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Firm Doubles in Size by Adding Four New Psychedelic Mental Health Clinics

Source: Streetwise Reports   05/05/2021

Novamind Inc. is opening four new psychedelic mental health clinics as part of the company’s national…



Source: Streetwise Reports   05/05/2021

Novamind Inc. is opening four new psychedelic mental health clinics as part of the company's national expansion strategy, giving it the capability to conduct 65,000 client visits in 2021.

Mental health company Novamind Inc. (NM:CSE) reported in a news release that it will double the number of locations in its network with the opening of four new Cedar Psychiatry clinics.

The company indicated that the addition of the four new centers will increase its capacity by 225% from 20,000 to around 65,000 client visits in 2021. The firm advised that it has already commenced with building three of the clinics and has leased a site for the fourth property. Novamind stated that the new clinics are expected to open this year between July and September.

The company added that this represents the first phase of its national expansion strategy and that its goals presently are to focus on scaling and replicating the successful business model for its current clinics in Utah before expanding activities to other states later in 2021.

Novamind noted that due to the ongoing effects of the Covid-19 pandemic, its centers have experienced significant increases in demand for mental health services and that there is now a two-week waiting time for booking new appointments at its wholly owned Cedar Psychiatry clinics.

The company explained that "the new clinics will each offer a range of treatments including ketamine-assisted psychotherapy, Spravato™, Cognitive Behavioral Therapy (CBT) and Transcranial Magnetic Stimulation (TMS)."

The firm stated that three of the new locations will offer select patients to take part in certain psychedelic medicine clinical studies to be conducted by its clinical research arm, Cedar Clinical Research. The fourth site, which the company refers to as the Park City location, will be designed for use as both a clinic and a retreat center. Novamind's intentions are to leverage the community's reputation as a world-class destination uniquely offering therapeutic psychedelic experiences.

The company's CEO and Director Yaron Conforti remarked, "We are doubling the size of our clinic network six months ahead of schedule, with the added capacity enabling us to scale to 65,000 client visits in 2021. Expect continued and aggressive growth as we expand Novamind's clinic network and clinical research infrastructure ahead of the FDA's anticipated approvals of MDMA and psilocybin."

Novamind stated that it is now making the necessary investments to support the projected rapid growth in client volumes at its clinics. This includes the launch of a dedicated call center that will improve "communications with clients and referring physicians, as well as facilitating the significant increase in processing of insurance reimbursements."

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( Companies Mentioned: NM:CSE, )

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