On a proforma basis, the combined business generated C$11.9 million of annual revenues (trailing four quarters reported, as at June 10, 2022). The transaction has also provided a strong US platform for potential continued growth in partnership and acquisition opportunities. Numinus and Novamind clients will benefit from access to a greater variety of services and treatments over the coming months, including the expansion of virtual therapy services at US-based clinics and increased group therapy offerings in Canada. This acquisition significantly grows Numinus' client service offerings, geographic reach, and revenues. As a result of the acquisition, Numinus now operates 13 wellness clinics, four clinical research facilities and a dedicated psychedelics research lab – positioning the company as a leading integrated mental wellness company providing ketamine- and psychedelic-assisted therapies. ("Novamind") has completed, following Novamind's receipt of a final order from the BC Supreme Court. ("Numinus", the "Company") (TSX: NUMI) (OTCQX: NUMIF) is pleased to announce the acquisition (the "Transaction") of Novamind Inc. Michael Tan has been promoted to President and Chief Operating Officer.Reid Robison has been appointed Chief Clinical Officer and Paul Thielking has been appointed Chief Science Officer.As a result of the acquisition, Novamind has ceased trading on the Canadian Securities Exchange (CSE).Novamind shareholders and RSU holders have been issued 0.84 Numinus shares per Novamind share.Transaction has completed following shareholder and court approvals.
#Novamind stock price professional#
Always do additional research and consult a professional before purchasing a security. The author has no securities or affiliations related to this organization. Information for this briefing was found via Numinus Wellness. Numinus Wellness last traded at $0.53 on the TSX. Upon closing, Novamind shareholders will hold 18% of Numinus on a post-transaction basis. The transaction is expected to close in June 2022, following shareholder approvals of the transaction.
What’s more, as recently as January the company raised funds, at the time selling $5.0 million worth of stock at a price of $0.40 per unit to an institutional investor. It didn’t sink below the $0.44 mark until well over a year later in January 22, after which it continued to fall as low as $0.18. Novamind debuted on the public markets last January, opening at a price of $1.50 per share. While the premium is rather significant, it should be noted that the sales price represents a major loss to the majority of shareholders. Shareholders of Novamind are to receive 0.84 of a Numinus share for each share held, equivalent to a price per share of $0.44, which is a 51% premium to the 20-day volume weighted average price of the company. The transaction will see total consideration for Novamind to consist of $26.2 million on a fully diluted basis. Numinus’ current executive team is said to be relatively unchanged, with key personnel from Novamind entering employment agreements effective upon closing. The path to profitability is also said to be shortened, although no specifics are provided. Gross margins are estimated to be roughly 37.9% on a post-transaction basis. The firm has referred to the pro-forma offerings as a “comprehensive clinical research offering,” based on Novamind’s DEA Schedule 1 licenses for research and Numinus’ own Health Canada licenses.įrom a financial perspective, the combined entity is expected to have annual revenues of roughly $10.0 million on a pro-forma basis, while the combination is expected to result in synergies of roughly $3.0 million per year.
The proposed transaction is expected to result in Numinus having operations consisting of thirteen wellness clinics, four research facilities, and a bioanalytical lab, with the firm to have clinical trials underway for LSD, ketamine, MDMA, and psilocybin.
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