NVMDF - NVMDF STOCK NEWS

Novamind Inc. has announced that its shareholders approved the acquisition by Numinus Wellness Inc. in an all-share transaction during a special meeting. The deal, requiring a two-thirds majority, gained approval from 98.5% of the votes cast. The transaction, set to close around June 10, 2022, also needs the Supreme Court of British Columbia's approval. Post-acquisition, Novamind will be delisted from the Canadian Securities Exchange and cease to be a reporting issuer. The full transaction details are available on the company's SEDAR profile.

Novamind Inc. (CSE:NM)(OTCQB:NVMDF) has introduced new patient financing options at its six Utah clinics to improve access to mental healthcare. The company now accepts CareCredit for treatments such as Transcranial Magnetic Stimulation (TMS), ketamine therapy, and Spravato therapy. A 2021 McKinsey survey highlighted that affordability is a major barrier, with nearly 25% of respondents deferring care. Novamind aims to reduce these barriers and enhance patient access through quick approval processes and flexible payment options.

Novamind reported a record quarterly revenue of $3,227,352, marking a 32% increase from the previous quarter. The growth was primarily driven by the recent acquisition in Arizona, expanding the clinic network to eight. Additionally, Novamind is set to merge with Numinus, creating a leading North American platform with 13 wellness clinics and four research sites. The arrangement values Novamind at $26.2 million, offering a 51% premium to its recent trading price. Total working capital stood at $3,928,642.

Novamind has launched the Frontline KAP program, offering group ketamine-assisted psychotherapy to healthcare workers exposed to pandemic-related stress. Following a successful pilot, the program expands mental health support to professionals like police and firefighters. The six-week treatment involves group sessions and ketamine dosing, guided by licensed practitioners. Initial feedback shows significant improvements in PTSD and emotional regulation among participants. This move reflects Novamind’s commitment to enhancing mental wellness through innovative treatments.

Novamind Inc. has filed a management information circular regarding a special meeting set for June 8, 2022, to approve its acquisition by Numinus Wellness Inc. Shareholders will receive 0.84 of a Numinus share for each Novamind share held, representing a 51% premium based on the last trading day prior to the announcement. The Board unanimously recommends supporting the Arrangement, citing the potential for future growth and benefits for shareholders. An interim court order has been granted to proceed with the Arrangement, pending shareholder approval.

Novamind Inc. has been selected to host the PREVAIL Trial, a phase II clinical study focusing on the treatment of social anxiety disorder (SAD). Sponsored by Bionomics Limited (NASDAQ:BNOX), the trial will investigate the safety and efficacy of BNC210 compared to a placebo. SAD affects nearly 15 million U.S. adults, and existing treatments often come with adverse effects. The study aims to provide new insights into alternative treatment options for this common issue. Previous studies by Novamind have also focused on PTSD using BNC210.

Novamind Inc. (CSE:NM)(OTCQB:NVMDF) announced a partnership with HealCommunity to offer reimbursable remote group therapy and behavioral health coaching. This Coaching Program aims to address chronic health conditions linked to mental illnesses through peer support and lifestyle education. Eligible for insurance reimbursement, the program includes diagnostic services by licensed practitioners and runs for six months. The first cohort is set to complete in July 2022, emphasizing the integration of mental and physical health care.

Numinus Wellness has announced its definitive agreement to acquire Novamind for approximately C$26.2 million in an all-share transaction. This merger aims to create a leading North American platform with operations in 13 wellness clinics and four research sites, leveraging a combined annual revenue of C$10 million. The acquisition is expected to yield C$3 million in annual cost synergies and will enhance Numinus' market presence and financial performance significantly. The transaction is subject to shareholder approval and is anticipated to close in June 2022.

Novamind Inc. has opened its eighth integrative psychiatry clinic in Phoenix, Arizona, enhancing access to innovative mental health services. This new facility, the second in the state, offers treatments for various mental health issues, including ADHD, depression, and PTSD. The clinic features a multidisciplinary team trained in child and adolescent psychiatry and aims to support children and families through structured group therapy programs. The expansion follows the company's recent acquisition and signifies its commitment to providing accessible mental health care in response to growing demand.