Wesana Health Reports Q3 2021 Financial Results

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CHICAGO and TORONTO, Nov. 29, 2021 (GLOBE NEWSWIRE) — Wesana Well being Holdings Inc.
(“Wesana” or the “Firm”) (CSE: WESA; OTCQB: WSNAF) , a knowledge pushed life sciences firm, has introduced its quarterly monetary outcomes for the three- and nine-month interval ending September 30, 2021.

Q3 2021 Highlights

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Chad Bronstein, Govt Chairman of Wesana Well being Commented: “The third quarter marked plenty of essential strategic developments for Wesana Well being, together with the PsyTech acquisition. By means of the acquisition of PsyTech we’ve got been in a position to develop our affected person attain and general affected person affect via the addition of Care Supply as a enterprise section. Notably, the Care Supply section, highlighted by the 2 flagship clinics in Chicago, offers key scientific protocols for Wesana to make use of as a base for greenfield growth along with a community of acquisition targets via PsyTech Join. The Care Supply section additionally offers an essential future conduit to check Wesana’s psychedelic drug improvement program having not too long ago surpassed 4,000 administered ketamine therapies on the clinics stage since inception.

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Moreover, we’re extremely happy with our funding dedication to MAPS to work in direction of a partnership settlement. Assuming we will obtain profitable partnership discussions, a analysis collaboration with MAPS may speed up Wesana’s timing to market on MDMA remedy for the therapy of TBI.

We consider Wesana is ending the newest quarter ready of power and anticipate that our steady strategic investments in folks, belongings and capabilities will proceed to ship worth to our increasing affected person base.”

Chosen Consolidated Monetary Info

The next desk units forth chosen monetary data derived from the Firm’s unaudited condensed interim mixed and consolidated monetary statements for the three- and nine-months ended September 30, 2021. The next data must be learn along side the monetary statements and the accompanying administration’s dialogue and evaluation (“ MD&A ”), which can be found on the Firm’s web site at www.wesanahealth.com and below the Firm’s SEDAR profile at www.sedar.com.

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* The quantity is offered assuming the entire Firm’s excellent Proportionate Subordinate Voting Shares and Tremendous Voting Shares as at September 30, 2021 are transformed into Subordinate Voting Shares and the entire Firm’s different excellent convertible, exchangeable and exercisable securities as at September 30, 2021 are transformed, exchanged or exercised in accordance with their phrases.

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PsyTech Acquisition and Launch of the Care Supply Phase

On September 8, 2021, the Firm accomplished the acquisition (the “ PsyTech Acquisition ”) of Psychedelitech Inc. (“ PsyTech ”) and the acquisition of Superior Psychiatric Administration LLC. Such acquisitions added three parts that expanded the Firm’s enterprise into Care Supply:

•        Wesana Clinics – Wesana Clinics is a series of psychiatrist-led psychological well being clinics centered on delivering psychiatric care, inclusive of ketamine remedy, whereas additionally getting ready for the supply of different psychedelic therapies as they turn into obtainable. The Wesana scientific community at the moment consists of two flagship clinics positioned in Illinois with one other below improvement contemplated to open within the first quarter of 2022. See “Cautionary Word Concerning Ahead-Wanting Info” beneath.

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•        Wesana Options – Wesana Options is a scientific software program platform centered on bettering psychological healthcare via facilitating entry to scientific protocols and monitoring their efficacy. In live performance with digital medical information and apply administration techniques, Wesana Options is meant for use in clinics delivering psychedelics and associated therapies, focusing on the creating worldwide psychiatric clinic and analysis market, with preliminary scientific deployment to be centered on the USA. Wesana Options is contemplated to start scientific deployment within the first quarter 2022 and can assist Wesana collect and course of neurological knowledge about affected person response to varied compounds and protocols below investigation. See “Cautionary Word Concerning Ahead-Wanting Info” beneath.

