New clinics represent the first phase of Novamind’s national expansion strategy
TORONTO, ON / ACCESSWIRE / May 4, 2021 / Novamind Inc. (CSE: NM | OTC: NVMDF | FSE: HN2) (“Novamind” or the “Company”), a leading mental health company specialized in psychedelic medicine, is pleased to announce that it will open four new Cedar Psychiatry clinics (the “New Clinics”), doubling its network to eight total locations.
The expanded capacity from the New Clinics is forecasted to increase Novamind’s patient volume from 20,000 client visits recorded in 2020 to approximately 65,000 client visits anticipated in 2021, a 225% increase.
Novamind has begun construction on three of the New Clinics and leased a fourth additional property. Scheduled to open between July and September 2021, the New Clinics represent the initial phase of Novamind’s national expansion strategy whereby the Company is replicating the successful operating track record of its current clinics in Utah, at scale, ahead of its expansion into other American states in 2021.
Novamind’s investment in the expansion of its clinic network follows a significant increase in demand from clients for mental health services to address existing unmet needs and the effects of the Covid-19 pandemic. All Cedar Psychiatry clinics currently have a 2-week wait time for booking new appointments.
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 Draper, Murray, and Salt Lake City locations will also offer opportunities for patients to participate in clinical trials for psychedelic medicine that are led by Cedar Clinical Research, Novamind’s clinical research arm. The Park City location will uniquely serve as both a clinic and a retreat center offering therapeutic psychedelic experiences, leveraging its community’s reputation as a world-class destination.
“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,” said Yaron Conforti, CEO and Director of Novamind. “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 is making additional strategic investments in the infrastructure required to support the rapid growth in client volumes at its clinics. A new, dedicated call center is under construction and will enhance Novamind’s network of eight clinics by improving communications with clients and referring physicians, as well as facilitating the significant increase in processing of insurance reimbursements. Additional details for each of the New Clinics and the call center will be announced in subsequent press releases.
Novamind is a leading mental health company enabling safe access to psychedelic medicine through a network of clinics, retreats, and clinical research sites. Novamind provides ketamine-assisted psychotherapy and other novel treatments through its network of Cedar Psychiatry clinics and operates Cedar Clinical Research, a contract research organization specialized in clinical trials and evidence-based research for psychedelic medicine. Both Cedar Psychiatry and Cedar Clinical Research are wholly owned subsidiaries of Novamind. For more information on how Novamind is enhancing mental wellness and guiding people through their entire healing journey, visit novamind.ca.
Yaron Conforti, CEO and Director
Telephone: +1 (647) 953 9512
Bill Mitoulas, Investor Relations
This news release contains forward-looking statements. All statements other than statements of historical fact included in this release are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations including the risks detailed from time to time in the Company’s public disclosure. The reader is cautioned not to place undue reliance on any forward-looking information. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will update or revise publicly any of the included forward-looking statements as expressly required by applicable laws.