Numinus Wellness Inc (CVE:NUMI) (OTCMKTS:LKYSF) (FRA:LR23) saw its cash balance balloon to C$28.5 million after closing a C$17.25 million bought deal, its fiscal 2Q results reveal.
In a statement accompanying the results, the psychedelic therapy company called the three-month period ended February 28, 2021, a “landmark” quarter in which it completed the acquisition of Canadian healthcare start-up Mindspace Wellbeing and announced new collaborations with laboratory Optimi Health and Multidisciplinary Association for Psychedelic Studies Public Benefit Corporation (MAPS PBC).
The Vancouver-based firm is the first Canadian public company to successfully legally extract psilocybe mushrooms, a feat it achieved during the 2Q.
READ: Numinus Wellness closes acquisition of Mindspace Psychology Services, a leader and pioneer in psychedelic programming
Revenue was steady at C$231,507 compared to $259,489 in the year-ago quarter, while its net loss widened to $4.2 million compared to $2.1 million in 2Q 2020.
Subsequent to quarter-end, Numinus completed a $40.25 million financing and raised an additional $1.5 million from warrant exercises, putting its current cash balance at around $65 million.
"(2Q) was a landmark quarter for Numinus, and we were pleased to close the period with a strong cash position, stable balance sheet and robust pipeline of announcements across all lines of our business," Payton Nyquvest, CEO of Numinus said in a statement accompanying the results. "In addition, we were pleased to welcome Mindspace Wellbeing, its exceptional leadership team and more than 30 therapists into our family of clinics."
Nyquvest told investors that the firm is “set up” for the rest of the fiscal year with $65 million in cash. The CEO added that the firm has “a strategy for future M&A, leadership in lab licensing, world-class clinical trial partnerships and a uniquely integrated approach to psychedelic production, research and clinic care.”
Recently, the firm expanded its psychedelic testing capabilities and services at its Numinus Bioscience laboratory, and started renovations at its Vancouver clinic to offer a wider variety of therapy options and prepare for psychedelic-assisted therapy delivery and compassionate access trials later in 2021.
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