NeonMind Announces Plan to Launch 10 Clinics for Innovative Treatments as Mental Health Crisis Grows
NeonMind Announces Plan to Launch 10 Clinics for Innovative Treatments as Mental HealthCrisis Grows
Partnered with SRx Health Solutions and BioScript Solutions to Build Out a Network ofNeonMind-branded Specialty Mental Health Clinics Across Canada
Oakville, Ontario – April 12, 2022: NeonMind Biosciences Inc. (CSE: NEON) (OTCQB: NMDBF) (FRA:6UF) (“NeonMind'' or the “Company”), an integrated drug development and wellness company focusedon bringing innovative psychedelic-based treatments to people suffering from obesity and mental healthdisorders, announced today plans to launch 10 specialty mental health clinics over the next 3 yearsthrough alliances with SRx Health Solutions and BioScript Solutions, leading Canadian specialtyhealthcare services and medical treatment providers.
Approximately 1 in 10 Canadians use health services annually for mood and anxiety disorders, accordingto a Canadian government report, Mood and Anxiety Disorders in Canada. Major health care institutionsare acknowledging the increasing burden of the crisis and the need to provide support access totreatments, including Ontario Health’s Roadmap to Wellness which will invest $3.8 billion into mentalhealth; Veterans Affairs Canada is launching new mental health benefits and insurance companies areproviding coverage to new mental health treatments.
New, effective treatments for mood and anxiety disorders have been developed with proven benefits topatients, including intravenous ketamine (IV-Ket) and neurostimulation. These treatments require shortvisits to a clinic typically lasting 2 hours or less. NeonMind’s research reveals there is a lack of availableand conveniently located clinics providing these treatments. NeonMind’s Specialty Mental Health Clinicsdivision is executing on its strategy to increase availability of these treatments by building out cliniclocations with our trusted partners that are leading providers of specialty medical treatments with anetwork of hundreds of established clinic locations.
“By partnering with SRx Health Solutions and BioScript, we can leverage their established clinic networkand operational excellence in specialty medical treatments to introduce our mental health treatments inan expedient and capital efficient manner and importantly, working with an infrastructure that enablesscaling” said Rob Tessarolo, President & CEO of NeonMind Biosciences. “With very little upfront costs foreach location, we expect to be able to open NeonMind clinics in at least 10 new communities over thenext few years and are pleased to offer this referral service to medical doctors and their patients whorecognize the benefits of IV-Ket and neurostimulation but are not set up to deliver the treatments intheir own clinics.”
NeonMind plans to launch its first treatment location this summer in Mississauga, Ontario in 2022. Itsinnovative business model allows it to launch each location with substantial savings in launch costs bylaunching within an existing clinic location. The alliances mean NeonMind can avoid high leaseholdimprovements and overhead and is able to share costs on medical staffing.
Initially NeonMind clinics will offer IV-Ket, a validated treatment that was recently added to the Canadianguidelines. IV-Ket requires a licensed clinic setup and a team of specially trained healthcare professionalswhich most medical clinics cannot achieve and therefore are not able to provide this treatment.NeonMind is closing the treatment gap by offering medical doctors a trusted referral partner for theirpatients to get access to IV-Ket.
NeonMind's inaugural specialty mental health clinic will be located at 89 Queensway West, Suite 604,Mississauga, Ontario, L5B 2V2. For more information related to NeonMind's specialty clinics, pleaseemail [email protected].
About NeonMind Biosciences Inc.
NeonMind operates two divisions: (i) a pharmaceutical division engaged in drug development ofpsychedelic compounds with two lead psilocybin-based drug candidates targeting obesity; and (ii) amedical services division focused on launching specialty mental health clinics that integrate psychedelictherapeutics into traditional psychotherapy settings.
In its pharmaceutical division, NeonMind has two distinct psilocybin drug development programstargeting obesity. NeonMind’s lead candidate, NEO-001, employs psilocybin as an agonist at theserotonin 5- HT2A receptor, which is involved in the hallucinogenic effect of psychedelics. The Company’ssecond drug candidate, NEO-002, employs low-dose psilocybin as an agonist at the 5-HT2C receptor,which controls appetite.
NeonMind and its strategic partners are building NeonMind-branded specialty mental health clinics inCanada that incorporate evidence-backed innovative treatments to address a variety of mental healthneeds. For more information on NeonMind, go to www.NeonMindBiosciences.com.
Rob Tessarolo, President & Chief Executive Officer, NeonMind Biosciences [email protected]: 416-750-3101
The Canadian Securities Exchange has not reviewed, approved nor disapproved the contents of this newsrelease.
Cautionary Statement Regarding Forward-Looking Statements
Certain statements contained in this press release constitute forward-looking information. Thesestatements relate to future events or NeonMind’s future performance. The use of any of the words"could", "expect", "believe", "will", "projected", "estimated" and similar expressions and statementsrelating to matters that are not historical facts are intended to identify forward-looking information andare based on NeonMind’s current belief or assumptions as to the outcome and timing of such futureevents. Actual future results may differ materially. In particular, NeonMind’s drug development plans, itsability to retain key personnel, and its expectation as to the development of its intellectual property andother steps in its preclinical and clinical drug development constitute forward-looking information. Actualresults and developments may differ materially from those contemplated by forward-lookinginformation. Readers are cautioned not to place undue reliance on forward-looking information. Thestatements made in this press release are made as of the date hereof. NeonMind disclaims any intentionor obligation to publicly update or revise any forward-looking information, whether as a result of newinformation, future events or otherwise, except as may be expressly required by applicable securitieslaws.