Financial Highlights (all amounts expressed in Canadian Dollars unless otherwise noted)
- Revenue for the year period ended
July 31, 2021 reached$1,131,171 , as compared to $nil for the same period of the prior year, which was primarily due transitioning from an investment issuer to a single-purpose company focused on consolidating medical clinics and becoming a North American leader in mental health treatments. - Gross profit for the year ended
July 31, 2021 was$793,166 , as compared to $nil for the same period of the prior year, due to the aforementioned reason. - Net loss for the year ended
July 31, 2021 was$31,914,151 , as compared to net income of$1,126,874 reported for the same period of the prior year, primarily due to non-cash expenses of$5,226,365 of share-based payments,$12,324,999 for consideration paid in excess of net liabilities acquired from acquisitions and$8,905,830 of impairment loss on goodwill. - Total assets for the year ended
July 31, 2021 increased by 346% to$21,921,195 from$4,919,093 for the same period of the prior year, which was mainly attributable to its acquisition ofKGK Science Inc.
Management Commentary
“The 2021 fiscal year was our first as a public issuer and, therefore, was a transformative one as the Company went public, rebranded to Ketamine One, became a single-purpose entity and completed multiple acquisitions. We have accomplished a great deal this year to build a strong foundation as one of the top mental health and digital therapeutic platforms in North America,” said
Subsequent Highlighted Events (all amounts expressed in Canadian Dollars unless otherwise noted)
- Scent-Enabled Virtual Reality Via Exclusive Agreement for Psychedelic Molecules With OVR Technology: On
August 4 , announced an exclusive agreement for the use of virtual reality technology in psychedelic treatments withOVR Tech LLC to provide its INHALE Wellness Platform over an initial term of two years in Ketamine One’s clinics. - Multiple New Contracts for KGK Science: On
August 16 , announced that KGK Science had secured a significant amount of new business in the form of four newly signed contracts with third-party clinical research and regulatory service clients. KGK was also formally selected to conduct the clinical trials for four other parties, the contracts of which are currently being negotiated and finalized. Medical Advisory Board : OnAugust 23 , announced the establishment of aMedical Advisory Board (“MAB”) to help guide the development of Ketamine One’s mental health platform and other aspects of the Company.- IRP Health Expands With
New Veteran-Focused Clinics : OnAugust 30 , announced that its wholly owned subsidiary,Integrated Rehab and Performance Ltd. , is expanding its business through the addition of four new, veteran-focused, multidisciplinary clinics in theComox Valley ,Ottawa ,Halifax andSurrey . - Deployment of Cognetivity’s Integrated Cognitive Assessment Tool: On
September 1 , announced that it had reached a commercial agreement with Cognetivity Neurosciences Ltd. (“Cognetivity”) for Cognetivity’s Integrated Cognitive Assessment to be deployed in Ketamine One’s clinics acrossNorth America . Engages Psychology & Counselling Services Group for IRP Health : OnSeptember 14 , announced that it had entered into an agreement withPsychology & Counselling Services Group to provide psychology, therapy, dietary and other mental health services for Ketamine One’s subsidiary,IRP Health Ltd. , as early as October of 2021.- LOI with
Veteran Services USA toOpen Therapy Center : OnSeptember 21 , announced that it had recently signed a non-binding letter of interest withVeteran Services USA to lease approximately 5,000 square feet of space over an initial term of five years inBlue Island, Illinois . - KGK Science Contracted To Support A Ketamine Clinical Trial In The US: On
October 6 , announced that its wholly-owned contract research organization,KGK Science Inc. , had recently been contracted by a third party to develop the protocol and Informed Consent Form to support itsInstitutional Review Board application related to a ketamine clinical trial planned to be conducted by a clinic operator within its medical facilities located inMiami, Florida . - Launching Two Inaugural Research Studies: On
October 14 , announced that it would be launching a single arm, open label study of patients with post-traumatic stress disorder who are undergoing the proprietary physical therapy program at the Company’sIRP Health clinics as well as an observational, single-arm, pilot study aimed at collecting objective biometric data and validated psychiatric instrument measures of efficacy in patients with depression symptoms who are receiving IV ketamine infusion therapy. Both studies have now received IRB approvals. - Biostrap Part of Inaugural Research Studies: On
October 20 , announced that it would be conducting its previously announced single arm, observational, biometric research studies in association withBiostrap USA, LLC across multiple locations inCanada andthe United States . - Virtual Mental Healthcare Platform in Partnership With iHealthOX: On
