Wesana Sells Clinic Management Services Organization To Strengthen Assets

Life sciences company Wesana Health WSNAF has completed the sale of its indirect, wholly-owned subsidiary Advanced Psychiatric Management LLC for a total of $2,100,000.

The equity purchase agreement will hand over the Chicago-based Management Services Organization (MSO) assets to APS Innovations LLC. (or APSI), led by Dr. Abid Nazeer, after which all operating relationships between them and Wesana will cease. 

Nonetheless, Wesana has agreed to allow Advanced Psychiatric Solutions to continue to use the Wesana clinics brand until November 15, 2022 to effectuate the transition.

Further, both parties agreed to settle the outstanding contingent consideration liabilities owed to Advanced Psychiatric Solutions, associated with the original purchase of the clinic on September 8, 2021, for a total of $200,000. 

Daniel Carcillo, Wesana’s chairman and CEO explained that the current sale is a key step in the company’s transition towards being more focused and streamlined. 

“After a thorough assessment of Wesana’s strategy and assets, the board concluded that a sale of the MSO would provide Wesana with the ability to continue pursuing current initiatives with a strengthened balance sheet. We anticipate the transition to be seamless for the clinics’ patients, employees, and stakeholders,” Carcillo further detailed.

Wesana has also announced the departure of Meghna A. Gaeta as chief marketing officer.

"Meghna’s innovative thinking, expertise in practice growth, and the technology-driven patient experience were instrumental in expanding the Company's marketing function and helped us to bridge the gap between patients and care providers," CFO Zed Wang said.

Photo by Arseny Togulev on Unsplash