Braxia Scientific is a Toronto-based company specializing in depression, suicidal tendencies and related mental disorders. Today the company announced the purchase KetaMD to expand its prowess in telemedicine and, in particular, expand its high-tech ketamine-based therapies from the current local Florida market to the wider US. The deal is worth about $6 million, TechCrunch said.
The KetaMD telemedicine platform provides access to affordable home-based ketamine preparations for people suffering from anxiety, depression and related psychiatric disorders. Treatment at the company is provided under medical supervision, practically under the guidance of registered nurses with experience in mental health and with the support of psychiatrists and depression researchers. KetaMD’s integration of ketamine and telemedicine is guided by best practices and treatment guidelines.
With the acquisition of KetaMD, Braxia offers a compelling and differentiated value proposition. KetaMD’s innovative technological capabilities provide Braxia with the logistics and know-how to offer patient-centered care, both in person and through digital telemedicine.
“Today, a notable step forward has been taken in bringing awareness, accessibility and scalability to the benefits of ketamine and psychedelics in general for those with depression and other mood disorders,” Braxia Scientific CEO Dr. Roger McIntyre said in a statement to TechCrunch. “We have personally observed improved outcomes for ketamine treatment in our clinics and in our clinical trials. The addition of digital telehealth capabilities through the highly anticipated KetaMD online and mobile platform strengthens our position to lead the evidence-based medical use of psychedelics while accelerating our ability to safely and quickly treat those in need in the US and Canada, and everywhere else. world to the future.”
KetaMD is currently available in Florida, but rollouts are planned in other key states. Specifically, the company is gearing up to launch its offering in California, New York, Texas, Colorado and Washington this year and plans to continue expanding across the United States. The KetaMD brand will remain a separate brand under the Braxia umbrella.
Under the terms of the share purchase agreement, Braxia acquired 100% of the common stock of KetaMD in exchange for 42 million common shares of Braxia. After the market closed, Braxia stock traded at around $0.049 per share, so the deal is worth around $2 million plus an additional $1 million or so in “earnings shares” after five years depending on certain performance targets. The company notes that this rather complex deal can cost no more than $6.3 million.
Credit: techcrunch.com /