Levitee Labs (CSE:LVT) Inc announced the appointment of Philip van den Berg as the company’s new interim CEO and director, effectively immediately, replacing Pouya Farmand who will be moving to the position of founder.
Levitee said Farmand will continue to work with the company on key business development initiatives and help transition the leadership, but will be stepping down from the board of directors of Levitee Labs (CSE:LVT).
“Pouya has done an incredible job taking the company from an idea to a leader in the mental health and pharmacy wellness space today,” van den Berg said in a statement.
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“I will look to continue this aggressive growth pattern with a heavy focus on cutting-edge products, marketing techniques and acquisitions that I have learned through my years of experience,” van den Berg added.
Levitee Labs (CSE:LVT) noted that van den Berg is the current chief financial officer of Halo Labs Inc and co-founder of Olympus Capital, one of the first long-short hedge funds in Europe.
As well, the company said it has closed the first tranche of its previously announced non-brokered private placement offering of 7.5 million Levitee Labs units, at a price of $0.20 per unit, for gross proceeds of C$1.5 million.
Proceeds raised from this offering will be used for general working capital purposes, marketing, and investor relations activity, according to the company.
Each offered unit is comprised of one common share plus one common share purchase warrant, with each warrant being exercisable at C$0.40 per share for a period of 24 months from the date of issuance.
Levitee Labs is aiming to transform mental health and addiction treatments through the integration of psychedelic medicines and therapies. The company’s current portfolio of assets includes Levitee Clinics, a group of five clinics, focusing on addiction and pain treatment in Alberta.
It also owns Levitee Pharmacies which includes three pharmacies in Alberta specialized in filling prescriptions for patients with substance use disorders, mental health conditions, and chronic pain.
In addition, it owns BlockMD, the first technology company in Alberta to receive provincial approval for electronic prescriptions in the addiction treatment space; and Earth Circle Organics, a direct-to-consumer and wholesaler of supplements and superfood products with over 180 stock keeping units (SKUs) in its product lineup across three brands.
Contact Sean at sean@proactiveinvestors.com