Numinus Wellness Inc closed out its fiscal third quarter with a strong $63.2 million cash position, surging revenue from its clinic operation, trial advances and by making a strategic push into psychedelic neurology.
For the period ended May 31, 2021, the Vancouver, British Columbia-based mental health care company advancing psychedelic-assisted therapies, saw revenue of $562,076, up 160% from $216,244 in the same quarter of 2020.
Similarly, for the nine-month period ended May 31, 2021, the company saw revenue of $1,022,771, up 68% from $610,148 in the same period a year earlier.
In the third quarter, Numinus maintained a healthy cash position. It completed a $40.3 million bought deal financing and exercised $1.6 million in warrants and options. The company had a cash balance of $63.2 million as at the end of May.
During the quarter, the company said it received amendments to the Health Canada licence under Numinus Bioscience, including the “addition of Ketamine and LSD to the list of permitted research substances” alongside DMT, MDMA, Mescaline, Psilocin, Psilocybin. This expanded the firm’s ability to produce finished products for research and supply of other groups. “These changes expand the lab’s capabilities and position as an industry manufacturer and supplier,” noted the company.
In other 3Q milestones, the company announced a 7,500-square-foot expansion of Numinus Bioscience’s research lab. It also revealed a Phase 1 clinical trial to assess the safety and efficacy of a Psilocybe extract developed at Numinus Bioscience.
The company also announced key milestones in the compassionate access trial of psilocybin-assisted psychotherapy for substance use disorders.
In a nutshell, during the quarter, Numinus maintained a healthy cash position, achieved key milestones in its lab and proprietary portfolio, expanded the clinic network, and continued to advance its basic and clinical research.
In a statement accompanying the numbers, Numinus founder and CEO Payton Nyquvest said: “3Q underscores that Numinus is well into its next phase of rapid growth. Continuing the strong performance seen in 2Q, we’ve maintained a healthy cash balance while making key investments in our human and technical infrastructure that provide a strong foundation for the significant advances seen across our lab and clinics.”
“Numinus Bioscience is demonstrating its leadership in scientific discovery grounded in accessibility, while Numinus Health continues to advance on robust clinic expansion and service delivery targets. We are prepared to sustain this growth trajectory over the coming quarter,” he added.
Meanwhile, Numinus CFO John Fong said the company is “proud” of its 3Q results that saw “a steady increase in revenue from our clinic operations.”
“As we expand our clinic network and lab activities, we look forward to seeing further revenue growth and operational efficiency across our business units,” added Fong.
After the quarter ended, Numinus announced the acquisition of the Neurology Center of Toronto (NCT) for a total of $1.1 million, allowing for the planned expansion of NCT into a comprehensive neurologic care centre specialized in psychedelic neurology.
It also filed a provisional patent application with the US Patent and Trademark Office for a rapid production process containing psychoactive compounds, with the first proprietary extract from Psilocybe cubensis containing psilocybin, other indole alkaloids and additional beneficial compound.
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