Wellbeing Digital Sciences (NEO:MEDI.AQN, OTCQB:KONEF) Inc announced that it has entered into a definitive agreement to sell all, or substantially all, of the operating assets of its IRP Health Ltd (IRP) subsidiary to Pathway Health (TSX-V:PHC) Corp.
The mental healthcare company said Pathway will acquire all the intellectual property, billing numbers, intangible assets and certain equipment associated with IRP’s multidisciplinary pain management and physical therapy programs that cater to military veterans, Royal Canadian Mounted Police (RCMP) and first responders.
“This agreement generates additional value for Wellbeing shareholders and allows Wellbeing to focus on expanding our clinical network footprint to treat mental health indications with novel medicines in conjunction with digital therapeutics,” Wellbeing Digital Sciences (NEO:MEDI.AQN, OTCQB:KONEF) CEO Najla Guthrie said in a statement.
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“After consideration of multiple deal structures, including a range of potential buyers, we are confident that our announced transaction with Pathway maximizes value for our shareholders and positions the business and our employees for long-term success,” Guthrie added.
Wellbeing noted that Pathway will also assume the lease and all of the assets in the Victoria, British Columbia location, including all intangible assets, prepaid expenses, deposits, and equipment.
Financial details were not disclosed.
Wellbeing Digital is an evidence-based mental healthcare company focused on the development and implementation of innovative clinical treatment solutions, including psychedelic medicine and digital therapeutics, as supported by clinical research.
A subsidiary of Wellbeing Digital, KGK is a leading North American contract research organization based in London, Ontario that primarily provides high-quality clinical research trials with a focus on nutraceutical and emerging healthcare products.
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