With its free-standing clinics and a significant roster of patients, Novamind is also ideally positioned to both conduct its own research and to undertake studies on behalf of other companies. Conforti stated, “This is an exciting step towards our vision to expand access to psychedelic medicine across the United States.” In the release announcing the acquisition, Mr. Foundations for Change has two outpatient mental health clinics specialized in ketamine assisted psychotherapy located in Arizona. Access to a broader range of treatments has never been more critical for people in need of mental healthcare, and Novamind is in a unique position to provide that access through our national expansion.”Īs part of that national expansion, Novamind announced the acquisition of a mental health practice in Arizona. Announcing the opening of a new clinic, Yaron Conforti, CEO and Director of Novamind, stated “Opening the new Draper site is in direct response to overwhelming patient demand at our clinics, but it’s also part of a much larger initiative. Novamind recognized the need to have facilities in which to care for its clients. Robison stated, “This initial success with insurance coverage of ketamine is promising for the future of psychiatry because it sends a strong signal that payors are interested in more effective treatments for mental health conditions as supporting research emerges.” In a Novempress release, Novamind announced that it secured direct billing from four insurers – Blue Cross Blue Shield, the University of Utah, PEHP Health & Benefits and MBA Benefit Administrators-for intravenous ketamine for treatment-resistant depression. The promise of therapeutic psychedelics has been recognized by health insurance industry. de la Garza’s expertise in addiction medicine and behavioural health is a vital addition to our team as we continue to expand Novamind’s clinic footprint to address unmet need and broaden our innovative, evidence-based treatments.” Reid Robison, commented: “Social isolation and despair related to the COVID-19 pandemic have further fueled a significant increase in substance use disorders and related deaths. Amy de la Garza, Novamind’s Chief Medical Officer, Dr. For example, announcing the opening of a Salt Lake City clinic, specifically focused on substance use under incoming Medical Director, Dr. The sad fact is the need for mental health treatment has snowballed with the effects of COVID. That revenue growth means that the company can preserve its working capital even as it expands its business. In Q1 of fiscal 2021, the company generated $1,877,750 in gross revenues as compared to $873,281 in Q1 fiscal 2020. For a psychedelics start-up, the idea of generating revenue is often years in the future. These two arms are each generating revenue and have tremendous opportunities for expansion. At the same time, the company hosts sponsored clinical trials, granting its patients early access to innovative treatments not yet available to the general public. The company operates its own free-standing clinics to provide psychedelic enhanced psychotherapy. Novamind (CSE: NM | OTCQB: NVMDF | FSE: HN2) has taken a practical approach to the fast-emerging therapeutic psychedelics market, supporting the commercial models of much higher risk biotech companies. At the end of the year, it is often interesting to look at what a company has accomplished.
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