Numinus Wellness strikes deal to acquire Neurology Centre of Toronto, establishing psychedelic centre of excellence

Numinus Wellness Inc (CVE:NUMI) announced it had struck an agreement to acquire the Neurology Centre of Toronto (NCT) in a deal worth up to $1 million.

The Neurology Centre is a fully operational clinic that treats common neurological conditions and psychological disorders.

Numinus said that it plans to expand NCT into a “comprehensive clinical neurology treatment centre” that specializes in psychedelic treatment for neurological disorders.

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The two will work together to establish the field of psychedelic neurology and turn NCT into a centre of excellence, according to Numinus.

NCT posted gross revenues of nearly $1 million for the 2020 year and net revenue of $454,000 – both 25% higher than the previous fiscal year, according to a statement.

The clinic’s founder Dr Evan Lewis will join Numinus as vice president, psychedelic neurology services along with 13 doctors and eight medical staff in various capacities.

“Our collaboration with Numinus represents an important evolution in patient care for individuals suffering from common neurological illnesses and challenges that are often associated with chronic mental health conditions,” said Lewis, a neurologist and clinical neurophysiologist who founded NCT in 2017. “While today’s treatments help many patients, a significant number continue to suffer and, we believe, may be helped by psychedelic-assisted psychotherapy.”

Under the terms of the transaction, Numinus will pay $300,000 in cash and $200,000 in shares upon closing and up to $500,000 in performance-based shares.

“This acquisition represents an exciting opportunity for NCT and Numinus to combine medical, clinical and academic expertise to help create a new discipline and ultimately a centre for excellence in psychedelic neurology,” said Dr Evan Wood, chief medical officer at Numinus. “In doing so, this collaborative discipline could potentially make a transformative difference for many patients.”

Payton Nyquvest, Numinus’s CEO, told investors that the acquisition of NCT “reflects our thoughtful expansion strategy to add clinics that offer revenue-generating services, accretive assets and innovative leadership that maintains our position at the forefront of client care and psychedelic-assisted therapy.”

Vancouver-based Numinus is an integrated mental health company creating an ecosystem of health solutions to research, develop, and deliver safe, evidence-based, accessible psychedelic-assisted psychotherapy.

Contact Angela at [email protected]

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Story by ProactiveInvestors