(Image via Numinus Wellness Inc.)
In 2020, Health Canada began allowing select patients to take psilocybin for relief of end-of-life-distress. This was followed by a proposed regulation revision that could allow doctors to prescribe both psilocybin and MDMA for therapeutic purposes. These significant regulatory movements signal a change in mainstream views around psychedelic-assisted psychotherapies ….
One company focused on developing and delivering solutions centred around psychedelic-assisted psychotherapy is positioning itself to further its industry lead by making psilocybin- and MDMA-assisted treatments accessible for those experiencing mental illness, trauma and addiction around the world.
Vancouver-based
Numinus Wellness Inc. (TSX-V: NUMI, OTC: LKYSF, Forum) is well-positioned for 2021, given their strong performance in 2020.
Numinus ended 2020 very strong, closing December with its announcement, oversubscription and close of a bought deal financing of 25 million shares at a price of $0.68 per share, for aggregate gross proceeds of approximately
$17 million (CAD).
Numinus has said it intends to use the net proceeds for clinic upgrades to prepare for clinical trials, laboratory upgrades, clinic acquisitions, research and development of medical protocols, and general working capital.
The successful financing followed on the heels of Numinus’ announcement of a
clinical trial collaboration on MDMA for PTSD, with the Multidisciplinary Association for Psychedelic Studies (MAPS) Public Benefit Corporation, a wholly-owned subsidiary of MAPS. MAPS is widely known for being a psychedelic research and advocacy pioneer, respected by both industry and public institutions. It has historically resisted industry ties, so this announcement was a first and a strong signal of confidence in Numinus’s operations, along with being the first trial of its kind in Canada.
Numinus also announced completion of its first extraction from the psilocybin-producing mushrooms (‘magic mushrooms’) cultivated in its 7,000 square foot lab. This appears to be the
first legal extraction by a Canadian public company, opening the door for standardized extraction that will be key to finding a safe supply for the public. Numinus was also the first public company to be granted a licence from Health Canada for this extraction research.
Finally, the company also showed significant development of its clinic acquisition strategy by announcing
national expansion to Quebec with the acquisition of Mindspace, a psychedelic programming leader with three clinics in Montreal that also recently launched ketamine-assisted psychotherapy.
Entering 2021, Numinus has already started off strong, with the announcement of a
lab services agreement with a natural mushroom product company. This is a revenue-generating opportunity that simultaneously supports product development and research in the industry, with Numinus providing use of its state-of-the-art, Health Canada-licenced laboratories, equipment, services and expertise, in exchange for a retainer and shares.
Most recently, Numinus
upgraded its lab, with a major acquisition of an industry-leading instrument by Thermo Fisher. This is expected to greatly expand the company’s research capabilities, both for Numinus’ internal use and its third-party standardized analytical testing services for revenue generation.
Stockhouse Editorial caught up with Numinus founder, CEO, President and Chair,Payton Nyquvest, to find out more ….
- Thank you for taking the time to speak with us. Let’s begin with looking at the MAPS partnership. What will this first-of-its-kind compassionate access trial involve?
We’re very excited about our collaboration with MAPS! The trial will deliver MDMA-assisted psychotherapy for post-traumatic stress disorder (PTSD). This is the first of its kind in Canada and is very meaningful for me, personally, in taking a big step towards making new treatments available to the vast number of people who have experienced trauma. The trial will be conducted at our Vancouver clinic site, starting with an initial 20 participants and gathering outcome and safety data for Health Canada. Our physicians, therapists and staff will be trained using MAPS’ clinically-tested PTSD treatment protocol, which is widely recognized as the industry standard. This is a development we’re very proud of at Numinus, and it will run in parallel to our other compassionate access trial of psilocybin-assisted psychotherapy for substance use disorders.
- Can you tell us about MAPS’ clinically-tested PTSD treatment protocol?
The MAPS protocols are highly structured and centred around patient safety and patient outcomes. This structure includes a rigorous intake and screening process to assess health histories and screen for potential contraindications before accepting participants. The protocols ensure that the substances are taken with medical professionals attending at all times, and there are multiple follow-up sessions after the dosing session to support integrating their experience for long-term outcomes. You can read more about the exact protocols
here.
