- First-mover in the red-hot psychedelic medicine field
- Pioneering the use of psychedelics to treat mental health and addiction disorders
- Strong portfolio of research into psychedelics complements ongoing clinical trials
What Braxia Scientific does:
Braxia Scientific Corp (CSE:BRAX), formerly Champignon Brands Inc (CSE:SHRM) (OTCMKTS:SHRMF) is quickly emerging as a leader in the burgeoning field of psychedelic medicine.
The company is pursuing the development and commercialization of rapid onset treatments capable of improving health outcomes, such as depression and post-traumatic stress disorder (PTSD), as well as substance and alcohol use disorders.
As one of the first psychedelic companies to go public, the firm’s network of ketamine clinics complements its sharp focus on research and development.
Its strategic approach establishes a differentiated platform with operating treatment clinics in the US and Canada that also facilitate research and development of a wide range of therapeutic and medical applications of psilocybin, the psychoactive ingredient in mushrooms.
Braxia plans to advance its pursuit of treatments underpinned by psychedelic substances through clinical trials and assembling a compelling IP portfolio, clinical pipeline and drug development platform in the psychedelics space.
It owns 75% of the Canadian Rapid Treatment Centre of Excellence (CRTCE), a fully operational ketamine clinic in Mississauga, Ontario and the only clinic in the country approved by Health Canada to perform psilocybin doses.
Led by CEO Dr Roger McIntyre, a widely recognized expert in the study and treatment of mood disorders, Braxia is blazing a trail in an exciting new industry.
How is it doing:
It has been a busy period for the company following its rebrand to Braxia Scientific in May 2021.
According to its 4Q results revealed at the end of July, the group generated quarterly revenue of $346,989 and a gross margin of $60,028, or 17.3%. Its net loss came in at $2,594,726.
For the year ended March 31, 2021, Braxia reported revenue of $1,008,372 and a gross margin of $145,666, or 14.4%, primarily derived from its network of ketamine clinics across Canada.
Braxia opened its first ketamine therapy clinic in Quebec and launched the Braxia Institute, a research and clinical centre that will work on advancing ketamine and psychedelic treatment therapy.
The Braxia Institute is a training Centre of Excellence focused on advancing psychiatric clinical practice and health services of ketamine and psychedelic treatment therapy.
More recently, in July, the firm was awarded C$918,000 in funding from the Government of Canada’s Canadian Institutes of Health Research for ketamine research. The funds will go towards studying the effectiveness of intravenous ketamine in combination with internet-based cognitive behavioural therapy (CBT) to reduce suicidality in people living with depression.
Earlier, in June, Braxia launched its psilocybin-assisted clinical therapy training program for medical professionals, which it hopes will develop a “new generation” of independent physicians, psychologists and psychotherapists that are interested in using psilocybin to treat depression. As part of the program, therapists will participate in delivering psychotherapy in upcoming clinical trials at Braxia that are evaluating the safety and efficacy of psilocybin in depression. Therapists would also be trained to implement psychedelics in clinical practice, pending regulatory approval.
On the research front, Braxia saw its CEO Roger McIntyre’s research into the clinical uses of ketamine and esketamine published in the prestigious American Journal of Psychiatry in its May 2021 edition.
Inflection points:
- Results from intravenous ketamine and cognitive behavioural study
- Rollout of five unique ketamine clinics across Florida, California and the US Eastern Seaboard
- Addition of more clinics to its network across Canada and the US
What the boss says:
Commenting on its 4Q results, CEO Roger McIntyre told investors: "Braxia Scientific has achieved significant milestones to date, and we are picking up the pace.
"We will continue to leverage our leading clinical position and our team's long and successful track record in R&D to engage large pharmaceutical companies and advance the development and eventual distribution of Braxia products…We are prioritizing the expansion of our clinics in North America and the development of ketamine derivatives and IP-capable delivery systems in order to create value for shareholders through this RD&I approach, while building upon a strong foundation with good corporate governance at its core."
Contact Angela at angela@proactiveinvestors.com
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