12/27/2023 0 Comments Novamind psychedelicThe combined company, operating under the Numinus’ name and leadership team, will operate 13 wellness clinics across North America, four research sites, and one bioanalytical laboratory. The company has eight ketamine clinics throughout the USA, and they announced recently that they will be hosting a Usona Phase 2 clinical trial treating Major Depressive Disorder with psilocybin-therapy and a MindMed Phase 2b trial treating Generalized Anxiety Disorder with LSD therapy. Novamind, while much smaller with a market cap just shy of $15 million (CAD), is also a leader in certain respects. They have a market cap north of $100 million (CAD), are working with MAPS on treating PTSD with MDMA-therapy, they’re running a compassionate access trial treating Substance Use Disorders with psilocybin-therapy, they’re operating five therapy clinics in Canada, and they have two research facilities and a bioanalytical laboratory. When the transaction is finalized, each Novamind share you own will automatically be transformed into 0.84 of a Numinus share.Įven before the acquisition, Numinus was already a top 10 player in the psychedelic medicines field. If you currently hold Novamind stock, you do not need to do anything. ![]() When the transaction is completed, Novamind shareholders will own around 18% of Numinus. This means Numinus is offering a premium of 51% to Novamind shareholders, based on the 20-day volume-weighted average price of their stock. The acquisition will be done in stock, and shareholders of Novamind will receive 0.84 of a common share of Numinus per Novamind share held, implying an offer price of $0.44 per Novamind share. For more information on how Novamind is enhancing mental wellness and guiding people through their entire healing journey, visit novamind.ca.Psychedelic stock investors woke up to some major news today: Numinus Wellness (TSX: NUMI) (OTCQX: NUMIF) announced that they are acquiring Novamind Inc. Both Cedar Psychiatry and Cedar Clinical Research are wholly owned subsidiaries of Novamind. Novamind provides ketamine-assisted psychotherapy and other novel treatments through its network of Cedar Psychiatry clinics and operates Cedar Clinical Research, a contract research organization specialized in clinical trials and evidence-based research for psychedelic medicine. Novamind is a leading mental health company enabling safe access to psychedelic medicine through a network of clinics and clinical research sites. Robison noted that for patients, that means faster approval times and quicker reimbursements. ![]() To support the rapid growth of its clinic network, Novamind opened a dedicated call centre specialized in insurance benefit verification and prior authorizations. I look forward to further informing these decisions by soon publishing the results of real-world evidence studies and hosting upcoming clinical trials examining the use of psychedelic-assisted psychotherapy.”įor many medical and prescription drug plans, prior authorizations from insurance companies are required in advance of administering certain treatments-including IV ketamine for depression. “For ketamine therapy to reach the masses, many more insurance companies will need to adjust their coverage policies. Reid Robison, Novamind’s Chief Medical Officer. “This initial success with insurance coverage of ketamine is promising for the future of psychiatry because it sends a strong signal that payors are interested in more effective treatments for mental health conditions as supporting research emerges,” said Dr. Preliminary evidence suggests that when ketamine intervention is enhanced with therapeutic support, it may produce enduring benefits across a range of mental health disorders.1 While most insurance companies cover psychotherapy portions of this treatment, when used “off label” for psychiatric disorders, coverage for ketamine has typically been less common. ![]() Novamind administers ketamine in conjunction with psychotherapy, also known as ketamine-assisted psychotherapy. Ketamine has been safely used as an FDA approved anesthetic since 1970 and has found use in psychiatry to treat conditions including TRD.
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