Novamind Posts Record High Revenue Of CA$2.45M, Up 32% QoQ

Psychedelics-focused mental health company Novamind Inc. NM NVMDF HN reported its financial results for the three and six months ended December 31, 2021.

“We’re pleased to report record high revenue this quarter driven by continued revenue growth from existing and new clinics," Novamind CEO, Yaron Conforti, stated. "Novamind is focused on providing clinical research services to leading drug developers, meeting patient demand by delivering innovative, evidence-based mental healthcare and bringing to market new treatment programs such as Psychedelic Palliative Care by Novamind and Frontline KAP.”

Fiscal Q2 2022 Financial Highlights

• Total revenue of CA$2.45 million($1.93 million),  +32% over the previous quarter
• Total working capital of CA$3.14 million to fund operations
• Net loss amounted to CA$3.28 million, comapred to net loss of CA$3.7 million in the same quarter of last year

Subsequent to quarter-end, closed a CA$5 million private placement with an institutional investor on January 26, 2022

Fiscal Q2 2022 Operating Highlights and Subsequent Events

• Announced a strategic investment and advisory agreement with Bienstar Wellness to develop Latin America’s first network of integrative mental health clinics
• Unveiled a new clinic design concept to accommodate the unique requirements of psychedelic-assisted psychotherapy
• Opened a new outpatient clinic located in downtown Salt Lake City, specialized in integrative behavioural health and services for adults with substance use disorders
• In January 2022, closed the acquisition of Arizona-based Foundations for Change, a mental health practice specialized in ketamine-assisted psychotherapy with two clinic locations in the Phoenix area
• Enrolled final cohorts and advanced to final stages of the Frontline KAP clinical pilot, a candidate for commercialization at Novamind’s clinics
• Appointed Prakash Gowd, MBA, BSc Pharm, C Dir as chief operating officer
• Contracted to provide clinical research services for the following clinical trials: A phase I clinical trial examining ketamine-assisted therapy combined with Mindfulness-Oriented Recovery Enhancement therapy to treat opioid use disorder, led by investigator Eric Garland, PhD at the University of Utah; A phase II clinical trial investigating ketamine-assisted psychotherapy for adults with life-threatening illness, sponsored by the Ketamine Research Foundation; A phase II clinical trial investigating an antidepressant medication for adults with major depressive disorder and post-traumatic stress disorder, sponsored by Alto Neuroscience
• Photo: Courtesy of Mathew Schwartz on Unsplash