Late last week, Numinus Wellness Inc issued a press release that they had completed the acquisition of Novamind and announced executive appointments. Numinus Wellness Inc. (TSE:NUMI) (OTCMKTS: NUMIF) is a mental healthcare company advancing innovative treatments and safe, evidence-based psychedelic assisted psychotherapy. We’re happy to welcome CEO Payton Nyquvest back to The Dales Report to discuss the Friday news.
Acquisition Of Novamind Gives Numinus Wellness Control Of Wellness Clinics, Research Facilities
A very exciting portion of the acquisition for Numinus is gaining control of thirteen wellness clinics previously run by Novamind. Additionally, they gain four clinical research facilities and a dedicated psychedelics research lab.
“It continues with our commitment around scaling out this platform, and really where we see value being created within the psychedelic space,” Nyquvest says. “We’re now without question the top revenue generating company in the space, but also with a very clear path to profitability.”
Numinus Has Two Priorities Now In Developing A Sustainable Business Model
Part of the acquisition brings up efficiencies and improves margins, says Nyquvest. But diversification and cash runway, he agrees, are probably the top two priorities for any company seeking sustainability in this space.
With the changes to the regulatory environment, and Canada being on ‘the precipice’ of making psychedelics accessible, there’s a necessity to be able to offer different treatments within a therapeutic setting, Nyquvest says. But that can’t come at the expense of a good, strong infrastructure and foundations with traditional mental health treatment.
Nyquvest gives credit where it is due. He says that Novamind built an amazing company on a shoestring budget, but Numinus Wellness has a robust marketing team, finance team, and other resources. They’d be relying on those resources to grow and scale what Novamind had from where it is today, and that will be a big focus for Numinus.
But resources in personnel will carry on. Numinus announce the appointments of Dr. Reid Robison (MD) as Chief Clinical Officer and Dr. Paul Thielking (MD) as Chief Science Officer, who both join the Company from Novamind.
Acquisition Of Novamind Gives Numinus An Even More Impressive Pipeline
With this acquisition of Novamind, Numinus Wellness stands to inherit a phase II clinical trial investigating the effects of psilocybin on major depressive disorder, sponsored by the Usona Institute. They also inherit participation in Novamind’s phase IIb randomized clinical trial investigating LSD for generalized anxiety disorder.
Nyquvest says that now Numinus is working with ‘pretty much every other major stakeholder in the space.’
Appointments In Chief Clinical Officer And Chief Science Officer ‘Made Sense’ Says Nyquvest
Dr. Reid Robison (MD) and Dr. Paul Thielking (MD), joining as Chief Clinical Officer and Chief Science Officer, keep some of the amazing skill from Novamind’s operation in play.
Dr. Reid Robison, Nyquvest says, is a household name with regards to mental health and especially in the intersection of psychedelic assisted psychotherapy. Dr. Paul Thielking was a big part of putting the research work together. To have them both on the team, he says, is ‘huge.’
Be sure to check out the full interview to see what Nyquvest has to say about a drop in asset prices for psychedelic companies, and how these times change advantages in acquisition, right here on The Dales Report.