- Why is this trial significant for the public when it comes to healthcare?
This is a step towards transforming existing treatments for mental illness, trauma and substance use. Trial outcomes will add to research on the regulated use of MDMA as a prescription medicine for treatment of PTSD. This growing body of research shows the massive potential of psychedelic-assisted psychotherapy to approach mental illness, trauma and substance use in a categorically different way than how they are currently being treated. Right now, healthcare approaches mental illness and trauma as palliative conditions where the symptoms are addressed, not the root causes.
These new therapies take a different approach with a curative intent and focus on providing support through ongoing therapy to help people make long-term lifestyle changes. Our trial is a pathway to opening access and providing health regulators with research data to support them in changing health policies to make this legally accessible in the healthcare system.
- You’ve stated that the financing will go towards a number of areas - from these trials to clinic acquisitions. Can you share more about your Quebec acquisition and overall acquisition strategy?
We’re extremely pleased and excited about our acquisition of Mindspace.
Not only is this a physical expansion of our footprint, it is a sign of Numinus reaching greater audiences with our mission and purpose.
Our decision to acquire was based first on like-minded values and strengths. Like Numinus, Mindspace is committed to finding meaningful, accessible, and long-term solutions to the massive gaps in current mental health care. Together, we saw a strong corporate and cultural fit that is focused on achieving the highest quality patient outcomes — at scale.
The Mindspace team has worked very hard for years to build a well-known, widely respected brand for psychology, mindfulness and integration of psychedelics to support mental wellness. With their years of expertise in clinic management, they will be a very valuable addition. Now, our teams will evolve together through development of psychedelic programming, therapeutic protocols and support for our clinical research.
When it comes to our expansion strategy, the Numinus approach is to prioritize quality over quantity, both for patient outcomes and long-term investor returns. We are focusing first on developing a best-in-class combination of practitioners, therapeutic protocols and clinic design that will drive sustainable, rational and evidence-based physical expansion. This is how we will protect both patients and investors. Evidently, this is paying off by bringing respected teams like Mindspace to the table to join the Numinus mission.
- Health Canada’s recent Special Access revision proposal could be huge for Numinus - essentially, allowing doctors to legally prescribe psychedelic-assisted psychotherapy, if the change goes through. What’s your outlook?
This is a very significant announcement that Numinus fully supports Health Canada in formalizing. Not only would the Special Access Programme revision offer new treatments to help close the current, massive treatment gap for mental illness, substance use disorders and trauma, it also addresses a current ethical gap.
Right now, people can only access psychedelic-assisted psychotherapy if they get into a clinical trial. However, once the trial ends, they no longer have access, even if the therapy was shown to have positive outcomes for their condition. This violates international medical ethics, and the proposed revision would close this gap.
As I said, we fully support the revision. Actually, Numinus’s medical leadership also played a role in bringing this to the attention of Health Canada — our Chief Medical Officer, Dr. Evan Wood, led our team in preparing a formal briefing note to the Health Minister to propose specific steps to implement medical protocols. Hopefully, these suggestions, along with all of the inputs from other medical and regulatory professionals as well as public consultation, will help Health Canada progress down this path towards expanded patient access and healing. Numinus is prepared to support practitioners in our clinics in guiding their patients through this treatment pathway, should the revision go through.
- Given all of the events of 2020, what is your outlook for the new year and the coming years for psychedelic-assisted psychotherapy?
2020 was a very challenging year for many, but the bright side was how it pushed many people to reach for change, hope and growth. At Numinus, we’re no different. I’m very grateful for my immensely talented, resilient and capable team, from our clinic and medical team to our lab to all of our business geeks at HQ. Together, we are united in our mission to be the leader in psychedelic-assisted psychotherapy and bring healing and wellness to all.
Not only do I have a great team, I’m also proud to have a tremendous group of advisors and allies in this space who are helping us power our mission forward. Looking ahead to 2021, I’m excited to move forward on conversations around collaboration and co-creation. I see both maturing and new companies doing great work that is advancing our industry. Together, I’m excited to bring change to the mainstream and make healing and wellness a reality for all.
To find out more about this Company, visit
numinus.ca.
FULL DISCLOSURE: Numinus Wellness Inc. is a client of Stockhouse Publishing.