Mindset Pharma and PharmAla Biotech Enter into Exclusive Sales Agreement

PharmAla Biotech Holdings Inc. ("PharmAla")(CSE: MDMA), a biotechnology company focused on the research, development, and manufacturing of MDXX class molecules, including MDMA, and Mindset Pharma Inc. (CSE: MSET) (FSE: 9DF) (OTCQB: MSSTF) ("Mindset"), a drug discovery company developing novel, optimized, next-generation psychedelic and non-psychedelic medications to treat neuropsychiatric and neurological disorders with unmet medical needs, today announced that they have entered into an exclusive sales agreement. Under the sales agreement, PharmAla will be the exclusive global reseller of Mindset's cGMP (i.e. pharmaceutical grade) psilocybin to appropriately licensed clinical researchers.

"In addition to forging new ground in next generation psychedelic drug discovery, Mindset has also developed a patent-pending, highly scalable psilocybin synthesis technology. A cost-effective supply of first generation psychedelic therapeutics is essential to the overall development of the medical psychedelic space, and Mindset is eager to help meet this increased demand for pharmaceutical grade psilocybin from researchers," said James Lanthier, CEO of Mindset. "We have chosen PharmAla as a partner because of their track record in working with clinical researchers, and existing sales infrastructure to sell pharmaceutical grade psychedelic compounds. It's also yet another concrete example of Mindset commercializing and creating value from its portfolio of innovations."

Mindset has recently completed production of a large batch of cGMP psilocybin at the U.S. site of an international contract development and manufacturing company ("CDMO") pursuant to the annual DEA quota on psilocybin.

"While we have until now focused exclusively on MDMA and its analogues, we've heard time and again that our clinical partners want access to other research materials. We see significant synergies in this partnership with Mindset; our sales infrastructure, as well as our Canadian pharmaceutical value chain, can create revenue opportunities for both companies," said Nick Kadysh, CEO of PharmAla. "With the culmination of this agreement, we're the first and only organization that is able to offer the clinical research community two of the most high-quality and in-demand APIs in Psychedelics: PharmAla's GMP LaNeo™ MDMA, and Mindset's cGMP Psilocybin."

For more information, please visit www.PharmAla.ca , where you can sign up to receive regular new updates.

About PharmAla
PharmAla Biotech Holdings Inc. (CSE: MDMA) is a biotechnology company focused on the research, development, and manufacturing of MDXX class molecules, including MDMA. PharmAla was founded with a dual focus: alleviating the global backlog of generic, clinical-grade MDMA to enable clinical trials, and to develop novel drugs in the same class. PharmAla is the first publicly-traded company to manufacture clinical-grade MDMA. PharmAla's research and development unit has completed proof-of-concept research into ALA-002, PharmAla's lead drug candidate. PharmAla is a "regulatory first" organization, formed under the principle that true success in the psychedelics industry will only be achieved through excellent relationships with regulators.

For more information, visit www.PharmAla.ca.

About Mindset Pharma Inc.
Mindset Pharma Inc. is a drug discovery and development company focused on creating optimized and patentable next-generation psychedelic and non-psychedelic medicines to treat neurological and psychiatric disorders with unmet needs. Mindset was established in order to develop next-generation pharmaceutical assets that leverage the breakthrough therapeutic potential of psychedelic drugs. Mindset is developing several novel families of next-generation psychedelic compounds, as well as an innovative process to chemically synthesize psilocybin in addition to its own proprietary compounds. The company has a co-development agreement with the McQuade Center for Strategic Research and Development, a member of the Otsuka Pharmaceuticals family of companies, for its short-duration compounds, Mindset Families 2 & 4.

For further information on Mindset, please visit our website at www.mindsetpharma.com .

For more information, please contact:
Nicholas Kadysh
Chief Executive Officer
PharmAla Biotech Holdings Inc.
Email: press@PharmAla.ca
Phone: 1-855-444-6362
Website: www.PharmAla.ca

Neither the Canadian Securities Exchange nor its Regulation Services Provider have reviewed or accept responsibility for the adequacy or accuracy of this release.

