Novamind became the latest psychedelics company to go public through a reverse take-over with Hinterland Metals Inc.
The company debuted in the Canadian Securities Exchange on Tuesday under the symbol "NM."
In late November, Novamind closed a private placement for CA$10 million ($7.8 million), adding to a total of CA$15.3 million raised since its inception.
As opposed to other psychedelics companies, Novamind is not building a library of intellectual property around psychedelic molecules. The company’s goal is to develop therapeutic protocols in conjunction with other players in the space, as well as offering treatment options for patients through a network of clinics and retreats.
Mental Health Clinics
According to Novamind CEO and director Yaron Conforti, industry peers are establishing new clinics, developing new brands, and going through the hard process of cultivating a patient base. They're hiring psychiatrists and building an infrastructure from scratch.
“In our case, we very much partnered our way into this business,” Conforti told me.
“We were lucky to partner with someone very special who's already been identified as a thought leader in psychedelic medicine for years now,” he continued, in reference to Reid Robison, co-founder of Cedar Psychiatry and Cedar Clinical Research.
In July, Novamind acquired the Utah-based Cedar network for CA$3.05 million (CA$1 million in cash and CA$2.05 million in Novamind shares), welcoming Robinson as Novamind’s Chief Medical Officer.
The Cedar clinics offer regular outpatient mental health treatments like cognitive behavioral therapy, other forms of talk therapy, prescription management and psychiatric services.
Cedar is also known for offering more innovative and alternative neuropsychiatric modalities like transcranial magnetic stimulation and ketamine-assisted psychotherapy.
Novamind is planning to expand the clinic network organically and through M&A, with the …