Novamind Announces US$1,000,000 Strategic Investment in Stealth Mode Drug Development Company

Rhea-AI Summary

Novamind Inc. has announced a US$1,000,000 strategic investment in a stealth-mode drug development company focused on neuropsychiatric disorders. This minority equity investment is part of a larger Series A financing round that raised US$25,000,000 in total. The investment aims to leverage Novamind's expertise in patient recruitment for developing innovative treatments. Further details will be shared as confidentiality restrictions are lifted. Novamind provides access to psychedelic medicine through clinics and research facilities.

Positive

• Strategic investment of US$1,000,000 in a drug development company enhances Novamind's portfolio.
• Part of a larger Series A financing that raised US$25,000,000, indicating strong market interest.

Negative

• None.

TORONTO, ON / ACCESSWIRE / June 17, 2021 / Novamind Inc. (CSE:NM)(OTC PINK:NVMDF)(FSE:HN2) ("Novamind" or the "Company"), a leading mental health company specialized in psychedelic medicine, announces that it has made a strategic investment of US$1,000,000 (the "Strategic Investment") in a stealth mode drug development company based in the United States (the "Investee").

The Investee operates a drug discovery and development business focused on neuropsychiatric disorders. Novamind's Strategic Investment represents a minority equity investment in the Investee, part of a Series A financing led by Apeiron Investment Group pursuant to which the Investee raised aggregate gross proceeds of US$25,000,000.

The Strategic Investment leverages Novamind's expertise in patient recruitment and patient management for the Investee's development of novel treatments for neuropsychiatric disorders.

Novamind expects to share further details relating to the Strategic Investment as they become available when confidentiality restrictions are lifted.

About Novamind
Novamind is a leading mental health company enabling safe access to psychedelic medicine through a network of clinics, retreats, and clinical research sites. 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. Both Cedar Psychiatry and Cedar Clinical Research are wholly owned subsidiaries of Novamind. For more information on how Novamind is enhancing mental wellness and guiding people through their entire healing journey, visit novamind.ca.

Contact Information
Novamind
Yaron Conforti, CEO and Director
Telephone: +1 (647) 953 9512

Bill Mitoulas, Investor Relations
Email: bill@novamind.ca

Forward-Looking Statements

This news release contains forward-looking statements. All statements other than statements of historical fact included in this release are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations including the risks detailed from time to time in the Company's public disclosure. The reader is cautioned not to place undue reliance on any forward-looking information. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will update or revise publicly any of the included forward-looking statements as expressly required by applicable laws.

SOURCE: Novamind Inc.

View source version on accesswire.com:
https://www.accesswire.com/652047/Novamind-Announces-US1000000-Strategic-Investment-in-Stealth-Mode-Drug-Development-Company

FAQ

What is Novamind's recent investment in NVMDF?

Novamind made a US$1,000,000 strategic investment in a stealth-mode drug development company focused on neuropsychiatric disorders.

How much did the investee raise in total during the financing round?

The investee raised aggregate gross proceeds of US$25,000,000 during the Series A financing round.

What area does the investee company focus on?

The investee focuses on drug discovery and development for neuropsychiatric disorders.

How will Novamind leverage its expertise in the recent investment?

Novamind plans to utilize its expertise in patient recruitment and management to assist the investee in developing novel treatments.

When will more details about the strategic investment be available?

Novamind will share more details as confidentiality restrictions are lifted.