Wellbeing Digital Sciences Reveals Recent Achievements by Its KGK Science Subsidiary

Rhea-AI Summary

Wellbeing Digital Sciences Inc. (OTC: KONEF) provided a corporate update on its subsidiary KGK Science, which is operational in the psychedelics sector. In 2021, KGK secured contracts for 11 clinical trial projects and completed 9 trials, despite pandemic challenges. For 2022, KGK anticipates growth due to rising interest in psychedelics, managing 4 clinical trials including a Phase 1 psilocybin study. The company aims to enhance its network of clinics for trials and intends to launch a novel virtual trial platform in the coming year.

Positive

• KGK secured contracts for 11 clinical trial service projects in 2021.
• Completed 9 clinical trials despite COVID-19 restrictions in 2021.
• KGK is managing 4 clinical trials in 2022, including a Phase 1 psilocybin study.
• Expecting significant growth in psychedelics-related work and client interest in 2022.
• KGK received approvals for 8 Product License Applications and 4 New Dietary Ingredient Notifications.

Negative

• None.

The Company’s Wholly Owned Contract Research Organization is Currently Working on Numerous Psychedelic Drug Projects, Clinical Trials, Path-to-Market Consultations and New Substance Notifications, as the Continuation of a Pivotal 2021 for KGK Science

VANCOUVER, British Columbia, Feb. 02, 2022 (GLOBE NEWSWIRE) -- Wellbeing Digital Sciences Inc. (“Wellbeing” or the “Company”) (NEO: MEDI) (OTC: KONEF) (Frankfurt: MY0), an evidence-based healthcare company focused on innovative clinical solutions, artificial intelligence-powered digital therapeutics and contract research, is pleased to provide a corporate update highlighting the various achievements of its wholly owned subsidiary, KGK Science Inc., (“KGK” or the “CRO”).

Recapping some of 2021’s highlights, KGK won contracts for 11 clinical trial service projects and 5 medical writing projects. Despite the restrictions associated with the COVID-19 pandemic, KGK was able to complete the conduct of 9 clinical trials and advanced several others towards completion. KGK’s Regulatory Division completed 19 consulting projects for clients in the nutraceutical, cannabis and psychedelic spheres. KGK received approvals for eight Product License Applications for Natural Health Products, acknowledgement letters for four unique New Dietary Ingredient Notifications and expert panel consensus that three food ingredients possess Generally Recognized As Safe status. Representatives of KGK were asked to be featured speakers at the large Wonderland, Psychedelic Capital and Lift & Co. events, while the CRO was also a major sponsor of the Miami-based Wonderland conference.

For 2022, the CRO expects to experience significant growth based on current client interest in new projects and requests for proposals, including a substantial expansion in psychedelics-related work. KGK is currently working on psychedelic drug projects with eight distinct clients, managing four clinical trials including a Phase 1 study of a proprietary psilocybin extract in healthy adults, and working with an Ontario-based contract manufacturer to provide a joint solution for the production and study of psychedelic compounds. Additionally, the CRO is working on 15 Product License Applications submissions for Health Canada; seven pharmaceutical and 20 nutraceutical clinical trials, including two cannabis studies; as well as three paths-to-market and one new substance notification.

Internally, the CRO is helping Wellbeing enhance its network of clinics to conduct psychedelic clinical trials. The Company’s goal is for KGK to become the premier contract research organization in the psychedelics industry. An additional goal of Wellbeing is to improve virtual trial conduct, by implementing a novel platform and technology along with its other subsidiary, IRP Health, that the Company expects to be launched next year. As a result of their 2021 achievements, KGK advanced its reputation as an expert in the psychedelics sector and became a founding member of the Psychedelic Science 2023 Event that is being planned as the world’s largest gathering of people in the psychedelic ecosystem.

“By the lengthy list of engagements currently under way, it is clear that KGK’s services are in high demand. Our management team and employees are working hard every day to help clients navigate the clinical trial process and regulatory environment. I’m incredibly proud of KGK’s evolution and am grateful for the support of both our longstanding clients, new customers and future collaborators,” said Najla Guthrie, President and CEO of KGK.

“2021 was an important development year for both KGK and our overall organization as the subsidiary was integrated after being acquired and synergies were quickly realized. With the large number of clinical trials, research projects and collaborations with aligned counterparties already under way at the CRO, management expects that 2022 may be even more rewarding. The acquisition of KGK was definitely a highlight of last year and we look forward to growing together, along with the rest of the organization,” added Adam Deffett, Interim CEO of Wellbeing.

ABOUT KGK SCIENCE

Founded in 1997, KGK is a leading North American contract research organization based in London, Ontario that primarily provides high-quality clinical research trials with a focus on the nutraceutical, cannabis and emerging psychedelic industries. The business has successfully helped hundreds of companies with custom designed clinical trials and claim substantiation strategies to move products into global markets. KGK’s other existing service lines include expert regulatory support and compliance solutions, participant recruitment, research support services and consulting services. On an approximate basis, the business to date has produced 150 publications, executed over 400 clinical trials across more than 40 indications, amassed 25,000 participants in its database and collected 10 million data points.

ABOUT WELLBEING

Wellbeing Digital Sciences Inc. (formerly KetamineOne Capital Limited) is an evidence-based healthcare company focused on innovative clinical solutions, artificial intelligence-powered digital therapeutics and contract research. Its mission is supported by a network of North American clinics that provide ketamine-assisted therapies and other types of treatment to patients as well as through a contract research organization that offer clinical trials services to clients pursuing drug development. In essence, the company exists to make breakthrough treatments more accessible and to offer patients transformational experiences.

On behalf of:

WELLBEING DIGITAL SCIENCES INC.

"Adam Deffett"
Adam Deffett, Interim CEO

For further information, please contact:

Nick Kuzyk, Investor Relations
Tel: 1-844-746-6351
Email: ir@wellbeingdigital.co
Web: www.wellbeingdigital.co
Twitter: @Wellbeing_IR

Notice Regarding Forward-Looking Information:

This news release contains forward-looking statements including but not limited to statements regarding the Company’s business, assets or investments, as well other statements that are not historical facts. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may cause actual performance and results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. These assumptions, risks and uncertainties include, among other things, the state of the economy in general and capital markets in particular, investor interest in the business and prospects of the Company.

The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities law. Additionally, the Company undertakes no obligation to comment on the expectations of, or statements made, by third parties in respect of the matters discussed above.

SOURCE: WELLBEING DIGITAL SCIENCES INC.

FAQ

What achievements did Wellbeing Digital Sciences Inc. report for KGK in 2021?

Wellbeing Digital Sciences reported that KGK secured contracts for 11 clinical trial projects and completed 9 trials in 2021.

What is Wellbeing Digital Sciences Inc.'s focus for 2022?

In 2022, Wellbeing aims to expand its psychedelics-related work and enhance its network of clinics for clinical trials.

What clinical trials is KGK currently working on?

KGK is managing 4 clinical trials, including a Phase 1 study of a proprietary psilocybin extract in healthy adults.

How many Product License Applications did KGK receive approval for?

KGK received approvals for 8 Product License Applications for Natural Health Products.

What is the significance of KGK's work in the psychedelics sector?

KGK's work positions it as a leader in the emerging psychedelics industry, with increasing demand for its clinical trial services.