Cautionary Statement

This press release contains ‘forward-looking information' within the meaning of applicable Canadian securities legislation. These statements relate to future events or future performance. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on PharmAla's current belief or assumptions as to the outcome and timing of such future events. Forward-looking information is based on reasonable assumptions that have been made by PharmAla at the date of the information and is subject to known and unknown risks, uncertainties, and other factors that may cause actual results or events to differ materially from those anticipated in the forward-looking information. The forward-looking information contained in this press release is made as of the date hereof, and PharmAla is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements are described under the caption "Risk Factors" in PharmAla's management's discussion and analysis which is available on PharmAla's profile at www.sedar.com.

This news release does not constitute an offer to sell or the solicitation of an offer to buy, and shall not constitute an offer, solicitation or sale in any state, province, territory or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state, province, territory or jurisdiction

News Provided by GlobeNewswire via QuoteMedia

Mindset Pharma Inc.MSET:CNX CNSX:MSET Life Science Investing

MSET:CNX

Mindset Pharma to Participate in Upcoming Conferences in December 2022

Mindset Pharma Inc. (CSE: MSET) (FSE: 9DF) (OTCQB: MSSTF) ("Mindset" or the "Company") a drug discovery company developing novel, optimized, next-generation psychedelic and non-psychedelic medications to treat neuropsychiatric and neurological disorders with unmet medical needs, today announced that James Lanthier, CEO of Mindset, and Joseph Araujo, CSO, will participate in two upcoming conferences:

Stifel GMP's The Future of Healthcare Conference to be held virtually on Wednesday, December 7, 2022. Mr. Lanthier and Mr. Araujo will participate in a fireside chat with Andrew Partheniou, Stifel Research Analyst, at 3:30 p.m. ET.
Canaccord Genuity Symposium on New Paradigms and Treatment Approaches in Mental Health to be held virtually on Tuesday, December 13, 2022. Mr. Lanthier and Mr. Araujo will present at 11:00 a.m. ET.

For more information about the conferences, or to schedule a one-on-one meeting with Mindset management, please contact your appropriate representative directly, or send an email to KCSA Strategic Communications at Mindset@kcsa.com .

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less

Mindset Pharma and PharmAla Enter into Exclusive Sales Agreement for the Sale and Distribution of Pharmaceutical Grade Psilocybin

Mindset Pharma Inc. (CSE: MSET) (FSE: 9DF) (OTCQB: MSSTF) ("Mindset" or the "Company") a drug discovery company developing novel, optimized, next-generation psychedelic and non-psychedelic medications to treat neuropsychiatric and neurological disorders with unmet medical needs, and PharmAla Biotech Holdings Inc. ("PharmAla")(CSE: MDMA) a biotechnology company focused on the research, development, and manufacturing of MDXX class molecules, including MDMA, today announced that they have entered into an exclusive sales agreement. Under the sales agreement, PharmAla will be the exclusive global reseller of Mindset's cGMP (i.e. pharmaceutical grade) psilocybin to appropriately licensed clinical researchers.

"In addition to forging new ground in next generation psychedelic drug discovery, Mindset has also developed a patent-pending, highly scalable psilocybin synthesis technology. A cost-effective supply of first generation psychedelic therapeutics is essential to the overall development of the medical psychedelic space, and Mindset is eager to help meet this increased demand for pharmaceutical grade psilocybin from researchers," said James Lanthier, CEO of Mindset. "We have chosen PharmAla as a partner because of their track record in working with clinical researchers, and existing sales infrastructure to sell pharmaceutical grade psychedelic compounds. It's also yet another concrete example of Mindset commercializing and creating value from its portfolio of innovations."

