Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Champignon Brands (CSE:SHRM) is continuing its advancements in psychedelic medicine with the acquisition of AltMed Capital
  • AltMed owns a 75 per cent stake in the Canadian Rapid Treatment Centre of Excellence (CRTCE), a ketamine clinic in Mississauga
  • CRTCE offers ketamine treatments for conditions including depression, bipolar disorder, post-traumatic stress disorder (PTSD) and obsessive-compulsive disorder (OCD)
  • Champignon will acquire AltMed for a total consideration of 55,124,000 common shares
  • Champignon Brands (SHRM) is currently down 4.65 per cent to C$0.82 per share, with a market cap of $32.34 million

Healthcare company Champignon Brands (CSE:SHRM) is continuing its advancements in psychedelic medicine by acquiring AltMed Capital.

AltMed is a Canadian ketamine clinic operator, developer of psychedelic medicine intellectual property, and novel drug discoverer. In its asset portfolio is the Canadian Rapid Treatment Centre of Excellence (CRTCE), an operational ketamine clinic in Mississauga, Ontario.

The CRTCE has more than 18 months of operating history. It has a license to administer ketamine to treat depression, bipolar disorder, post-traumatic stress disorder (PTSD), and obsessive-compulsive disorder (OCD).

The clinic is also the country’s only centre with Health Canada licensing for use of psilocybin-based treatments in eligible patients.

Champignon’s acquisition of AltMed comes with the benefit of significant expertise.

AltMed’s CEO, Dr Roger McIntyre, is one of the world’s most recognised psychiatrist in relation to mood disorders. He has published over 600 articles on the topic, earning him the title of one of “The World’s Most Influential Scientific Minds” from Clarivate Analytics.

AltMed’s Board of Directors is also led by Pat McCutcheon, founder of the highly successful MediPharm Labs.

Champignon Brands CEO, Gareth Birdsall, said that the acquisition of AltMed and the CRTCE brings unmatched research and development capabilities, with the potential to revolutionise psychiatric treatments.

“Champignon and AltMed will leverage Dr McIntyre’s expertise, alongside the CRTCE’s existing SOP’s, data-driven research sets, and practitioner education modules, to roll out five unique ketamine clinics across Florida, California, and the US Eastern Seaboard.

“Our additional ketamine clinics are projected to be fully operational by Q4 2020. Furthermore, having previously completed funding rounds, our acquisition of AltMed will further bolster our corporate treasury,” he added.

As consideration for the acquisition, Champignon will issue a total of 55,124,000 common shares to the vendors of AltMed.

Champignon Brands (SHRM) is currently down 4.65 per cent to C$0.82 per share at 2:46pm EST.

More From The Market Herald

" Satellos Bioscience (TSXV:MSCL) changing the way we think of degenerative muscle diseases

Satellos Bioscience (MSCL) has filed a patent application with the US Patent and Trademark Office.

" NervGen Pharma (TSXV:NGEN) announces US$15M private placement

NervGen Pharma (NGEN) has announced a non-brokered private placement for gross proceeds of US$15,225,000.

" Feeding our plant-based future

One of the fastest-growing segments today is the plant-based industry, as the push towards cleaner lifestyles, eating habits, and sustainable living choices fuel

" Salona Global (TSXV:SGMD) expands product distribution

Salona Global (SGMD) has signed an agreement to distribute the Hyperice suite of products and delivered 600 units of its newly launched Mio-Guard.