New clinics represent the first phase of Novamind’s national expansion strategy
Novamind Inc. (CNSX:NM)(OTCMKTS:NVMDF), a leading mental health company specialized in psychedelic medicine, is pleased to announce that it will open four new Cedar Psychiatry clinics (the “New Clinics”), doubling its network to eight total locations.
The expanded capacity from the New Clinics is forecasted to increase Novamind’s patient volume from 20,000 client visits recorded in 2020 to approximately 65,000 client visits anticipated in 2021, a 325% increase.
Novamind has begun construction on three of the New Clinics and leased a fourth additional property. Scheduled to open between July and September 2021, the New Clinics represent the initial phase of Novamind’s national expansion strategy whereby the Company is replicating the successful operating track record of its current clinics in Utah, at scale, ahead of its expansion into other American states in 2021.
Novamind’s investment in the expansion of its clinic network follows a significant increase in demand from clients for mental health services to address existing unmet needs and the effects of the Covid-19 pandemic. All Cedar Psychiatry clinics currently have a 2-week wait time for booking new appointments.
The New Clinics will each offer a range of treatments including ketamine-assisted psychotherapy, SpravatoTM, Cognitive Behavioral Therapy (CBT) and Transcranial Magnetic Stimulation (TMS). The Draper, Murray, and Salt Lake City locations will also offer opportunities for patients to participate in clinical trials for psychedelic medicine that are led by Cedar Clinical Research, Novamind’s clinical research arm. The Park City location will uniquely serve as both a clinic and a retreat center offering therapeutic psychedelic experiences, leveraging its community’s reputation as a world-class destination.
We are doubling the size of our clinic network six months ahead of schedule, with the added capacity enabling us to scale to 65,000 client visits in 2021. Expect continued and aggressive growth as we expand Novamind’s clinic network and clinical research infrastructure ahead of the FDA’s anticipated approvals of MDMA and psilocybin.Yaron Conforti, CEO and Director of Novamind.
Novamind is making additional strategic investments in the infrastructure required to support the rapid growth in client volumes at its clinics. A new, dedicated call center is under construction and will enhance Novamind’s network of eight clinics by improving communications with clients and referring physicians, as well as facilitating the significant increase in processing of insurance reimbursements. Additional details for each of the New Clinics and the call center will be announced in subsequent press releases.
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