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•         PsyTech Join – PsyTech Join is a neighborhood for the scientific use of psychedelics with over 8,000 actively engaged professionals and has turn into a useful resource for psychedelic remedy protocols and scientific greatest practices. PsyTech Join additionally options the annual PsyTech Summit, a premier psychedelic convention that averages over 2,200 attendees. By means of PsyTech Join, Wesana will be capable of develop relationships with forefront psychiatric practitioners and supply them with instruments for managing, understanding, and personalizing care for his or her sufferers.

US$1.5 Million Funding of MAPS Analysis
On September 14, 2021, the Firm introduced its dedication pursuant to a memorandum of understanding to fund an preliminary US$1.5 million to MAPS with the mixture quantity anticipated for use partially by MAPS to finance the analysis of authorized, scientific and operational parts of a proposed partnership. In reference to the funding, MAPS Public Profit Company (“ MAPS PBC ”), a wholly-owned subsidiary of MAPS, is anticipated to activate a workforce to hold out such an evaluation.

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The partnership between MAPS and the Firm is contemplated to speed up MAPS PBC’s analysis timelines and supply extra help to MAPS for additional analysis, advocacy, training, and equitable entry to MDMA-assisted remedy therapies. Beneath the phrases of the partnership, Wesana is contemplated to, amongst different issues: (i) acquire experience and data to design psychedelic-assisted remedy applications for TBI and enhance the Firm’s timeline and path to marketplace for its therapies, (ii) discover acquiring an unique business license to make use of MDMA for the therapy of TBI, (iii) consider the viability of, and enter into, income share agreements between the organizations, (iv) adapt MAPS’ equitable entry analysis initiatives to develop a significant affected person entry program, and (v) fund related analysis, administered by MAPS PBC, with extra capital.

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The formation of a partnership between the Firm and MAPS stays topic to, amongst different issues, negotiation and execution of definitive documentation and satisfaction of the circumstances precedent negotiated therein. There is no such thing as a assurance that any such definitive documentation might be settled and entered into by the events nor that any such circumstances precedent might be met. General, any direct or oblique analysis and improvement efforts of the Firm associated to MDMA stay at a preliminary stage. Please seek advice from the MD&A for extra particulars.

Inclusion within the AdvisorShares Psychedelics ETF

On October 1, 2021 the Firm introduced that its shares have been included within the AdvisorShares Psychedelics ETF (the “ Fund ”), at the moment buying and selling below the ticker image “PSIL” on the NYSE Arca trade. The not too long ago launched Fund primarily focuses its technique on investing in publicly traded corporations within the life sciences, biotechnology and prescription drugs sectors that derive at the least 50% of their web income or dedicate 50% of their belongings to the development of psychedelic compounds. The Fund seems to be to spotlight the leaders within the psychedelics sector as its core holdings.

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Steady Disclosure

Additional to a evaluate by the Ontario Securities Fee (the “ OSC ”) of the Firm’s steady disclosure in reference to the Firm’s submitting of its preliminary base shelf prospectus dated September 15, 2021, the Q3 MD&A consists of amended disclosure pertaining to the Firm’s administration’s dialogue and evaluation for the quarter ended June 30, 2021 (the “ Q2 MD&A ”). Such amended disclosure (the “ Amended Q2 MD&A Info ”) is being included within the MD&A to deal with feedback obtained from the OSC and to enhance the Firm’s disclosure. Particularly, the Firm has included extra disclosure relating to the Q2 MD&A as follows:

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On account of having to incorporate such enhanced disclosure throughout the MD&A as a corrective matter, the Firm might be positioned on the general public checklist of Refiling and Errors in accordance with OSC Employees Discover 51-711 (Revised) – Refilings and Corrections of Errors .

About Wesana Well being
Wesana Well being is an rising life sciences firm championing the event of modern approaches for higher understanding, defending, and bettering neurological well being and efficiency. By means of intensive scientific analysis and tutorial partnerships, Wesana Well being is creating evidence-based formulations and protocols, together with psilocybin-based therapies, that empower sufferers to beat neurological, psychological, and psychological well being illnesses. To be able to adjust to relevant company apply of medication legal guidelines, the Wesana Clinics are solely licensed doctor owned and are organized as doctor practices, with the Firm offering administration companies to the Wesana Clinics. Be taught extra at www.wesanahealth.com.

