Executes on Strategic Objectives to Disrupt the Mental Health and Wellness Market
Enters Strategic Acquisition Letter of Intent with NetraMark, Corp. to Enhance AI and
Machine Learning Capabilities
Expands Distribution Footprint for Nutraceutical Products to the Canadian Market
Invests in Talent with Technology to drive app development
TORONTO, Aug. 30, 2021 /CNW/ - Nurosene Health Inc. ("Nurosene" or the "Company") (CSE: MEND) (Frankfurt: 8TV) (OTC: MNNDF), a healthtech company focused on building a generation of better brains, today reported fiscal third quarter results for the period quarter ended June 30, 2021, and is providing shareholders with an update on its operational accomplishments to date and long-term growth objectives.
Fiscal Third Quarter 2021 and Subsequent Operational Updates
- Successfully closed an oversubscribed initial public offering and began trading on the CSE under the ticker symbol "MEND", with gross proceeds of $9.2 million.
- Developed a mental health advisory council of thought leaders with unique and diverse expertise in the areas of technology, medicine and athletics.
- Launched a proprietary line of precision nutraceutical supplements available via e-commerce and secured a network of retail distribution partners.
- Welcomed Joseph Loren as VP of Engineering to lead the Company's ongoing development efforts of the Nuro application
- In July, received approval from Health Canada for the distribution of nutraceutical supplements across the Canadian market.
- In August, effectively entered a non-binding letter of intent with Netramark Corp., an AI and pharma-tech company.
"We have made outstanding progress since our initial public offering in June. We have successfully executed on several initiatives to further build our operational infrastructure and business through specialized product offerings and critical strategic partnerships," said Ranj Bath, CEO of Nurosene. "The Company closed the quarter with a cash balance of $8 million and working capital of $7.4 million which sets the Company in good stead on the path forward to further secure Nurosene's position as a pioneer of proprietary solutions to help address the growing mental health crisis."
Mr. Bath continued, "We are striving to disrupt the mental health and wellness space by forming comprehensive therapeutic and technology-based solutions through accretive strategic partnerships. Most notable is our recently announced letter of intent with Netramark, with the capability to provide AI and data analytic technology to drive the next generation of the Nuro app, focusing on preventative therapeutics and offering personalized mental wellness programs. In addition, we completed a monumental step by receiving Health Canada's approval to distribute our nutraceutical supplements through retail and e-commerce channels in the Canadian market. We remain committed to our mission to build better brain health, as our goal is to create an efficient and integrated solution to capture both the healthcare and consumer goods markets."
For the full Q3 interim financial report, please visit sedar.com
About Nurosene
Nurosene provides individuals with tools and technology that empower them to take control of their mental wellness. Our mission is to build the next generation of better, healthier brains by leveraging technological advancements in AI and machine learning. With our team of experts and partners, Nurosene is positioned at the leading edge of critical research and innovations, striving to disrupt traditional mental wellness treatments. The company is based in Toronto, Ontario.
For more information, visit www.nurosene.com.
Forward-Looking Statements
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation which is based upon Nurosene's current internal expectations, estimates, projections, assumptions and beliefs, and views of future events. Forward-looking information can be identified by the use of forward-looking terminology such as "expect", "likely", "may", "will", "should", "intend", "anticipate", "potential", "proposed", "estimate" and other similar words, including negative and grammatical variations thereof, or statements that certain events or conditions "may", "would" or "will" happen, or by discussions of strategy. Forward-looking information includes estimates, plans, expectations, opinions, forecasts, projections, targets, guidance, or other statements that are not statements of fact. Specifically, this news release contains forward looking statements relating to, among others, activities of the Company's and its Financial Results for the third quarter of the 2021 Financial Year.
Any forward-looking information speaks only as of the date on which it is made, and, except as required by law, Nurosene does not undertake any obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for Nurosene to predict all such factors. When considering these forward-looking statements, readers should keep in mind the risk factors and other cautionary statements in Nurosene Final Long Form Prospectus dated May 20, 2021 and filed with the applicable Canadian securities regulatory authorities on SEDAR at www.sedar.com. The risk factors and other factors noted in Nurosene Final Long Form Prospectus could cause actual events or results to differ materially from those described in any forward-looking information.
The CSE does not accept responsibility for the adequacy or accuracy of this release.
SOURCE Nurosene Health Inc.
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