Numinus Completes Acquisition of Neurology Centre of Toronto
VANCOUVER, BC – Numinus Wellness Inc. (TSXV: NUMI), a mental health care company advancing treatments and safe, evidence-based psychedelic-assisted therapies, announced it has closed its acquisition of the Neurology Centre of Toronto (NCT), a leading Canadian provider of clinical neurologic care. The purchase agreement was previously announced on July 6, 2021.
Founded in 2017 by Dr. Evan Lewis (MD), NCT will operate as the “Neurology Centre of Toronto by Numinus” and continue under Dr. Lewis’ leadership. Dr. Lewis will assume the role of VP, Psychedelic Neurology Services at Numinus. The acquisition expands Numinus’ presence into Ontario, in addition to an existing clinic and research facility in British Columbia, and clinics in Quebec.
Over its years in operation, NCT has established itself as a clinical neurology leader, in particular regarding the use of medical cannabis for both adult and pediatric patients. In addition, NCT has developed a rapid access care model that increases patient throughput, reduces wait times, improves cost-effectiveness and facilitates scaling of services. These developments will form the basis for NCT by Numinus to expand into a clinical neurology centre with specialization in psychedelic neurology.
“NCT by Numinus represents an important paradigm shift in neurologic care,” said Dr. Lewis. “By accounting for both medical and psychological needs while incorporating innovative psychedelic-assisted therapies, we aim to help patients improve their overall quality of life in an integrated and sustainable way.”
“We are honoured to welcome such innovators to Numinus and look forward to working together to advance our mission of delivering transformative healing,” said Payton Nyquvest, Numinus CEO and Chair. “With neurologic care in the Numinus portfolio, we continue to thoughtfully grow our patient and revenue base while increasing access for communities in need. We are excited to further expand our services as pioneers of psychedelic medicine and transformative mental health care.”
Current treatments are limited for neurological disorders such as concussion, migraine, cluster headache, neuropathic pain syndromes and epilepsy, particularly when they have comorbid mental health challenges such as depression and anxiety. Development of novel therapies is needed to address both medical and psychological components of such diseases. Research shows that psychedelic medications such as psilocybin and MDMA open new pathways in the brain that, in conjunction with professional therapy, can treat a host of mental health disorders. NCT by Numinus will explore the application of psychedelic-assisted therapies in neurologic care.
Terms of the agreement:
Numinus paid the following consideration to complete the Transaction:
- $300,000 in cash upon closing of the Transaction
- $200,000 in Numinus shares upon closing of the Transaction
- Future performance-based payments totaling up to $500,000 in Numinus shares
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