Wesana Health Holdings Inc., an emerging data driven life sciences company focused on developing innovative approaches for better understanding, protecting and improving neurological health and performance, including through the advancement of psychedelic medicines, announced the closing on September 8, 2021 of its acquisition of Psychedelitech Inc., also known as PsyTech. As this transaction closes, Wesana is also pleased to announce that it has started the process of applying to list its subordinate voting shares on a US national stock exchange.
The acquisition of PsyTech as a wholly owned subsidiary of Wesana will add three major components that will expand and enhance Wesana’s current business:
Wesana Clinics
Tovana Clinics, now Wesana Clinics, is a chain of psychiatrist-led integrated mental health clinics focused on delivering quality psychiatric care, inclusive of ketamine therapy, while also preparing for the delivery of other psychedelic therapies as they become available. The Wesana clinical network currently includes two flagship clinics located in Illinois with another under construction slated to open in the first quarter of 2022 and two more in the acquisition process, which if acquired are forecasted to become Wesana Clinics in the fourth quarter of 2021.
Wesana Solutions
Tovana Solutions, now Wesana Solutions, is a medical-grade clinical SaaS platform focused on improving mental health care through facilitating access to leading edge clinical protocols and tracking their efficacy. In concert with EMRs and practice management systems, Wesana Solutions is intended to be used in clinics delivering psychedelics and related therapies, targeting the developing international psychiatric clinic and research market. Wesana Solutions will begin clinical deployment in the first quarter 2022 and will help Wesana gather and process comprehensive neurological data about consumer response to various compounds and protocols under investigation.
PsyTech Connect
PsyTech Connect is a leading community for the clinical use of psychedelics with over 8,000 actively engaged professionals and has become a respected resource for psychedelic therapy protocols and clinical best practices. PsyTech Connect also features the annual PsyTech Summit, a premier psychedelic conference that averages over 2,200+ attendees. Through PsyTech Connect, Wesana will be able to develop relationships with leading edge psychiatric practitioners across the world and provide them with tools for managing, understanding, and personalizing care for their consumers through its new data-driven therapeutic model informed by the latest neuroscience, diagnostic tools, and psychedelics best practices.
The Transaction was completed by way of a three-cornered amalgamation between PsyTech, Wesana and a wholly-owned subsidiary of Wesana. PsyTech’s pending acquisition of its two flagship mental health clinics located in Illinois was also completed shortly after the Transaction. In connection with such transactions, Wesana issued approximately 7.4 million subordinate voting shares of Wesana as acquisition consideration, provided that certain U.S. shareholders of PsyTech have elected and agreed to receive multiple voting shares of Wesana in lieu of subordinate voting shares of Wesana (on the basis of one multiple voting share for every 50 subordinate voting shares) that they would have otherwise received.
Additionally, lock-up agreements in respect of approximately 78% of such Consideration Shares have been entered into for the benefit of Wesana pursuant to which: (a) 20% of the Subject Shares received by each locked-up shareholder are exempt from any contractual transfer restrictions imposed by Wesana; and (b) 80% of the Subject Shares received by each locked-up shareholder are subject to contractual transfer restrictions, with such Subject Shares released from such transfer restrictions monthly over a one-year period from the date of closing the Transaction (i.e. in 6.66% monthly increments commencing on the date that is one month from the date of closing the Transaction).
The Transaction was previously announced by the Company on July 13, 2021. For further details as to the Transaction and PsyTech, please refer to the Company’s annual information form dated September 3, 2021, filed on the Company’s profile on SEDAR.
To integrate PsyTech’s business within Wesana Health, PsyTech Chief Executive Officer Hayim Raclaw will assume the position of Wesana’s Chief Operating Officer. Dawn McCullough, who previously served as Chief Operating Officer of Wesana, will transition to Head of Strategic Project Planning. Dr. Abid Nazeer, the prior owner of the two acquired clinics, will assume the role of Chief Medical Officer at Wesana. Dr. Stephan Bart, who previously held that role, will transition to leading Wesana’s Scientific Advisory Board.
Jeffrey T. Jewell has been promoted to the Head of Medical and Scientific Affairs (MSA) and will be responsible for corporate medical affairs including medical strategy, scientific communications, and medical science liaison activities to help advance the company’s portfolio of investigational treatments of neurological health and performance
Wesana Health is an emerging life sciences company championing the development of innovative approaches for better understanding, protecting, and improving neurological health and performance. Through extensive clinical research and academic partnerships, Wesana Health is developing evidence-based formulations and protocols, including psilocybin-based therapies, that empower consumers to overcome neurological, psychological, and mental health ailments. Learn more at www.wesanahealth.com.
PsyTech combines a robust psychedelic therapeutic community with integrative mental health care delivery and enabling tools for novel modalities of care. A leader in the development of data-driven tools that allow health care professionals insight into consumer well-being and clinical best practices, PsyTech is mainstreaming the adoption of psychedelic-assisted therapies through the promotion and delivery of safe and effective therapy, combating stigma, and accelerating innovation.
This was reported by Wesana Health on September 9, 2021.
Contact information: Nick Opich, Account Director, KCSA Strategic Communications for Wesana Health, Inc., 13236 West Chicago Bloomington Trail, Homer Glen, Illinois 60491; 212-896-1206; Email: nopich@kcsa.com; Website: https://www.wesanahealth.com/