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less

Mindset Pharma Presents Poster at Neuroscience 2022 Highlighting Preclinical Data on MSP-1014, its Psilocybin-like Lead Drug Candidate

Mindset Pharma Inc. (CSE: MSET) (FSE: 9DF) (OTCQB: MSSTF) ("Mindset" or the "Company") a drug discovery company developing novel, optimized, next-generation psychedelic and non-psychedelic medications to treat neuropsychiatric and neurological disorders with unmet medical needs, today announced data from preclinical studies comparing its novel prodrug of psilocin, MSP-1014, side-by-side to psilocybin across a battery of studies evaluating safety, behavioral and pharmacokinetics properties of both psilocin prodrugs. Joseph Araujo, Chief Scientific Officer, Director of Mindset Pharma, presented the findings at Neuroscience 2022 hosted by the Society of Neuroscience (SfN) in a poster titled " The Preclinical Safety, Behavioural and Pharmacokinetics Properties of MSP-1014, a Novel Prodrug of Psilocin ."

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less

Viemed Announces Acquisition of Majority Interest in HomeMed, Forging Partnership With East Alabama Health

Viemed Healthcare, Inc. (the "Company" or "Viemed") (NASDAQ:VMD), a national leader in respiratory care and technology-enabled home medical equipment services, announced the finalization of its strategic partnership with East Alabama Health ("EAH"), providing Viemed with the controlling interest of East Alabama HomeMed, LLC ("HomeMed"). HomeMed provides home medical equipment services to patients within the EAH network as well as those in the surrounding areas of Eastern Alabama.

"We are thrilled to join forces with the exceptional team at East Alabama Health to deliver best-in-class home medical services to their patients and expand HomeMed's business through the strategic partnership," said Viemed Chief Executive Officer Casey Hoyt. "This marks a significant milestone in our ongoing growth strategy, which includes hospital joint ventures and institutional partnerships. We view this transaction as a blueprint that can be replicated nationwide, enhancing care quality while simultaneously creating value for healthcare systems."

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less

Execution of Variation to Facility Agreement with PURE Asset Management, Company to Seek a Sale Transaction

Hydration solutions company The Hydration Pharmaceuticals Company Limited (ASX: HPC) (Hydralyte North America or the Company) advises that today it has signed a variation to its facility agreement with boutique asset manager and existing substantial shareholder PURE Asset Management Pty Ltd as trustee for The Income and Growth Fund (PURE or PURE Asset Management) as previously announced to the market on 17 October 2022 (Original PURE Facility).

Keep reading...Show less

Viemed Healthcare, INC. CONSOLIDATED BALANCE SHEETS *(Expressed in thousands of U.S. Dollars, except share amounts)*
	At December 31, 2023		At December 31, 2022
ASSETS
Current assets
Cash and cash equivalents	$	12,839	$	16,914
Accounts receivable, net		18,451		15,379
Inventory		4,628		3,574
Income tax receivable		—		26
Prepaid expenses and other assets		2,449		3,849
Total current assets	$	38,367	$	39,742
Long-term assets
Property and equipment, net		73,579		67,743
Finance lease right-of-use assets		401		—
Operating lease right-of-use assets		2,872		694
Equity investments		1,680		2,155
Debt investment		2,219		2,000
Deferred tax asset		4,558		3,119
Identifiable intangibles, net		567		—
Goodwill		29,765		—
Other long-term assets		887		1,590
Total long-term assets		116,528		77,301
TOTAL ASSETS	$	154,895	$	117,043

LIABILITIES
Current liabilities
Trade payables	$	4,180	$	2,650
Deferred revenue		6,207		4,624
Income taxes payable		2,153		—
Accrued liabilities		17,578		11,092
Finance lease liabilities, current portion		256		—
Operating lease liabilities, current portion		678		495
Current debt		1,072		—
Total current liabilities	$	32,124	$	18,861
Long-term liabilities
Accrued liabilities		558		889
Finance lease liabilities, less current portion		132		—
Operating lease liabilities, less current portion		2,184		199
Long-term debt		6,002		—
Total long-term liabilities	$	8,876	$	1,088
TOTAL LIABILITIES	$	41,000	$	19,949