November 4 , announced that it had entered into a telehealth and virtual health partnership to increase accessibility and service offerings to its patients (the “Telehealth Strategy”). In order to better address the needs of patients as well as incorporate the Telehealth Strategy across its portfolio of mental health clinics, contract research capabilities and its focus on digital therapeutics, the Company had also announced the launch of a new patient-facing website at www.ketamine.one/patients/home. - Intention to Submit Draft Registration Statement for Proposed
U.S. Initial Public Offering: OnNovember 9 , announced that it intended to confidentially submit a draft registration statement on Form S-1 to theU.S. Securities and Exchange Commission (the "SEC") relating to a potential initial public offering (“IPO”) of its common shares inthe United States . The IPO is expected to be for up toUSD 20 Million of Ketamine One’s common shares and is currently expected by Company management to occur in the first half of 2022. The number of common shares to be offered, the use of proceeds, and the price range for the proposed IPO have not yet been determined. IRP Health Opened Two New Veteran-Focused Clinics : OnNovember 16 , announced that its wholly owned subsidiary,IRP Health Ltd. (“IRP” or the “Subsidiary”), opened itsComox Valley andOttawa clinics (the “Two Clinics”). As previously announced, theTwo Clinics are veteran-focused facilities and multidisciplinary in nature. To date, IRP has successfully performed over 10,000 unique treatments for past or present personnel of the Canadian Armed Forces and theRoyal Canadian Mounted Police (“RCMP”), as well as first responders including firefighters, law enforcement officers, paramedics and emergency medical technicians.- KGK Science Helps Client Receive New Dietary Ingredient Status from
U.S. FDA: OnDecember 2 , announced that its wholly owned contract research organization,KGK Science Inc. , successfully assisted its client, Hofseth Biocare ASA (HBC.OL) (“HBC”), to receive New Dietary Ingredient status from theUnited States Food and Drug Administration for its patented CalGo® and OmeGo® branded products. HBC is a leading manufacturer and marketer of unique and innovative marine-derived calcium, protein, collagen, and lipid nutritional supplements. - Partners with Cognetivity Neurosciences in Collaborative Clinical Study on Depression and PTSD: Also on
December 2 , announced that it entered into a collaborative partnership with Cognetivity Neurosciences Ltd. (CSE: CGN; OTCQB: CGNSF; FWB: 1UB) (“Cognetivity”) to study and develop assessments for depression and post-traumatic stress disorder (“PTSD”). In the initial stage of the partnership, Cognetivity and Ketamine One will partner on two separate clinical studies, one for depression and the second for PTSD. Protocols for both studies have receivedInstitutional Review Board approval and patient recruitment is expected to occur in early 2022. Ketamine One’s wholly owned subsidiary,KGK Science Inc. , will lead the study, while Cognetivity will lead the analysis. - Adds Seattle Location To US Clinical Network: On
December 8 , announced that it had been engaged by Dr.Tami Meraglia to establish a ketamine infusion clinic inSeattle, Washington . The new clinic will operate as Seattle Ketamine Infusions (“SKI” or the “Clinic”) and be located at311 West Republican Street .Dr. Meraglia is focused on the areas of personalized intravenous treatments and is also a national best-selling author and frequent media guest regarding total health and wellness topics. Ketamine One will provide training, protocol development, and ongoing support for the Clinic, with the first patient treatments expected at SKI in early 2022. - Termination of NY Ketamine acquisition: The Company announces today that it and
NY Ketamine Medical Practice, PLLC (“NY Ketamine”) have mutually agreed to terminate the letter of intent previously announced onApril 5, 2021 pursuant to which the Company was working to acquire NY Ketamine. Ketamine One remains active in evaluating the acquisition of clinic assets in several US states and is focused on growing its network of existing clinics acrossNorth America . - Departure of CMO: The Company announces today that its Chief Medical Officer, Dr.
Mark Kimmins , has departed the organization. Ketamine One thanksDr. Kimmins for his service as an officer of the Company since June of this year.
Outlook
Ketamine One continues to grow its mental health platform across
ABOUT KETAMINE ONE
On behalf of:
KETAMINE ONE
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For further information, please contact:
Tel: 1-844-PHONE-K1 (1-844-746-6351)
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Notice Regarding Forward-Looking Information:
This news release contains forward-looking statements including but not limited to statements regarding the Company’s business, assets or investments, as well other statements that are not historical facts. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may cause actual performance and results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. These assumptions, risks and uncertainties include, among other things, the state of the economy in general and capital markets in particular, investor interest in the business and prospects of the Company.
The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities law. Additionally, the Company undertakes no obligation to comment on the expectations of, or statements made, by third parties in respect of the matters discussed above.
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