Braxia Scientific's Q3 2023 Finances, Update On Upcoming Acquisition With Irwin Naturals

Research and telemedicine company Braxia Scientific Corp. BRAXF has filed its financial statements for the third quarter ended Dec. 31, 2022, and shared an update on its proposed acquisition by Irwin Naturals IWINF.

Financial results for the period show:

• Total revenue of $359.444 (CA$488,973) and $1 million for the three and nine months ended Dec. 31, 2022, as compared to revenue of $238.835 and $821.475 of the same periods in 2021.

• By Dec. 31, 2022 the company held $1.1 million in cash, as compared to $6.4 million in March 31, 2022.

• Total operating expenses of $1.6 and $3.9 million for the three and nine months ended Dec. 31, 2022, similar to the $1.9 million and $4.0 million corresponding to the same periods in 2021.

• Net loss of $1.6 million and $4.0 million for the three and nine months ended Dec. 31, 2022, as compared to $1.9 million and $3.9 million for the same periods in 2021.

Business And Development Highlights

Braxia’s CEO Dr. Roger McIntyre says during the quarter the company continued progressing on its priorities, including scaling clinics, technology and people to meet the increasing treatment demand, as well as completing and funding a psilocybin clinical trial. 

The company’s three new clinics in Ottawa, Toronto and Kitchener-Waterloo are ramping up operations with new technology providing ketamine-assisted therapy and, in the case of the Ottawa center, psilocybin treatments under the Canadian Special Access Program.

Proprietary telemedicine platform KetaMD has continued its initial pilot program of ketamine therapy and progressed in building a pipeline of potential clinic partnerships.

See also: Telehealth Market News: Braxia Scientific Enters Industry By Acquiring Ketamine Treatment Platform In Florida

"Looking ahead, we are focused on accelerating our strategic initiatives with Irwin to create the market leader in North American mental health treatment,” Dr. McIntyre said. “Together, we are aiming to build a large network of clinics, enhanced by our KetaMD telehealth platform, that will provide access to innovative treatments while also serving pharmaceutical sponsors by carrying out in-human clinical trials to assist in the development of novel therapeutics for potential future marketing authorization from FDA and other health regulators globally."

At a corporate level, Braxia’s definitive acquisition by Irwin is expected to take place before March 31, 2023. 

Irwin’s chain of clinics has grown both extensively and rapidly. The companies have said the combination of their businesses will create a new market leader, with operations in nearly 40 US multiple markets and in Canada across business verticals regarding clinics, clinical research services and telehealth.

Particularly for the latter, KetaMD is available in Florida and the plan would be to expand to an estimated 40 states.

Photo: Benzinga edit with photo by Spotmatik Ltd on Shutterstock and Wikimedia Commons.