Braxia Scientific Corp. (CSE:BRAX, OTC:BRAXF) announced that Irwin Naturals Inc has terminated the non-binding amended and restated letter of intent (LOI) for a business combination between Irwin and Braxia, which the company called “disappointing”.
The medical research and telemedicine firm, however, said it remains committed to evaluating a number of potential strategic opportunities to create shareholder value in the mental health industry, which continues to evolve and consolidate.
"The Braxia team remains well positioned as global leaders in depression and ketamine research, as ranked by Expertscape, with high quality, trusted clinics and a telemedicine platform launched in the United States," Braxia Scientific CEO Dr Roger McIntyre said in a statement.
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“We are moving forward with our current strategy of developing our clinical operations in Canada, currently providing Ketamine and Psilocybin treatments, while building out our strategic and highly scalable telemedicine business with KetaMD, Inc in the US,” he added.
McIntyre also noted that the company is actively building its contract research organization (CRO) business, providing capabilities and research services to pharmaceutical companies looking to quickly develop or co-develop intellectual property (IP) in novel therapeutics.
Braxia added that it and its clinical management team remain market leaders in the research and delivery of mental health novel treatments, maintaining its strategic assets across three important business verticals - including its Clinical Operations in Canada, a US-based telemedicine platform and International Clinical Research Infrastructure.
Irwin Naturals, meanwhile, issued a statement on its decision to terminate the business combination, saying its CEO Klee Irwin expressed disappointment on the announcement but recognized the decision was based on a lack of a clear business rationale for the company to move forward with the transaction.
Braxia Scientific is a medical research and telemedicine company with clinics that provide innovative ketamine treatments for persons with depression and related disorders.
Contact Sean at sean@proactiveinvestors.com