Myconic Plans To Purchase British Columbia Physical Therapy Clinic, Launch Ketamine Treatments

Myconic Capital Corp. MEDI is poised to acquire a Victoria, British Columbia-based physical therapy clinic exclusively for the Canadian military, Royal Canadian Mounted Police (RCMP), and first responder patients.

Transaction Details: The Vancouver-based investment company, which previously operated as Auralite Investments Inc., inked a letter of intent to purchase Integrated Rehab and Performance Ltd., which operates the clinic, for $1 million.

The sum will be payable in the company’s common shares upon the closing of the transaction, including 5% which would be tradable on the closing date, with the remaining 95% payable quarterly, over the 18 months.

Under the deal, IRP will expand its British Columbia footprint and launch ketamine treatments as part of its offering.

Myconic purchased Mindscape Ketamine & Infusions Therapy PLLC last month for $175,000.

What’s Next: “As Canada continues to be a leader in alternative medicines and treatments, our goal is to aggressively pursue Section 56 exemptions for veteran patients of IRP, to be able to offer access to psychedelic-assisted therapy as an addition to their current treatment plans,” the company’s CEO Robert Meister said Friday.

In addition, IRP will receive a series of bonuses, payable in Myconic’s common shares, once it reaches particular milestones, including:

• Opening two new IRP clinics with at least one registered patient at each, to receive some 200 000 Myconic’s common shares
• Achieving or exceeding CA$2 million ($1.6 million) in total gross revenue in 2022 fiscal year for an additional 250 000 of Myconic’s common shares
• Conducting active studies of wearable physical therapy technology at more than two clinics with a minimum of 20 Canadian Armed Forces veterans as participants to obtain 100 000 commons shares of Myconic
• Supporting one clinical or academic study focusing on the benefits of psychedelic intervention treatments for 100 000 of the company’s shares
• Forwarding 50 patients to internal psychedelic clinics to receive 50 000 common shares of the company

Photo by Hans Reniers on Unsplash