Numinus Wellness Announces Strategic Acquisition of MedBright AI

June 20, 2024 – Clinical Trials, Other, Pharmaceutical – MedBright AI, Numinus, mental health clinics, psychedelics, psychoactive trials

Plans name change to “Numinus Intelligence” leveraging its current revenue-generating operations to AI-enable mental health clinics across the US

• The strategic combination merges MedBright’s AI-enabled clinical solution capabilities with Numinus’ deep data and vast experience with drug-assisted mental health treatment to improve clinical operations and capitalise on reimbursable offerings
• Leaders from MedBright AI team with extensive experience in US healthcare clinic operations and ownership plan to join the management team and Board upon the completion of the transaction
• As a result of the combination, the balance sheet strengthens with cash and liquid securities in excess of $5m. The operational team continues to reduce overhead and is embarking on a revenue improvement plan for the Utah clinics
• The proposed transaction comes as Numinus reorganises its operations with a near-term strategic plan towards generating positive EBITDA.

20 June 2024 — British Columbia, Canada — Numinus Wellness, a mental healthcare company advancing traditional and innovative behavioural health treatments including safe, evidence-based psychedelic-assisted therapies, announces execution of a letter of intent (LOI) to acquire MedBright AI Investments by way of a statutory plan of arrangement (Proposed Transaction).

MedBright AI deploys artificial intelligence (AI) and machine learning (ML) to empower medical professionals to deliver increased access to healthcare, reduce healthcare costs and improve patient outcomes. With the Proposed Transaction, Numinus plans to leverage its significant expertise in traditional therapy, clinic management, patient care, insurance reimbursement and psychedelic-assisted therapy into a unique AI-enabled offering (AI Offering) available to the growing number of US mental health care providers. Specifically, the AI Offering will leverage Numinus’ industry-leading experience and data as it relates to providing reimbursed care for drug-assisted therapy to allow therapists to address a key challenge in building out the infrastructure necessary to generate reimbursed revenue.

To signify its new strategic direction and focus, the Company intends to rebrand as Numinus Intelligence upon closing, a name that reflects the commitment to leveraging AI and data science to expand mental health services and solutions across the US. The company’s ticker symbol of the Toronto Stock Exchange will remain NUMI.

In preparation for the transaction, a transition team has been formed to reduce costs, preserve cash and work to increase revenues through the period before the Proposed Transaction is complete.

“This acquisition is the culmination of our efforts over the past year to align Numinus with the revenue growth opportunities we see in the US mental health care sector with the delivery of high-quality care to a large population of patients in need of drug-assisted therapy and mental health services,” said Payton Nyquvest, CEO of Numinus. “This is also a testament to the entire Numinus team who, over the past four years, has built an optimised clinic network that delivers great patient care at high levels of efficiency. We believe that harnessing our expertise and intellectual property to complement MedBright’s AI technology will amplify our ability to help those in need of care while driving revenue growth and, importantly, profitability.”

 “I am pleased with the prospect of joining the Numinus Intelligence board and advancing this crucial strategic transaction,” added Dr Jaime Gerber, chairman of the board of MedBright AI and associate professor of Clinical Medicine at Yale School of Medicine, US. “MedBright is dedicated to empowering healthcare providers with AI, and we believe this mission is vital for addressing the global mental health crisis. We look forward to generating value that will benefit both MedBright and Numinus shareholders.”

“I believe this merger will accelerate the mission of and opportunity for both companies,” stated Mr Michael Dalsin, an advisor and the largest shareholder of MedBright AI; a guest lecturer at Yale School of Medicine; and former chairman of Patient Home Monitoring and Convalo Health. “I look forward to having an increasingly substantial role in Numinus Intelligence upon completion of the transaction. I see a pathway to revenue growth and profitability with this merger, and I am enthusiastic about its potential.”

About Numinus

Numinus Wellness helps people to heal and be well through the development and delivery of innovative mental health care and access to safe, evidence-based psychedelic-assisted therapies. The Numinus model – including psychedelic research and clinic care – is at the forefront of a transformation aimed at healing rather than managing symptoms for depression, anxiety, trauma, pain and substance use. At Numinus, we are leading the integration of psychedelic-assisted therapies into mainstream clinical practice and building the foundation for a healthier society. Learn more at www.numinus.com.