Commitments and Contingencies		—		—

SHAREHOLDERS' EQUITY
Common stock - No par value: unlimited authorized; 38,506,161 and 38,049,739 issued and outstanding as of December 31, 2023 and December 31, 2022, respectively		18,702		15,123
Additional paid-in capital		15,698		12,125
Retained earnings		79,495		69,846
TOTAL SHAREHOLDERS' EQUITY	$	113,895	$	97,094
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$	154,895	$	117,043

Viemed Healthcare, INC. CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME *(Expressed in thousands of U.S. Dollars, except outstanding shares and per share amounts)*
	Three Months Ended December 31,						Year Ended December 31,
		2023			2022			2023			2022
Revenue	$	50,739		$	37,508		$	183,008		$	138,832

Cost of revenue		18,628			14,612			70,225			54,152

Gross profit	$	32,111		$	22,896		$	112,783		$	84,680

Operating expenses
Selling, general and administrative		23,905			17,172			87,884			68,161
Research and development		651			722			2,782			2,696
Stock-based compensation		1,534			1,317			5,849			5,202
Depreciation and amortization		434			241			1,391			1,012
Loss on disposal of property and equipment		272			178			645			346
Other income, net		26			(268	)		(98	)		(989	)
Income from operations	$	5,289		$	3,534		$	14,330		$	8,252

Non-operating income and expenses
Income from equity method investments		43			82			485			935
Interest expense, net		(256	)		(32	)		(424	)		(197	)

Net income before taxes		5,076			3,584			14,391			8,990
Provision for income taxes		1,599			1,146			4,148			2,768

Net income	$	3,477		$	2,438		$	10,243		$	6,222

Other comprehensive income
Change in unrealized gain/loss on derivative instruments, net of tax		—			(56	)		—			278
Other comprehensive income	$	—		$	(56	)	$	—		$	278

Comprehensive income	$	3,477		$	2,382		$	10,243		$	6,500

Net income per share
Basic	$	0.09		$	0.06		$	0.27		$	0.16
Diluted	$	0.09		$	0.06		$	0.25		$	0.16

Weighted average number of common shares outstanding:
Basic		38,492,731			38,015,795			38,354,071			38,655,403
Diluted		40,383,109			39,513,158			40,378,922			39,807,434

Viemed Healthcare, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS *(Expressed in thousands of U.S. Dollars)*
	Year Ended December 31,
		2023			2022
Cash flows from operating activities
Net income	$	10,243		$	6,222
Adjustments for:
Depreciation and amortization		21,862			15,630
Change in inventory reserve		—			(1,418	)
Stock-based compensation expense		5,849			5,202
Distributions of earnings received from equity method investments		980			1,079
Income from equity method investments		(485	)		(935	)
Income from debt investment		(219	)		—
Loss on disposal of property and equipment		645			346
Deferred income tax (benefit) expense		(1,439	)		1,746
Changes in working capital, net of effects from acquisitions:
Accounts receivable, net		(1,058	)		(2,556	)
Inventory		(472	)		301
Prepaid expenses and other assets		2,176			(2,838	)
Trade payables		(859	)		(318	)
Deferred revenue		851			871
Accrued liabilities		4,959			2,549
Income tax payable/receivable		2,179			1,867
Net cash provided by operating activities	$	45,212		$	27,748

Cash flows from investing activities
Purchase of property and equipment		(26,093	)		(22,898	)
Investment in equity investments		(20	)		(141	)
Cash paid for acquisition of HMP, net of cash acquired		(28,588	)		—
Investment in debt security		—			(2,000	)
Proceeds from sale of property and equipment		2,588			1,063
Net cash used in investing activities	$	(52,113	)	$	(23,976	)

Cash flows from financing activities
Proceeds from exercise of options		1,303			283
Proceeds from term notes		5,000			—
Principal payments on term notes		(3,721	)		(5,796	)
Proceeds from revolving credit facilities		8,000			—
Payments on revolving credit facilities		(7,005	)		—
Shares redeemed to pay income tax		(594	)		(143	)
Shares repurchased under the share repurchase program		—			(9,568	)
Repayments of lease liabilities		(157	)		(42	)
Net cash provided by (used in) financing activities	$	2,826		$	(15,266	)

