Numinus focuses resources on high-growth US operations, enhancing profitability
Agreement with Field Trip Health to transition Canadian clinic operations, focusing on collaborative growth and therapist support
Launch of a membership program to support healthcare professionals with training and resources in psychedelic-assisted therapies
Establishes an ongoing collaboration agreement with Field Trip Health
VANCOUVER, BC, May 7, 2024 /PRNewswire/ - Numinus Wellness Inc. ("Numinus" or the "Company") (TSX: NUMI) (OTCQX: NUMIF), a leader in mental health care specializing in innovative and evidence-based treatments, announces a strategic plan designed to streamline expenses and sharpen the company's focus on its higher-growth U.S. operations. This initiative is designed to enhance its U.S. wellness clinics and clinical research facilities and expand visibility and enrollment in its practitioner training program. Additionally, the plan supports the launch of a comprehensive membership program under its Numinus Network initiative, targeting scalable growth with minimal capital investment and reinforcing its commitment to maximizing shareholder returns.
Numinus Wellness Inc. Logo (CNW Group/Numinus Wellness Inc.)
"We are excited to enter this next stage of our development, which sharpens our focus on expanding access to psychedelic-assisted therapies and accelerates our path to profitability. We aim to empower a broader community of drug developers and healthcare providers by optimizing our therapy, research, and training expertise. This strategic focus is about bringing transformative treatments within reach of those who can benefit the most," said Payton Nyquvest, Numinus Founder and CEO.
As part of the strategic plan, Numinus has entered into an agreement with the Canadian Centre for Psychedelic Healing ("Field Trip Health"), which provides psychedelic-assisted therapy in five Canadian clinics under the Field Trip Health brand. Therapists in Canada who are contracted with Numinus will have the option to transition to Field Trip Health. Through the arrangement, the Company will earn a portion of the revenue generated from the referral of patients of its existing Canadian business to Field Trip Health. Once the operation transfer is finished, Numinus clinics in Montreal, Toronto, and Vancouver will be closed. Field Trip Health will acquire certain assets from each of the three locations and assume the space currently leased for the Company's clinic at 397 Avenue Laurier Ouest, Montreal. Numinus will lease space at Field Trip Health's Vancouver clinic to conduct certain clinical trials.
Numinus and Field Trip Health have also entered into a three-year training and marketing agreement to collaborate on initiatives that benefit both companies. Field Trip Health will endorse Numinus' psychedelic-assisted therapy training and create Field Trip Health content to be hosted on the Company's learning platform. Numinus will endorse Field Trip Health's clinics and receive a referral fee for therapists who join Field Trip Health. Both companies will work together on marketing campaigns for training and therapist and patient recruitment.
"We are enthusiastic about building a long-term strategic relationship with Numinus," said Ian Ruberry, CEO of Field Trip Health. "Clinicians actively pursue top-tier training and demand safe, nurturing environments to optimize client care. Our collaboration with Numinus precisely guarantees that across our expanding clinic network, ensuring a gold standard of service delivery."
As members of the Numinus Network, former Canadian Numinus therapists and healthcare professionals will retain their access to the latest therapeutic protocols, including ketamine and psychedelic-assisted therapies. They will benefit from ongoing support, including supervisory and mentorship engagements with Numinus medical and clinical leaders and certified training programs. They will also be part of the Numinus community with access to continuous learning, discounts on Numinus training and promotion of their professional profiles. Collaborating with clinic operators like Field Trip Health will grant members access to essential medical infrastructure for the administration of ketamine and psychedelic drugs within Canada's regulatory framework. Once the pilot program is complete, Numinus will launch and market a subscription-based model in Canada and the U.S.
"In transitioning out of operating Canadian clinics, we took great care in identifying a company that shares our client safety and care values," added Mr. Nyquvest. "We are grateful to have had the opportunity to work with skilled and caring therapists, medical professionals and clinic staff and to be able to guide hundreds of patients on their mental health journey. We look forward to continuing to support these services in Canada through our Numinus Network and the arrangement with Field Trip Health."
About Numinus
Numinus Wellness Inc. (TSX: NUMI) helps people to heal and be well through the development and delivery of innovative mental health care and access to safe, evidence-based psychedelic-assisted therapies. The Numinus model – including psychedelic research and clinic care – is at the forefront of a transformation aimed at healing rather than managing symptoms for depression, anxiety, trauma, pain and substance use. At Numinus, we are leading the integration of psychedelic-assisted therapies into mainstream clinical practice and building the foundation for a healthier society.
Statements and other information contained in this press release about anticipated future events constitute forward-looking statements and include, but not limited to, statements relating to: the benefits, occurrence and timing of the Numinus Network and the strategic plan. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "expect" and "intend" and statements that an event "may", "will", "should", "could" or "might" occur or other similar expressions. Forward-looking statements are subject to risks and uncertainties and other factors that could cause actual results to differ materially from those contained in the forward-looking statements, including challenges and uncertainties inherent in the parties' ability to close the transaction, ability to realize the benefits, if any, from the transaction, uptake of services by Numinus patients from Field Trip, whether therapists will join Field Trip, uptake of training programs, success of the recruitment efforts, approval of the clinical trial application by Health Canada, if at all, availably of suitable subjects, the uncertainties of clinical success, the possibility of adverse events, and the timeline for the availability of the treatment under investigation; the laws, challenges and risks involved in the production of a psychedelics drug; and other risks that are set forth in and other risks that are set forth in our annual information form dated November 29, 2023 and available on SEDAR at sedarplus.ca. Forward-looking statements are based on estimates and opinions of management at the date the statements are made. Numinus does not undertake any obligation to update forward-looking statements even if circumstances or management's estimates or opinions should change except as required by applicable laws. Investors should not place undue reliance on forward-looking statements.
