Novamind Closes the Acquisition of Cedar Psychiatry, a Leading Psychedelic Therapy Organization in the U.S.
July 31st, 2020
Novamind Ventures Inc. (“Novamind“), a mental health and wellness company specialized in psychedelic-assisted psychotherapy, is pleased to announce that it has closed the acquisitions of Cedar Psychiatry LLC (“Cedar Psychiatry“), a specialized provider of ketamine-assisted psychotherapy and Cedar Clinical Research LLC (“Cedar Clinical Research“), a dedicated research center focused on psychedelic medicines, both based near Salt Lake City, Utah (the “Cedar Acquisitions“). Total consideration paid by Novamind for the Cedar Acquisitions was CAN$3.05 million, consisting of CAN$1 million cash and CAN$2.05 million in Novamind common shares.
With the closing of the Cedar Acquisitions, Reid Robison, MD, MBA, co-founder of Cedar Psychiatry and Cedar Clinical Research, will join Novamind’s senior leadership team.
Cedar Psychiatry by Novamind
Cedar Psychiatry is now the central hub of Novamind’s global network of clinics and retreats offering legal, medically supervised psychedelic experiences. Founded in 2016, Cedar Psychiatry operates four outpatient mental health clinics near Salt Lake City, Utah, providing a wide range of services including psychotherapy, diagnostic evaluations, pharmacogenetic testing, psychiatric medication management and transcranial magnetic stimulation (TMS).
In addition, Cedar Psychiatry is a leading provider of ketamine therapy, having administered over 3,000 ketamine-assisted psychotherapy sessions and over 700 SpravatoTM (esketamine) treatments since its inception. Dr. Robison is a thought leader in ketamine-assisted psychotherapy and psychedelic-medicine. He was one of the first clinicians to use ketamine off-label for the treatment of depression in Utah. In 2011, Dr. Robison established a ketamine infusion practice at Intermountain Medical Center, Utah’s largest hospital. Dr. Robison supervises and trains ketamine-assisted psychotherapy practitioners at Cedar Psychiatry’s clinics across Utah, and to date has guided thousands of ketamine therapy journeys and hundreds of SpravatoTM treatment sessions.
Through Novamind’s global network of clinics and retreats (operating exclusively in jurisdictions where certain psychedelics are legal), Cedar Psychiatry anticipates expanding its service offerings to provide patients with increased access to psychedelic medicine, along with screening, preparation, and integration services.
Cedar Clinical Research by Novamind
Cedar Clinical Research (“CCR“) now leads Novamind’s clinical research activities. From its dedicated research center in Springville, Utah, CCR has developed a strong track record providing contract research (CRO) services, including hosting clinical trials. In 2012, Dr. Robison led the Utah site for the pivotal ketamine study for treatment-resistant depression by Janssen, leading to the U.S. Food and Drug Administration (FDA) approval of SpravatoTM. CCR operates at the leading edge of evidence-based care and is currently conducting a variety of clinical research studies examining conditions including depression, eating disorders, PTSD, and end-of-life anxiety.
Cedar Clinical Research is initiating its own research studies, integrating the data and learnings gained from patient treatment experiences and outcomes at Cedar Psychiatry, as well as related international retreats, to advance research on psychedelic medicine. Novamind is evaluating a pipeline of early-stage clinical research opportunities and expects to announce preclinical work on a psychedelic therapeutic protocol during Q3 2020.
About Cedar Psychiatry and Cedar Clinical Research
Cedar Psychiatry is an innovative provider of outpatient mental health services, operating psychiatry clinics specialized in ketamine-assisted psychotherapy. Cedar Clinical Research is a dedicated research organization focused on advancing psychedelic medicine. Both organizations are based near Salt Lake City, Utah, and are committed to evidence-based psychedelic healing. For more information visit www.cedarpsychiatry.com.
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.
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