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Wesana Health Holdings (CSE: WESA.X, OTC Pink: WSNAF) has announced significant changes to its board of directors. Mark Monaghan and Brendan Purdy have been appointed as new board members, while Robert Koffman and George Steinbrenner IV have resigned effective immediately.
Monaghan brings over 32 years of experience in investment banking and merchant banking. He currently serves as Managing Partner of a Latin American investment and advisory firm focused on growth companies and advises Kii Blockchain. His career includes completing billions in transactions for growth companies internationally. He holds degrees in economics and commerce from Queen's University and the University of Windsor.
Purdy joins as a practicing securities lawyer specializing in resource, life sciences, and technology sectors. His expertise includes public companies, capital markets, and mergers and acquisitions in Canadian junior equity markets. He holds a J.D. from the University of Ottawa and a Bachelor of Management and Organizational Studies from the University of Western Ontario.
Wesana Health Holdings Inc. has entered into a definitive asset purchase agreement with Lucy Scientific Discovery Inc. to sell its SANA-013 intellectual property for $570,000 in cash and 1 million common shares of Lucy. The deal allows Wesana to maintain economic exposure to future advancements in SANA-013's development, which targets Major Depressive Disorder. The transaction is set to close in Q2 2023, requiring approval from Wesana shareholders. Additionally, Wesana will undergo a leadership change as CFO Zed Wang resigns and is replaced by Winfield Ding, who brings extensive public company experience.
Wesana Health Holdings Inc. (WSNAF) announced the receipt of a US$250,000 unsecured short-term loan from an arm's length lender. The loan, bearing an interest rate of 10% per annum, is due in nine months, extendable to one year under certain conditions. Proceeds will be utilized for general corporate purposes. Wesana is focused on developing SANA-013, a drug targeting Major Depressive Disorder, utilizing innovative delivery protocols. This move aims to enhance the company’s operational flexibility amidst its ongoing drug development efforts.
Wesana Health Holdings Inc. (CSE: WESA; OTCQB: WSNAF) announced the completion of a $2.1 million transaction to sell its Management Services Organization (MSO) assets, enhancing its financial position. The sale includes $750,000 in cash, $126,011 in liabilities assumed, and a promissory note of $1,223,989 with an interest rate of 14%, potentially reduced to 10% upon early payment. Concurrently, the company settled $200,000 in contingent liabilities and announced the departure of its Chief Marketing Officer, Meghna A. Gaeta, to streamline operations.
Wesana Health Holdings Inc. (CSE: WESA; OTCQB: WSNAF) reported its Q2 2022 financial results, highlighting the expansion of its lead indication for SANA-013 to Major Depressive Disorder following positive FDA feedback. The Company plans to accelerate clinical development with a Phase 1b/2a study in H1 2023, subject to capital availability. Financials revealed a significant decline in cash balance from $6.58M to $1.76M and total assets dropped from $9.74M to $5.14M. Operational efficiencies were achieved, reducing annual expenses by over $2.1M. A strategic review of Care Delivery assets has also been launched.
Wesana Health Holdings (WSNAF) reported its Q1 2022 financial results, highlighting key advancements in its mental health therapies. The company showcased findings that psilocybin enhances the effects of anti-depressants, received favorable FDA pre-IND feedback for its SANA-013 therapy, and achieved record operating results at Wesana Clinics. Financially, Wesana's cash balance decreased by approximately $3.38 million to $3.19 million compared to Q4 2021, and total assets fell by around $3.16 million to $6.58 million. The company is reviewing its care delivery division for potential strategic alternatives.
Wesana Health Holdings (CSE: WESA; OTCQB: WSNAF) announced the expansion of its lead indication for SANA-013 to Major Depressive Disorder (MDD) after a successful Pre-IND meeting with the FDA. The company plans to initiate a Phase 1b/2a human study for MDD in H1 2023, allowing for direct research on affected patients. SANA-013 aims to deliver a novel treatment protocol using a high dose of psilocybin, followed by non-hallucinogenic doses combined with CBD. The global depression market is projected to grow to $16 billion by 2026.
Wesana Health Holdings Inc. (CSE: WESA; OTCQB: WSNAF) announced the completion of an initial tranche of its private placement and plans a strategic review of its care delivery division. The review aims to streamline focus and accelerate the development of SANA-013, with a Phase 1b/2a study for Major Depressive Disorder expected to initiate in H1 2023, following positive FDA feedback. The company is considering options for its care delivery assets, including potential sales, to optimize resources and maximize shareholder value.
Wesana Health has reported its Q4 2021 and full-year 2021 financial results, highlighting key developments in its therapeutic approaches. The company is exploring broadening the lead indication for SANA-013 to Major Depressive Disorder (MDD), supported by positive FDA feedback. Notable financial performance includes a cash balance of $6.6 million and record operating results at Wesana Clinics, with a 30% increase in medical billings. The company aims to initiate a Phase 1b/2a study for MDD in H1 2023 and opened its third clinic in Naperville, Illinois, to enhance patient care.
Wesana Health Holdings Inc. (CSE: WESA; OTCQB: WSNAF) announces CEO Daniel Carcillo will speak at various investor events. Key conferences include the Benzinga Psychedelics Capital Conference and NobleCon 18, both happening in Miami on April 19-21, as well as the Psychedelic Therapeutics & Drug Development Conference in Washington, DC, on May 23-24. Carcillo emphasized the importance of engaging with stakeholders about the company's novel drug development program and FDA interactions, highlighting their path to regulatory approval.
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