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Cautionary Word Concerning Ahead-Wanting Info
This press launch comprises “forward-looking data” throughout the that means of relevant securities legal guidelines with respect to the Firm, together with, however not restricted to: the beta testing outcomes for, the completion of product improvement and timing for clinic deployment of, Wesana Options, the opening of a 3rd Wesana Clinic within the first quarter of 2022, the completion and timing of coming into right into a partnership with MAPS and data in regards to the anticipated advantages thereof; and another assertion which will predict, forecast, point out or indicate future plans, intentions, ranges of exercise, outcomes, monetary place, operational or monetary efficiency or achievements. Usually, however not at all times, forward-looking data may be recognized by means of phrases corresponding to “plans”, “expects”, “is anticipated”, “price range”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, “will”, “initiatives”, or “believes” or variations (together with unfavorable variations) of such phrases and phrases, or statements that sure actions, occasions, outcomes or circumstances “might”, “may”, “would”, “would possibly” or “will” be taken, happen or be achieved. Aside from statements of historic truth, data contained herein constitutes forward-looking data. Ahead-looking data just isn’t a assure of future efficiency and is predicated upon plenty of estimates and assumptions of administration on the date the statements are made.

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Wesana Options stays within the beta testing part. Whereas there isn’t any assurance that product improvement might be accomplished and scientific deployment might be achieved nor the extent to which the Firm will safe scientific prospects for Wesana Options as soon as it completes product improvement and initiates the scientific deployment, the clinic deployment of Wesana Options is contemplated to start within the first quarter of 2022. Sure elements that affect efficiently finishing beta testing and product improvement and reaching scientific deployment inside such timeline embody: (i) the event of this software program platform was subcontracted out by the Firm and the beta testing part has been initiated; (ii) third events and inside product leads have met anticipated deliverable timelines to this point; (iii) to this point the Firm has not recognized any important points relating to performance of the software program; (iv) the Firm has allotted adequate funds and sources to finish last product improvement and advertising and marketing plans; and (v) the Firm has engaged regulatory and knowledge consultants to watch rules impacting commercialization of the software program.

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Sure assumptions that affect efficiently finishing beta testing and product improvement and reaching scientific deployment inside such timeline embody: (i) there aren’t any important delays within the last improvement and testing schedule and staffing plans; (ii) beta testing outcomes are constructive and supportive of the software program being deployed in a scientific setting; (iii) improvement and advertising and marketing prices remaining in step with the Firm’s budgeting; and (iv) the Firm will be capable of safe future relationships and set up business agreements for the software program with third celebration clinics.

Sure elements that affect efficiently opening a 3rd Wesana Clinic within the first quarter of 2022 embody: (i) the Firm has recognized a 3rd clinic location and property and is at the moment in lease negotiations; (ii) ought to the Firm procure extra capital and proceed with a lease in reference to the recognized third property, renovations and allowing of the property for the aim of clinic operations are anticipated to be minimal; (iii) the Firm has an inside workforce devoted to figuring out potential goal clinics and places and evaluating and addressing points which will come up throughout due diligence of any potential targets.

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Sure assumptions that affect efficiently opening a 3rd Wesana Clinic within the first quarter of 2022 embody: (i) there aren’t any important delays in executing the third property lease within the fourth quarter of 2021 or shortly thereafter, if extra capital is raised; (ii) extra capital is raised throughout the fourth quarter of 2021 or shortly thereafter for the third location; and (iii) there aren’t any important delays in renovation/allowing if the third property lease is executed.

The formation of a partnership between the Firm and MAPS stays at a preliminary stage. Sure assumptions that affect efficiently forming such a partnership embody: (i) the power of the Firm to efficiently negotiate and enter into definitive documentation in respect of the contemplated partnership with MAPS and fulfill any associated circumstances precedent; and (ii) the power of the Firm to lift adequate extra capital to have the ability to fund such potential partnership with MAPS.

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Different common assumptions embody, working circumstances remaining favorable, together with sustained availability of third-party service suppliers and different inputs for the Firm’s operations; sustained political and regulatory stability; and sustained stability in capital items markets.

