Key milestones met in ongoing trials, expanding national footprint, and enhanced research
capabilities ensure Numinus’ continued growth
VANCOUVER, BC, Jan. 29, 2021 /CNW/ – Numinus Wellness Inc. (“Numinus” or the “Company”) (TSXV: NUMI), a health care and research company developing and delivering psychedelic-centred solutions to treat mental illness, substance abuse and trauma, today announced its financial results for the first quarter for the three months ended November 20, 2020 (“Q1 2021”). After achieving two industry firsts, launching new compassionate access trials, and augmenting its clinical and research activity, Numinus meaningfully expanded its industry presence in Q1 2021. All financial results are reported in Canadian dollars unless otherwise stated.
Q1 2021 Highlights:
- Achieved cash balance of $4,915,209 as at November 30, 2020 through the $4,600,000 short form financing and $1,094,708 from the exercises of warrants and options
- Achieved revenue of $229,188 for Q1 2021
- Realized net loss and comprehensive loss of $(1,928,737) for Q1 2021
- Completed a short form prospectus financing offering of $4,600,000 through the issuance of 18,400,000 units at a price of $0.25 per Unit
- Cultivated and harvested the first legal flush of Psilocybe mushrooms in Canada under its Health Canada-issued Controlled Drugs and Substances Dealer’s Licence
- Entered into a collaboration agreement with Syreon Corporation to undertake a compassionate access clinical trial of psilocybin-assisted psychotherapy for substance use disorders
- Welcomed Jamie Wheal, Ben Nemtin, Dennis McKenna, Pamela Hadfield, and Nichol Bradford to its General Advisory Council
- Continued to develop psychedelic assisted psychotherapy protocols for broader delivery once COVID-19 precautions are loosened and therapy can be safely provided in person
Highlights Subsequent to Quarter End:
- Completed a bought deal financing offering of $17,250,138 through the issuance of 25,367,850 units at a price of $0.68 per Unit
- Achieved available cash on hand of approximately $28,000,000 through the $17,250,138 bought deal financing and approximately $9,000,000 through the exercises of warrants and options
- Entered into a collaboration agreement with the Multidisciplinary Association for Psychedelic Studies Public Benefit Corporation (MAPS PBC) to seek approval to deliver MDMA-assisted psychotherapy for posttraumatic stress disorder through a single-arm, open-label, compassionate access trial
- Announced agreement to acquire Montreal-based Mindspace Wellbeing to continue national expansion
- Continued research activities related to psilocybin extraction of Psilocybemushrooms as part of the Company’s research and development program
- Entered into a contract services agreement with Optimi Health to advance research and development of psychedelic products
- Upgraded lab equipment, research, and testing capabilities with the purchase of the Orbitrap Exploris 120 mass spectrometer
CEO Commentary and Outlook
“We are pleased that our first quarter was characterized by significant growth across many aspects of our business,” said Payton Nyquvest, CEO of Numinus. “We achieved landmark industry firsts, including the first legal harvest and extraction of Psilocybe mushrooms by a public company in Canada, while also embarking on two compassionate access trials and expanding our national footprint. Supported by our strong cash position and balance sheet, Numinus is poised to take advantage of market opportunities that will further cement our leadership role in the psychedelics industry. At Numinus, we endeavour to develop and deliver psychedelic therapies to transform health care, and we remain committed to executing against our strategic plan while maximizing long-term value for our shareholders.”
Selected Financial Results for Q1 2021
|Cost of Revenue||(267,323)||(68,198)|
|Loss Before Other Items||(1,948,064)||(891,260)|
|Loss Before Income Taxes||(1,928,737)||(905,011)|
|Loss and Comprehensive Loss for the Period||(1,928,737)||(911,251)|
|Cash used in operating activities||(1,899,655)||(303,106)|
|Cash generated by (used in) investing activities||200,867||(27,853)|
|Cash generated by financing activities||4,986,668||250,932|
|Change in cash during the period||3,287,880||(80,027)|
|Cash, beginning of period||1,627,329||89,987|
|Cash, end of period||4,915,209||9,960|
Numinus’ condensed consolidated interim financial statements (“financial statements”) and management’s discussion and analysis (“MD&A”) are available on Numinus’ website at numinus.ca and on SEDAR at www.sedar.com.
Numinus Wellness Inc. (TSXV:NUMI) is a health care and research company developing and delivering psychedelic-centred solutions to treat mental illness, substance abuse and trauma.
Numinus Health delivers treatments through clinics and virtual services, with clinics in Vancouver and Montreal.
Numinus R&D develops clinical and therapeutic protocols to use in treatments, in collaboration with research partners and regulators.
Numinus Bioscience develops formulations and methods for a safe supply, using Health Canada licences, scientific expertise and cutting-edge technology.
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