Novamind Projects 225% Increase in Clinic Visits for 2021

Novamind, a mental health company that specializes in psychedelic medicine, this week announced revenues of $1.85 million for its fiscal quarter ending March 31, a 43% increase over the prior quarter. With its previously announced plans to open 4 new clinics, doubling the size of its network, between July and September, Novamind said in its earnings report that it expects to increase patient volume to more than 65,000 clinic visits in 2021, which would represent a 225% increase year-over-year.

• Novamind began trading on the Canadian Securities Exchange in January, kicking off a series of business developments for the company during the quarter:
• Pierre Bou-Mansour, PEng, the former chief operating officer of LifeLabs, was appointed as Novamind’s COO.
• Novamind was contracted by Merck as a research site for a Phase IIa clinical trial for an investigational medication for treatment-resistant depression.
• Novamind made a strategic investment in Bionomics Limited and will be evaluated as a key research site to conduct the latter’s Phase IIb trial that will examine a potential treatment for PTSD.
• The company expanded its clinic in Layton, Utah, and opened an additional client care center.

In a news release, Novamind CEO and director Yaron Conforti said the company plans to continue executing its planned aggressive growth initiatives, “further expanding organically and through acquisitions ahead of the FDA’s anticipated approvals of MDMA and psilocybin.”