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Wednesday, Jul 28, 2021
Mugglehead Magazine
Cannabis & psychedelics industry news based in Vancouver, B.C.
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Canada

Numinus set to open Canada’s first psychedelics neurology centre

The Vancouver based firm is acquiring the Neurology Centre of Toronto in a cash and stock deal

Numinus set to open Canada's first psychedelics neurology centre
Image via Numinus Labs

Vancouver-based Numinus Wellness Inc., (TSX-V: NUMI) is set to open the first psychedelic neurology centre in Canada.

The psychedelic therapeutics firm said Wednesday that it’s started the process to acquire the Neurology Centre of Toronto (NCT), with its 13 doctors, eight allied health staff, nurse practitioners and physician assistants.

Numinus, alongside NCT founder Dr. Evan Lewis, say they aim to establish the field of psychedelic neurology, to develop and psychedelic-assisted treatments for people with select neurological and concurrent disorders, which are multiple mental health disorders happening at once.

According to a statement, the acquisition is expected to be closed by the end of August.

The collaboration with Numinus represents an important evolution in patient care for people suffering from common neurological illnesses and challenges often associated with chronic mental health conditions, says Lewis, who will join as the psychedelic neurology services vice president after the process is completed.

“While today’s treatments help many patients, a significant number continue to suffer and, we believe, may be helped by psychedelic-assisted psychotherapy,” he says.

Lewis is considered an innovative leader in the use of cannabinoids for neurological disorders in adults and children.

Numinus has been a frontrunner for psychedelic-assisted research and trials in Canada. Last April, the company announced the launch of a Phase 1 clinical trial to test the safety and efficacy of psilocybin in humans.

The company has also has partnered with Syreon Corp., a global drug research organization, to undertake a single-arm trial for psilocybin-assisted motivational therapy using a synthetic product.

Read more: Numinus Wellness kicks off inaugural psilocybin mushroom crop

Read more: Numinus to test natural psilocybin safety in Phase 1 trial

“I continue to be humbled by the quality of people joining Numinus and acting with us on our ambition to help people heal and be well,” Numinus CEO Payton Nyquvest said in the statement.

“The acquisition of NCT reflects our thoughtful expansion strategy to add clinics that offer revenue-generating services, accretive assets and innovative leadership that maintains our position at the forefront of client care and psychedelic-assisted therapy.”

The acquisition is subject to a number of conditions, including the approval from the TSX Venture Exchange and the Canadian Stock Exchange.

Numinus will pay $300,000 in cash and $200,000 in stock upon closing, as well as future performance-based payments totalling up to $500,000 in Numinus shares to complete the transaction.

 

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