wellness for all. Today's announcement sets a
positive trajectory for making psychedelic-assisted psychotherapy
more accessible to those in need."
The acquisition not only adds a Montreal presence to Numinus' existing
Vancouver location — with three
established locations and extensive virtual services — but also
brings the insight and expertise gleaned from a decade of
successful client-facing clinic management. The family of clinics
generated an average of 25 percent year-over-year growth over the
past five years, including $1.7M in
revenue generation over the past twelve months that is anticipated
to grow with the newly launched ketamine-assisted therapy program.
Mindspace will operate under the 'Mindspace by Numinus' brand under
the continued leadership of founder Dr. Flanders. The Corporate
Wellbeing practice of Mindspace is not included within this
agreement and will continue offering its services under another
brand soon to be announced.
About Psychedelic-Assisted Psychotherapy
Psychedelic-assisted psychotherapy (PAP) is gaining traction
within the medical community and general public, as research
results demonstrate its effectiveness for a range of mental health
conditions. North American regulators have granted exceptions
to fast-track their implementation, and whole communities vote for
decriminalization and medical use. Just last week, in a global
regulatory shift, Health Canada
announced its intent to make MDMA and psilocybin therapy available
through the Special Access Programme (SAP), pending sixty days of
public consultation.
Numinus is a leader in the industry as the first public company
in Canada to receive a licence to
produce and extract psilocybin from mushrooms, the first to
complete a legal harvest of psilocybe mushrooms using this licence,
and the holder of a Health Canada dealer's licence to import,
export, possess, test, and distribute MDMA, psilocybin, psilocin,
DMT, and mescaline.
The acquisition of Mindspace builds upon Numinus' recently
announced plans to embark upon an open-label compassionate access
clinical trial of psilocybin-assisted psychotherapy for
substance use disorders and its partnership with the
Multidisciplinary Association of Psychedelic Studies (MAPS), a
leading psychedelic education and research organization, to begin a
similar trial of MDMA-assisted psychotherapy for PTSD. In line with
Numinus' objectives stated in the prospectus filed in
September 2020, the Company's Vancouver clinic is being renovated to
administer the trials which will enable Numinus to develop the
infrastructure around psychedelic-assisted psychotherapy, train its
therapists, and implement, test, and refine optimal protocols
for delivery even before these therapies are widely accessible.
These trials, which will supply health and safety data to Health
Canada, prepare the Company to deliver fully regulated
psychedelic-assisted psychotherapy that translates research-driven
best practices into publicly accessible treatments. With the
addition of Mindspace, Numinus will be uniquely positioned to
provide patients with MDMA and psilocybin-assisted psychotherapy
under the expanded SAP revision based on its extensive work
completed on developing protocols for psychedelic-assisted
psychotherapy and its multiple locations.
About Dr. Joe
Flanders
Mindspace Founder and Director "Dr.
Joe" Flanders obtained his PhD in
Clinical Psychology from McGill
University and completed a postdoctoral fellowship at
the University of Wisconsin–Madison. He also works as a
psychologist and trains psychotherapists and mindfulness teachers
through his position as an Assistant Professor (Professional) in
the McGill University Psychology
Department. Dr. Flanders appears frequently in the media as a
mental health subject matter expert and is the host of the
Mindspace podcast, which has more than 4,000 subscribers.
Terms of the agreement
Numinus will pay the following
consideration to complete the Transaction:
I. $500,000 in cash upon closing of the Transaction
II. A time-based payout of 441,176 common shares of Numinus issued
over the course of 24 months
III. $100,000 in Numinus Shares,
issued Market Price, per year on each of the first three (3)
anniversaries of the Closing Date
IV. A multi-year performance payout of $800,000 in Numinus shares, issued at Market
Price.
The closing of the Transaction is subject to a number of
conditions, including the approval of the TSX Venture exchange, and
is expected to be completed by December 31,
2020.
On behalf of the board of Numinus Wellness inc.
Payton Nyquvest
President, Chief Executive Officer and Chair
About Numinus
Numinus Wellness Inc. (TSXV: NUMI) is a mental health and
wellness company creating an ecosystem of solutions centred around
safe, evidence-based, accessible psychedelic-assisted psychotherapy
to help people heal and be well.
Numinus Health is dedicated to delivering innovative
treatments to address physical, mental, and emotional health,
through clinics and virtual services.
Numinus R&D is conducting implementation science
and leveraging partnerships to beta-test and refine optimal models
of psychedelic-assisted psychotherapy delivery, setting the stage
for approved routine use in mental health and wellness care.
Numinus Bioscience is focused on developing testing
methods and effective formulas for the evolving psychedelics space.
Health Canada licences, scientific
expertise, and new technologies facilitate ongoing innovation, and
high-throughput contract services generate established revenue.
Learn more at numinus.ca, and follow us on Facebook, Twitter,
and Instagram.
About Mindspace Wellbeing
Founded in 2011, Mindspace Wellbeing is a Montreal-based full-service well-being
organization that began as a state-of-the-art psychology clinic
with a focus on evidence-based approaches to mental health.
Mindspace boasts exclusively PhD-level psychotherapists and is
focused on evidence-based approaches to mental health.
In 2019, Mindspace launched its Psychedelic Harm Reduction and
Integration programming, pioneering first-of-its-kind training in
Canada for clinicians helping
their clients work safely with psychedelics. In 2020, the company
expanded its psychedelic offering to administer ketamine-assisted
psychotherapy for treatment-resistant depression.
Mindspace has three Montreal
locations that support more than 1,400 clients, through in-person
and virtual services. Mindspace also hosts a podcast with more
than 4,000 subscribers.
Forward Looking Statements
This news release contains forward-looking statements within
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not historical facts, including without limitation, statements
regarding future estimates, plans, programs, forecasts,
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among others, dependence on obtaining and maintaining regulatory
approvals, including acquiring and renewing federal, provincial,
municipal, local or other licences and any inability to obtain all
necessary governmental approvals licences and permits to operate
and expand the Company's facilities; regulatory or political change
such as changes in applicable laws and regulations, including
federal and provincial legalization, due to inconsistent public
opinion, perception of the medical-use and adult-use marijuana
industry, bureaucratic delays or inefficiencies or any other
reasons; any other factors or developments which may hinder market
growth; the Company's limited operating history and lack of
historical profits; reliance on management; the Company's
requirements for additional financing, and the effect of capital
market conditions and other factors on capital availability;
competition, including from more established or better financed
competitors; and the need to secure and maintain corporate
alliances and partnerships, including with research and development
institutions, customers and suppliers. 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. There can be no assurance that
forward-looking statements will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in forward-looking statements. The Company has no
obligation to update any forward-looking statement, even if new
information becomes available as a result of future events, new
information or for any other reason except as required by
law.
SOURCE Numinus Wellness Inc.