Numinus Wellness Inc said it has closed its acquisition of the Neurology Centre of Toronto (NCT), a leading Canadian provider of clinical neurologic care. The purchase agreement was previously announced on July 6, 2021.
Numinus, a mental health care company advancing innovative treatments and safe, evidence-based psychedelic-assisted therapies, said NCT will operate as the "Neurology Centre of Toronto by Numinus" and continue under the leadership of its founder, Dr Evan Lewis. Lewis will assume the role of vice president for Psychedelic Neurology Services at Numinus.
"We are honoured to welcome such innovators to Numinus and look forward to working together to advance our mission of delivering transformative healing," Numinus CEO Payton Nyquvest said.
"With neurologic care in the Numinus portfolio, we continue to thoughtfully grow our patient and revenue base while increasing access for communities in need. We are excited to further expand our services as pioneers of psychedelic medicine and transformative mental health care.”
READ: Numinus Wellness strikes deal to acquire Neurology Centre of Toronto, establishing psychedelic centre of excellence
Since it was started in 2017, Numinus said NCT has established itself as a clinical neurology leader, in particular regarding the use of medical cannabis for both adult and pediatric patients.
In addition, NCT has developed a rapid access care model that increases patient throughput, reduces wait times, improves cost-effectiveness and facilitates scaling of services. It said these developments will form the basis for NCT by Numinus to expand into a clinical neurology centre with a specialization in psychedelic neurology.
Current treatments are limited for neurological disorders such as concussion, migraine, cluster headache, neuropathic pain syndromes, and epilepsy, particularly when they have comorbid mental health challenges such as depression and anxiety. However, it will also explore the application of psychedelic-assisted therapies in neurologic care.
"NCT by Numinus represents an important paradigm shift in neurologic care," Lewis said.
"By accounting for both medical and psychological needs while incorporating innovative psychedelic-assisted therapies, we aim to help patients improve their overall quality of life in an integrated and sustainable way.”
Under the terms of the purchase agreement, Numinus paid $300,000 in cash and $200,000 in Numinus shares upon closing of the transaction. The agreement also includes performance-based payments totaling up to $500,000 in Numinus shares.
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