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Monday, Jul 4, 2022
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.

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Numinus completes Novamind acquisition, upgrades leadership team

Novamind’s clinics in Utah and Arizona will continue to operate as their current brand until later this year

Canadian government to grant $3M for psilocybin research studies
Photo via Numinus

Vancouver-based Numinus Wellness Inc.  (TSX: NUMI) (OTCQX: NUMIF) has officially entered the American psychedelics-assisted therapy market and announced its new leadership team.

On Friday, the psychedelics company said the transaction to acquire Novamind Inc. has been completed and received a final order from the British Columbia Supreme Court.

As a result of the acquisition, Numinus now operates 13 wellness clinics, four clinical research facilities and a dedicated psychedelics research lab.

This acquisition expands the company’s services, geographic reach and revenues including the expansion of virtual therapy services at U.S.-based clinics and increased group therapy offerings in Canada.

Last April, Numinus announced it entered into an agreement to acquire all of the issued and outstanding common shares of Novamind for $26.2 million.

Numinus stock went down by 4.3 per cent on Tuesday to $0.34 on the Toronto Securities Exchange.

Read more: Numinus to enter US psychedelics market via $26.2M Novamind acquisition

Read more: Numinus gets new biosecurity licence to expand psilocybin research

The new leadership team has been announced

Numinus also announced the appointments of Reid Robison as Chief Clinical Officer and Paul Thielking as Chief Science Officer, who both come from Novamind.

Robison was the Chief Medical Officer at Novamind and he is a board-certified psychiatrist and co-founder of the ketamine-assisted mental health clinics Cedar Psychiatry.

He is also the medical director for the eating disorders clinic Center for Change and previously coordinated a study on MDMA-assisted therapy for eating disorders, sponsored by the Multidisciplinary Association for Psychedelic Studies (MAPS).

Robison also led a pivotal intravenous ketamine study for treatment-resistant depression by Janssen, leading up to that company’s recent FDA-approval of Spravato. Robison is also an adjunct professor at the University of Utah and Brigham Young University.

Read more: Numinus approved to study ayahuasca and San Pedro in Canada

Read more: Recent acquisitions help Numinus bolster revenue 240 per cent year-over-year

Thielking was most recently Chief Scientific Officer at Novamind and is certified in psychiatry, hospice and palliative medicine and integrative medicine.

He is the principal investigator for a psilocybin-enhanced group psychotherapy intervention for cancer patients with depression and a researcher on a study for ketamine-assisted psychotherapy for opioid use disorder.

He has extensive experience in creating group therapy interventions for patients with serious illnesses and has successfully integrated ketamine-assisted psychotherapy services within an academic outpatient oncology clinic for cancer patients with depression.

Thielking was also the director of psycho-oncology at the University of Utah Huntsman Cancer Institute for five years and previously an associate professor in the department of psychiatry at the University of Utah.

Numinus also announced that Michael Tan –who was hired in 2019– has been promoted to President and Chief Operating Officer and will oversee all operations and lead strategic directives to drive revenue growth. Tan has been instrumental in Numinus’ growth, and joined the Company in 2019.

The company said that due to the increased medical and research expertise added to Numinus’ expanded executive team, Evan Wood, Chief Medical Officer, will continue in his role in a reduced capacity, “in order to enable him to maintain his important advocacy, clinical and teaching work.”

Wood will be involved less but continue at Numinus over the long term and will continue as the company’s Chief Medical Officer through the integration of Novamind.

Novamind clinics in Utah and Arizona will continue to operate as their current brand until later this year, at which point all locations will be rebranded to reflect the Numinus brand.

“This acquisition elevates our collective service offering, and we look forward to helping an even greater number of people access effective and safe treatments to support mental wellness,” Numinus CEO Payton Nyquvest said. 

“We warmly welcome the Novamind team to Numinus and believe our shared values and focus on client service will ensure a seamless integration as we continue to grow as one unified company.”

 

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