- Myconic Capital (MEDI) has signed a letter of intent to acquire NY Ketamine Medical Practice, PLLC
- NY Ketamine Medical is a leading mental health and pain clinic based in New York, New York
- Founder Dr. Glen Z. Brooks has administered over 50,000 ketamine infusions in his New York City office alone
- Myconic intends to acquire NY Ketamine Medical for US$10 million payable in cash and common shares
- The acquisition is part of Myconic’s plan to establish an investment portfolio of ketamine treatment centers
- Myconic Capital is an investment issuer with diversified holdings in high-tech, real estate, cannabis, mining and health & wellness
- Myconic Capital (MEDI) is down 3.60 per cent and is currently trading at C$1.34 per share
Myconic Capital (MEDI) has signed a letter of intent to acquire NY Ketamine Medical Practice, PLLC.
Myconic intends to acquire NY Ketamine Medical for US$10 million payable in cash and common shares, along with an additional number of common shares pursuant to achieving certain milestone events.
The company will pay in three tranches over an 18-month period collectively equal to US$5 million in cash and US$5 million in common shares.
Myconic will issue the common shares at a price per share equal to the volume weighted average trading price of its shares on the CSE for the 30 day period preceding the issuance.
The acquisition is part of Myconic’s plan to establish an investment portfolio of ketamine treatment centers for depression and chronic neuropathic pain.
NY Ketamine Medical is a leading mental health and pain clinic based in New York, New York. It was founded in 2012 by Dr. Glen Z. Brooks, who was among the first physicians in the United States using ketamine to treat mood disorders and chronic neuropathic pain.
Dr. Brooks is a board-certified anesthesiologist having completed his training at Harvard’s Brigham and Women’s Hospital. As of 2021, he has treated over 4,000 patients with over 50,000 ketamine infusions in his New York City office alone.
Numerous studies have shown that intravenous ketamine therapy has an overall success rate of 70 per cent in patients with treatment-resistant depression.
Unlike other depression medications that can take weeks or months to show results, patients often experience relief from ketamine infusions within hours, making it especially useful for suicidal ideation.
NY Ketamine Medical recently opened an additional clinic in Long Island, New York.
Myconic Capital is an investment issuer with a diversified portfolio focused on emerging companies in high-tech, real estate, cannabis, mining and health & wellness.
Myconic Capital (MEDI) is down 3.60 per cent and is currently trading at C$1.34 per share as of 9:30 am ET.
