Wellbeing Digital Sciences Inc. (NEO: MEDI | OTC: KONEF | FRA: SQ2), an evidence-based mental healthcare company focused on the development and implementation of innovative clinical solutions, including psychedelic medicine and digital therapeutics as supported by clinical research, announces that it has entered into a definitive agreement under which Pathway Health Corp. will acquire all or substantially all of the operating assets of Wellbeing’s subsidiary IRP Health Ltd.
Under the transaction, Pathway would acquire all of intellectual property, billing numbers, intangible assets and certain equipment associated with IRP’s multidisciplinary pain management and physical therapy programs that cater to military veterans, RCMP and first responders. Pathway will assume the lease and all of the assets in the Victoria, British Columbia location, including all intangible assets, prepaid expenses, deposits, and equipment.
“This agreement generates additional value for Wellbeing shareholders and allows Wellbeing to focus on expanding our clinical network footprint to treat mental health indications with novel medicines in conjunction with digital therapeutics. After consideration of multiple deal structures, including a range of potential buyers, we are confident that our announced transaction with Pathway maximizes value for our shareholders and positions the business and our employees for long-term success.”Najla Guthrie, CEO of Wellbeing
“We’re very pleased to be entering into this agreement with Wellbeing and IRP as we look to expand our pain, allied health/rehabilitation, and mental health services to our military veterans, RCMP and other first responders,” said Ken Yoon, CEO at Pathway. “With our experience in chronic pain management and our aim to grow our presence in mental health services, we believe Pathway is well suited to provide these valuable clinical services to this most deserving group of Canadians and IRP will be a fantastic addition to our network of clinics.”
About Wellbeing Digital Sciences
Wellbeing Digital Sciences Inc. is an evidence-based mental healthcare company focused on the development and implementation of innovative clinical treatment solutions, including psychedelic medicine and digital therapeutics, as supported by clinical research. Its mission is supported by a network of North American clinics that provide forward-thinking therapies and other types of treatment to patients as well as through a contract research organization that offers clinical trials services to clients pursuing drug development.
About Pathway Health Group
Pathway is an integrated healthcare company that provides products and services to patients suffering from chronic pain and related conditions. Pathway owns and operates eleven community-based clinics across four provinces where its team of health professionals work together to help patients through a variety of evidence-based approaches and products, including medical cannabis. Pathway’s patient care programs utilize an interdisciplinary approach that is guided by trained pain specialists, physical and occupational therapists, psychologists, nurses, and other healthcare providers. Pathway is also the leading provider of medical cannabis services in Canada and has established itself as the leading partner with national and regional pharmacy companies for the delivery of medical cannabis services to their customers. Pathway is working with several pharmacy companies on the development of Cannabis Health Products (CHPs) for OTC product distribution through retail pharmacy locations across the country following anticipated changes to the Cannabis Act.
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