Braxia Scientific Corp has posted strong revenue in its fiscal first quarter to June 30, 2021, as it saw more patients and administered more ketamine infusion treatments at its four Canadian clinics.
The company, which is focused on treatments for depression and related conditions, said revenue in the three-month period came in at C$407,075, with gross margin of $114,253, representing increases of 80.3% and 89.7% respectively compared to the first fiscal quarter of 2020.
Subsidiary Braxia Health, which operates clinics in Mississauga, Toronto, Ottawa and, since March this year, Montreal, has beaten its IV ketamine infusion targets every month since January 2021, the group revealed.
READ: Braxia Scientific announces Canada's first multiple-dose psilocybin clinical trial for treatment-resistant depression
"As one of very few clinics offering IV Ketamine therapy in Canada since 2018, and the first private IV Ketamine clinic in Quebec, we have set the standard in care through our protocols and team of psychiatrists and nurses. As a result, we are pleased to be accepting an increasing number of referrals for patients with depression in need of rapid-acting and effective treatments," said Dr Roger McIntyre, CEO of Braxia Scientific in a statement.
"In addition to our clinics, we are executing on our strategy to test out innovative formulations and delivery methods. We are working to achieve key milestone objectives such as demonstrating the proof of mechanism, and that they actually affect the brain and attenuate depression – which has a one- to two-year runway," he added.
McIntyre noted too that the company was in talks with "major drug manufacturers" over potentially refining its therapeutic research with ketamine and psychedelic derivatives to develop new products that could be ultimately acquired by large pharma.
On the operational front, Braxia Scientific noted that it is also advancing three funded clinical trials through it's network of clinics. These are a Ketamine trial for bipolar depression, a Ketamine trial to rapidly reduce suicidality, and the first multiple-dose psilocybin trial to combat treatment-resistant depression.
Recently, the company launched the Braxia Institute, which is a training centre focused on advancing psychiatric clinical practice and health services of ketamine and psychedelic treatment therapy.
The company's net loss for the quarter was C$1,091,568, which included a non-cash share-based compensation expense of C$294,758. As of June 30, the firm's cash and equivalents stood at $10,257,759, compared with $11,101,005 at the end of March this year.
Contact the writer at giles@proactiveinvestors.com