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Novamind reported significant growth for fiscal Q1 2022, with a total revenue of $1,857,750, marking a remarkable 113% increase year-over-year. The company is actively expanding its operations, having signed a letter of intent to acquire an Arizona-based mental health clinic. With a healthy working capital of $6,834,011, Novamind is well-positioned for future growth. However, the company posted a net loss of $3,008,797 for the quarter, which raises concerns about profitability.
Novamind Inc. (CSE:NM)(OTCQB:NVMDF) has announced the launch of a new logo and a rebranding initiative to unify its subsidiaries under a single brand. This move follows a year of significant growth, including expansion into new states and the introduction of innovative mental health care services. The rebranding aims to enhance the company's identity as a leader in psychedelic medicine. CEO Yaron Conforti highlighted this initiative as an opportunity for Novamind to be recognized for its innovative mental health solutions.
Novamind Inc. (CSE:NM, OTCQB:NVMDF, FSE:HN2) will participate in Mind Medicine Australia's International Summit on Psychedelic Therapies for Mental Illness. Dr. Reid Robison, Chief Medical Officer, will present a keynote on using psychedelic medicine for eating disorders on November 18, 2021, at 7:30 PM (EST). Novamind is focused on enhancing mental health through safe access to psychedelic treatments via its clinic network. For more details on the summit, visit here.
Novamind Inc. (CSE:NM)(OTCQB:NVMDF) has announced the lease of a new clinic location in Utah, the Wheeler Park Clinic, facilitating the relocation of its Millcreek clinic. This move aims to address the increasing patient demand for its psychedelic treatments. COO Pierre Bou-Mansour highlighted that rising wait times signal a need for expanded services. The new clinic is designed to enhance patient experience and is set to open in early 2022 with minimal renovations. Novamind specializes in psychedelic medicine and operates clinics and research sites for mental health therapies.
Novamind Inc. announces that it has secured insurance coverage for IV ketamine treatments from four major health providers, including Blue Cross. This approval allows for direct billing, enhancing access for patients with treatment-resistant depression (TRD). The company emphasizes the significance of this development in promoting more effective mental health treatments. A dedicated call center has been opened to expedite insurance benefit verification and approval processes. The CEO anticipates further research and trials will bolster insurance companies' support for these innovative therapies.
Novamind Inc. announces the revocation of a cease trade order by the Ontario Securities Commission, allowing trading to resume on the Canadian Securities Exchange. The CTO was initially issued on November 3, 2021, due to the company’s failure to file required annual financial statements for the year ending June 30, 2021. Novamind has now completed the necessary filings, which are available on SEDAR. The company continues to focus on psychedelic medicine and mental health through its clinics and research sites.
Novamind reported strong performance for FY2021, achieving total revenue of $6,069,247 and working capital of $9,680,431 to support operations. The company expanded its network to six clinics and three research sites, contracting for eight clinical trials, including significant studies for treatment-resistant depression and schizophrenia. Additionally, Novamind received DEA Schedule 1 licenses for psilocybin research. Despite late filing of financial statements, corrective measures have been implemented to avoid future delays.
Novamind (CSE:NM)(OTCQB:NVMDF) announced a cease trade order from the Ontario Securities Commission on November 3, 2021, due to a failure to file key financial documents by the October 28, 2021 deadline. The required filings include audited annual financial statements for the year ended June 30, 2021, and related management analysis. The company cited the auditor's need for additional time for the audit as the cause of the delay. If the filings are completed within 90 days, the cease trade order may be revoked, allowing trading to resume on the Canadian Securities Exchange.
Novamind Inc. has announced its strategic investment in Alto Neuroscience, a clinical-stage biopharmaceutical company focused on personalized mental health treatments. Novamind invested US$1,000,000 in Alto's Series A financing in June 2021. Alto utilizes an AI-enabled platform to match patients with effective treatments based on biomarkers and other data. Their pipeline includes 11 clinical-stage drug candidates targeting mental health conditions. The investment is part of Novamind's mission to enhance access to psychedelic medicine.
Novamind Inc. has received Schedule 1 licenses from the U.S. Drug Enforcement Agency for conducting clinical trials involving psilocybin. This milestone enables the company to advance its research in psilocybin-assisted psychotherapy, which has shown promise in treating major depressive disorder and reducing anxiety in cancer patients. The licenses are expected to streamline the approval process for further psychedelic studies. Novamind operates Cedar Psychiatry and Cedar Clinical Research, focusing on safe access to psychedelic medicine.
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