Net decrease in cash and cash equivalents		(4,075	)		(11,494	)
Cash and cash equivalents at beginning of year		16,914			28,408
Cash and cash equivalents at end of period	$	12,839		$	16,914

Supplemental disclosures of cash flow information
Cash paid during the period for interest	$	851		$	231
Cash paid (received) during the period for income taxes, net of refunds	$	3,566		$	(846	)
Supplemental disclosures of non-cash transactions
Non-cash change in debt from the reclassification of debt issuance costs	$	(594	)	$	—
Net non-cash changes to operating lease	$	(41	)	$	530

Viemed Healthcare, INC. Reconciliation of Net Income to Non-GAAP Adjusted EBITDA *(Expressed in thousands of U.S. Dollars)* *(Unaudited)*
For the quarter ended	December 31, 2023		September 30, 2023		June 30, 2023			March 31, 2023			December 31, 2022		September 30, 2022		June 30, 2022		March 31, 2022
Net Income	$	3,477	$	2,919	$	2,330		$	1,517		$	2,438	$	1,055	$	967	$	1,762
Add back:
Depreciation & amortization		5,918		5,975		5,207			4,762			4,373		4,120		3,740		3,397
Interest expense (income)		256		237		(20	)		(49	)		32		42		59		64
Stock-based compensation ^(a)		1,534		1,453		1,471			1,391			1,317		1,309		1,271		1,305
Transaction costs ^(b)		61		177		94			206			—		—		—		—
Income tax expense		1,599		1,320		728			501			1,146		456		421		745
Adjusted EBITDA	$	12,845	$	12,081	$	9,810		$	8,328		$	9,306	$	6,982	$	6,458	$	7,273

	Year Ended December 31, 2023
Net Income	$	10,243
Add back:
Depreciation & amortization		21,862
Interest expense (income)		424
Stock-based compensation ^(a)		5,849
Transaction costs ^(b)		538
Income tax expense		4,148
Adjusted EBITDA	$	43,064

(in thousands)	Three Months Ended December 31,						Year Ended December 31,
		2023			2022			2023			2022
Net cash provided by operating activities	$	13,284		$	7,684		$	45,212		$	27,748
Purchase of property and equipment		(7,932	)		(5,572	)		(26,093	)		(22,898	)
Free Cash Flow	$	5,352		$	2,112		$	19,119		$	4,850

Viemed Healthcare, INC. Key Financial and Operational Information *(Expressed in thousands of U.S. Dollars, except vent patients)* *(Unaudited)*
For the quarter ended	December 31, 2023			September 30, 2023			June 30, 2023			March 31, 2023			December 31, 2022			September 30, 2022			June 30, 2022			March 31, 2022
Financial Information:
Revenue	$	50,739		$	49,402		$	43,311		$	39,556		$	37,508		$	35,759		$	33,310		$	32,255
Gross Profit		32,111			30,562			26,106			24,004			22,896			21,651			20,390			19,743
Gross Profit %		63	%		62	%		60	%		61	%		61	%		61	%		61	%		61	%
Net Income		3,477			2,919			2,330			1,517			2,438			1,055			967			1,762
Cash and Cash Equivalents (As of)		12,839			10,078			10,224			23,544			16,914			21,478			21,922			29,248
Total Assets (As of)		154,895			149,400			149,117			124,634			117,043			119,419			115,904			119,007
Adjusted EBITDA ⁽¹⁾		12,845			12,081			9,810			8,328			9,306			6,982			6,458			7,273
Operational Information:
Vent Patients ⁽²⁾		10,327			10,244			10,005			9,337			9,306			9,127			8,837			8,434

Mindset Pharma and PharmAla Biotech Enter into Exclusive Sales Agreement

1. UnitedHealth Group (NYSE:UNH)

2. Thermo Fisher Scientific (NYSE:TMO)

3. Abbott Laboratories (NYSE:ABT)

4. Intuitive Surgical (NASDAQ:ISRG)

5. Stryker (NYSE:SYK)

Latest News

Latest Press Releases

Related News

TOP STOCKS