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TORONTO, ON / ACCESSWIRE / July 14, 2020 / Novamind Ventures Inc. ("Novamind" or the "Company"), a mental health and wellness company specialized in Psychedelic-Assisted Psychotherapy (PAP), is pleased to announce that it has closed an oversubscribed private placement (the "Financing") raising aggregate gross proceeds of CAN$4.4 million, upsized from an original CAN$3.0 million target.
The proceeds of the Financing will support investments in Novamind's growing, global network of clinics and retreats offering legal, medically supervised psychedelic experiences, as well as providing capital for Novamind's pipeline of targeted investments, with additional announcements expected during July 2020.
Yaron Conforti, Chief Executive Officer and Director of Novamind commented: "We are grateful for the support from new and existing shareholders that share our vision for a new standard in mental healthcare."
Novamind's acquisition and investment strategy began in 2019 with an investment in the Synthesis Institute, a legal psilocybin retreat in the Netherlands (see news release dated November 18, 2019). Novamind later announced the acquisition of Utah-based Cedar Psychiatry LLC, a specialized provider of Ketamine Assisted Psychotherapy (KAP), and Cedar Clinical Research LLC, a dedicated research center leading clinical trials for psychedelic medicines (see news release dated March 24, 2020).
Novamind's acquisition and investment strategy is expected to continue throughout 2020, with a capital allocation plan focused on: i) KAP clinic expansion; ii) offshore retreat facility expansion; iii) clinical trials & IP; iv) developing proprietary technology.
Leveraging its early investments, and partnering with leading clinicians in the psychedelic space, Novamind is building a global network of clinics and retreats offering people access to safe, legal psychedelic experiences while advancing research for psychedelic medicine.
Novamind is building a global network of clinics and retreats that are required for a regulated psychedelics industry. We provide access to safe, legal psychedelic experiences, while advancing research for psychedelic medicine. For more information visit www.novamind.ca.
CEO and Director
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