12:42:59 EDT Sat 13 Jul 2024
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Numinus Wellness Inc
Symbol NUMI
Shares Issued 266,435,100
Close 2023-09-18 C$ 0.225
Market Cap C$ 59,947,898
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Numinus to end Numinus Bioscience operations

2023-09-18 19:08 ET - News Release

Mr. Payton Nyquvest reports


Numinus Wellness Inc. will focus on positive cash flow generating businesses, with several actions taken to reduce its cash expenses. These actions include ceasing operating activities at Numinus Bioscience, its non-revenue-producing research lab, consolidating two wellness clinics into nearby locations to improve margins and cash flow, and not renewing leases for two research clinics in Canada.

"I want to personally thank all Numinus Bioscience staff who made a tremendous contribution not only to Numinus, but to early and recent developments in our industry," said Payton Nyquvest, founder and chief executive officer. "Their impact has been immeasurable; however, our focus on building a sustainable, cash flow positive business is paramount to our long-term success, and proving the resiliency and growth potential of our operating model."

All operations at Numinus Bioscience and supporting functions will be wound down in the coming weeks in an orderly fashion; however, the company will remain as a legal entity under Numinus Wellness Inc., ensuring all intellectual property, patents and regulatory licences for Numinus will be retained by the company. Sharan Sidhu, vice-president, scientific research and innovation, will remain at Numinus, and will continue to provide valued guidance on clinical trial and regulatory activities.

Numinus's Peoria wellness clinic location (in Greater Phoenix), which was not producing positive cash flow, is being consolidated into Numinus's nearby Phoenix clinic location at 2400 West Dunlap Ave. -- a strategy through which Numinus expects to retain all clients and most practitioners, while reducing cash expenses by improving clinic space utilization. Numinus has also relocated its clinic in Orem, Utah, to American Fork. Additionally, Numinus will not renew the leases on its research clinic locations in Montreal and Vancouver, Canada. Ultimately, these changes are expected to enhance the service levels and client experience throughout the remaining clinics. Following these changes, Numinus will operate 11 wellness clinic locations and three clinical research sites operated by Cedar Clinical Research.

Collectively, these activities are expected to reduce the company's annualized cash expenses by $1-million, with little impact to revenue-producing operations. Numinus believes these actions will meaningfully improve its margins, and help the company accelerate its path to positive cash flow and profitability.

About Numinus Wellness Inc.

Numinus Wellness helps people to heal and be well through the development and delivery of innovative mental health care and access to safe, evidence-based psychedelic-assisted therapies. The Numinus model, including psychedelic production, research and clinic care, is at the forefront of a transformation aimed at healing rather than managing symptoms for depression, anxiety, trauma, pain and substance use. Numinus is leading the integration of psychedelic-assisted therapies into mainstream clinical practice and building the foundation for a healthier society.

We seek Safe Harbor.

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