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- Mississauga facility expected to begin treatment services in the second half of 2022
- First location selected as part of a nationwide build of NeonMind-branded clinics offering interventional psychiatry treatment
VANCOUVER, BC / ACCESSWIRE / February 17, 2022 / NeonMind Biosciences Inc. (ESC: NEON)(OTCQB: NMDBF)(EN:6UF) (“NeonMind” or the “Company“), an integrated drug development and wellness company focused on delivering innovative psychedelic-based treatments to people suffering from obesity and mental health disorders, today announced that it has signed an agreement with SRx Health Solutions (“SRx”) to open the company’s first clinical mental health specialty NeonMind, located at Queensway Professional Medical Center in Mississauga, Ontario.
The Mississauga location is the first in NeonMind’s initiative to establish a national network of NeonMind-branded specialty clinics. These clinics will focus on delivering high-demand mental health treatment to underserved areas of Canada. The specialized services that will be offered will include innovative, evidence-based interventional psychiatric treatments for a variety of mood and anxiety disorders. The Mississauga clinic is expected to begin seeing patients in the second half of 2022.
“Our first NeonMind mental health specialty clinic represents an important milestone in our multi-pronged strategy to bring the therapeutic benefits of innovative, safe and effective treatments to patients across Canada,” said Robert Tessarolo, President and CEO. by NeonMind. “The demand for treatments to treat depression and anxiety disorders in Ontario has increased significantly in recent years, but there remains a bottleneck for new modalities such as ketamine treatment and neurostimulation. Our strategic collaboration with SRx will allow us to improve access in a targeted and flexible way. these treatments for communities in need. We plan to launch additional clinics throughout 2022 and beyond, as well as incorporate new treatments, such as psychedelics, as they are approved.
The Mississauga location allows NeonMind to serve a rapidly growing patient population. According to NeonMind internal estimates, the market for specialized medical services for mental health disorders in Ontario grew at a CAGR of over 20% from 2017 to 2019. NeonMind’s specific location in Mississauga serves an area of Ontario which has experienced a huge demand for specialized mental health services. services, representing about 10% of total demand in Ontario. Demand for specialty services in Mississauga has grown at a CAGR of more than 30%, outpacing the overall Ontario market, according to NeonMind internal estimates based on provincial medical data.
Mr. Brock Clancy, Vice President of Patient Services and Operations at SRx Health Solutions, said, “The Mississauga location will be a monumental step in improving accessibility to state-of-the-art treatment solutions. As Canada’s fastest growing healthcare provider, SRx is committed to simplifying healthcare, helping to improve the well-being of Canadians and being an innovative agent of change in this space. We are delighted with our collaboration with NeonMind and look forward to continuing our commitment and helping to provide this type of service to those in need.”
The Queensway Professional Medical Center is a professional medical building that provides a full range of healthcare services, including pharmacy and laboratory services, and is equipped with ample parking facilities and accessibility options. The facility is located on major commuter roads and across from Trillium Health Partners – Mississauga Hospital. NeonMind’s first specialty clinic will offer exceptional, quality services, including several private, spacious and comforting treatment rooms, as well as a fully equipped waiting room for patients and caregivers.
NeonMind’s first specialty mental health clinic is located at 89 Queensway West, Suite 604, Mississauga, Ontario, L5B 2V2. More details will be released closer to the opening of the clinic. For more information about NeonMind’s specialty clinics, please email firstname.lastname@example.org.
The company is also announcing the resignation of Amber Allen as Vice President of Sales effective January 17, 2022, in connection with the divestiture of NeonMind’s consumer division assets.
About NeonMind Biosciences Inc.
NeonMind operates two divisions: (i) a pharmaceutical division engaged in drug development of psychedelic compounds with two lead psilocybin drug candidates targeting obesity; and (ii) a medical services division focused on launching specialized mental health clinics that integrate psychedelic therapies into traditional psychotherapy settings.
In its pharmaceutical division, NeonMind has two separate psilocybin drug development programs targeting obesity. NeonMind’s lead candidate, NEO-001, uses psilocybin as an agonist of the serotonin 5-HT2A receptor, which is involved in the hallucinogenic effect of psychedelics. The Company’s second drug candidate, NEO-002, uses low-dose psilocybin as an agonist of the 5-HT2C receptor, which controls appetite.
NeonMind and its strategic partners are building NeonMind-branded specialty mental health clinics in Canada that integrate innovative evidence-based interventional psychiatry treatments to address a variety of mental health needs. For more information about NeonMind, visit www.NeonMindBiosciences.com.
About SRx Health Solutions Inc.
SRx Health Solutions is Canada’s leading collaborative network of pharmacists and healthcare professionals providing innovative, sustainable and integrated healthcare solutions. We proudly employ over 400 associates across Canada who support our 30+ pharmacies and 125+ clinics and are dedicated to providing exceptional patient care. SRx is on a mission to improve the well-being of Canadians, revolutionize healthcare and ensure that all Canadians have access to modern and equal healthcare services.
Rob Tessarolo, President and CEO, NeonMind Biosciences Inc.
KCSA Strategic Communications
Scott Eckstein/Tim Regan
The Canadian Securities Exchange has not reviewed, approved or disapproved of the contents of this press release.
Caution Regarding Forward-Looking Statements
Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or the future performance of NeonMind. Use of any of the words “could”, “expect”, “believe”, “should”, “project”, “estimate” and similar expressions and statements relating to matters which are not historical facts are intended to identify forward-looking information and are based on NeonMind’s current beliefs or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, NeonMind’s drug development plans, its ability to retain key personnel and its expectations for the development of its intellectual property and other stages of its preclinical and clinical drug development constitute forward-looking information. Actual results and developments may differ materially from those contemplated by the forward-looking information. Readers are cautioned not to place undue reliance on forward-looking information. Statements made in this press release are made as of the date hereof. NeonMind disclaims any intention or obligation to publicly update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as may be expressly required by applicable securities laws. .
THE SOURCE: NeonMind Biosciences Inc.
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