Whereas the Firm considers the foregoing assumptions to be affordable, the assumptions are inherently topic to important enterprise, financial, social, political, regulatory, aggressive, and different dangers and uncertainties, contingencies and different elements that would trigger precise efficiency, achievements, actions, occasions, outcomes or circumstances to be materially completely different from these projected within the forward-looking data. Many assumptions are primarily based on elements and occasions that aren’t throughout the management of the Firm and there’s no assurance they may show to be right.

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Moreover, such forward-looking data includes identified and unknown dangers, uncertainties and different elements which can trigger the precise efficiency, achievements, actions, occasions, outcomes, or circumstances of the Firm to be materially completely different from any future efficiency, achievements, actions, occasions, outcomes or circumstances expressed or implied by such forward-looking data. Such elements embody, amongst others: delays in beta scientific testing leading to delays in commercializing; the Firm doesn’t stay inside its improvement and advertising and marketing prices for Wesana Options, requiring the Firm to reallocate present capital away from different initiatives and/or increase extra capital; reliance on third events to plan, conduct and monitor beta scientific testing, product improvement and scientific deployment of expertise; the Firm doesn’t safe future relationships and set up business agreements for Wesana Options with third celebration clinics; lack of ability to lift adequate extra capital to fund the opening of the third Wesana Clinic; lack of ability to obtain any relevant governmental approvals and permits to advance the enterprise of the Firm, together with to open the third Wesana Clinic, ought to extra capital to fund its opening be raised; lack of ability to barter, settle, enter into or execute upon a definitive partnership association with MAPS; lack of ability to lift adequate extra capital to fund such potential partnership with MAPS; analysis and improvement of medication focusing on the central nervous system being significantly troublesome; failure to adjust to well being and knowledge safety legal guidelines and rules; violations of legal guidelines and rules leading to repercussions; regulatory or political change; modifications to relevant company apply of medication legal guidelines and rules; delays in pre-clinical and scientific testing leading to delays in commercializing; lack of ability to file investigational new drug purposes or scientific trial purposes to begin scientific trials in a well timed method; issue enrolling sufferers in scientific trials; reliance on third events to plan, conduct and monitor preclinical research and scientific trials; competitors from different biotechnology and pharmaceutical corporations; sustaining and enhancing status and model recognition; potential to guard mental property; necessities to share mental property with service suppliers; unfavorable working money movement and going concern; the detrimental affect of future losses and unfavorable money movement from operations; unfavorable publicity or client notion; not reaching publicly introduced milestones; psychedelic impressed medicine probably by no means being authorised as medicines; reliance on the capabilities and expertise of key executives and scientists; disruptions as a result of acquisitions or collaborations; danger of product legal responsibility claims; COVID-19; litigation; conflicts of curiosity; restricted working historical past; publicity to the fluctuation of overseas trade charges; enforcement of judgments and effecting service of course of on administrators and officers; common financial, market and enterprise circumstances, and different dangers elements together with these discovered within the MD&A and the Firm’s annual data kind dated September 3, 2021 filed on the Firm’s profile on SEDAR at www.sedar.com and mentioned within the Firm’s different public filings obtainable on SEDAR.

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Though the Firm has tried to establish essential elements that would trigger precise outcomes to vary materially, there could also be different elements that trigger outcomes to not be as anticipated, estimated or supposed. There may be no assurance that such forward-looking data will show to be correct as precise outcomes and future occasions may differ materially from these anticipated in such data. Accordingly, readers mustn’t place undue reliance on forward-looking data. Ahead-looking data is supplied and made as of the date of this information launch and the Firm doesn’t undertake any obligation to revise or replace any forward-looking data apart from as required by relevant regulation.

For extra data, please contact:

Investor Contact:
Keenan Gentry
E mail: IR@wesanahealth.com
Telephone: 773-236-7972

Media Contacts:
Nick Opich / Fallon Carter
KCSA Strategic Communications
E mail: Wesana@kcsa.com
Telephone: 212-896-1206

On behalf of the Board of Administrators:
Daniel Carcillo, Chief Govt Officer
Telephone: 773-236-7972