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Numinus plans to buy MedBright AI in all-stock deal

Numinus will change its name to Numinus Intelligence, but keep its stock symbol.
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Numinus Wellness Inc.  (TSX: NUMI) (OTCQX: NUMIF) has signed a letter of intent to buy MedBright AI Investments Inc. in an all-stock deal. In addition to the acquisition, Numinus said it will change its name to Numinus Intelligence, but keep its stock symbol the same.

“This acquisition is the culmination of our efforts over the past year to align Numinus with the revenue growth opportunities we see in the U.S. mental health care sector with the delivery of high-quality care to a large population of patients in need of drug-assisted therapy and mental health services,” said Payton Nyquvest, CEO of Numinus. “We believe that harnessing our expertise and intellectual property to complement MedBright’s AI technology will amplify our ability to help those in need of care while driving revenue growth and, importantly, profitability.”

MedBright AI uses artificial intelligence (AI) and machine learning to help medical professionals deliver increased access to healthcare, reduce healthcare costs, and improve patient outcomes. The company’s AI tries to improve patient scheduling and helps to match resources with the patient needs. The company said in its investment presentation that it saw a 12% increase in revenue due to dynamic scheduling.

Numinus said it plans to leverage its experience in traditional therapy, clinic management, patient care, insurance reimbursement, and psychedelic-assisted therapy into a unique AI-enabled offering. Specifically, Numinus said in its statement that the AI Offering will leverage its experience and data regarding reimbursed care for drug-assisted therapy.

Michael Dalsin an advisor and the largest shareholder of MedBright AI said, “I believe this merger will accelerate the mission of and opportunity for both companies. I see a pathway to revenue growth and profitability with this merger and I am enthusiastic about its potential.”

Numinus has been experiencing several pressures as the company has attempted to restructure. Revenues have declined slightly as the company decided to get out of the Canadian clinic business. The company then set its sights on the U.S. MDMA market in the hopes that Lykos would get FDA approval for the drug. However, Lykos was dealt a setback by the FDA regarding its study trials causing the hopes for MDMA to hit the brakes.

Green Market Report wrote in April that Numinus was reporting its earnings as a ‘going concern. The company said it had incurred an accumulated deficit of $127,227,250 and a net loss of $10,360,806 for the six months ended February 29, 2024.

The post Numinus plans to buy MedBright AI in all-stock deal appeared first on Green Market Report.

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