Braxia Scientific Corp has said it generated a double-digit year-over-year revenue increase during its fiscal third quarter of 2022.
For the three-month period ending December 31, 2021, the company recorded revenue of $324,902 versus $286,841 in the year-ago quarter, reflecting a 13.3% increase.
Braxia noted that revenue consisted primarily of sales from the administering of ketamine-infusion treatments at the clinics of the Canadian Rapid Treatment Center of Excellence (CRTCE), a wholly-owned Braxia subsidiary. To date, the company has done about 5,500 ketamine treatments.
The Toronto-based company also ended the quarter with cash and cash equivalents of $7.64 million.
READ: Braxia Scientific closes C$3M private placement to fund expansion of clinics and investments
Going forward, for the rest of 2022, Braxia said it will continue to be a leader in the psychedelic-based therapy industry, establishing treatment protocols and best practice guidelines, including for innovative potential therapies, such as psilocybin.
In fact, the company achieved a significant milestone in November 2021 with the first patients to receive treatments in the first-ever Health Canada-approved multiple-dose psilocybin clinical trial of adults with treatment-resistant depression (TRD), as part of major depressive disorder or bipolar disorder, who have not satisfactorily benefited from multiple conventional treatments.
"Looking to the balance of 2022, we are focused on leveraging our core strengths including our established and advanced clinical infrastructure to continue to lead the industry by introducing new and innovative treatment and training programs,” said Braxia CEO Dr Roger McIntyre in a statement.
“We will also build and benefit from our human capital and large proprietary health database to further enhance our intellectual property and develop and acquire new chemical entities for potential co-development," he added.
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