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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Numinus Wellness Inc | TSXV:NUMI | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.58 | 0.57 | 0.59 | 0 | 01:00:00 |
Key milestones met in ongoing trials, expanding national footprint, and enhanced research
capabilities ensure Numinus' continued growth
VANCOUVER, BC, Jan. 29, 2021 /CNW/ - Numinus Wellness Inc. ("Numinus" or the "Company") (TSXV: NUMI), a health care and research company developing and delivering psychedelic-centred solutions to treat mental illness, substance abuse and trauma, today announced its financial results for the first quarter for the three months ended November 20, 2020 ("Q1 2021"). After achieving two industry firsts, launching new compassionate access trials, and augmenting its clinical and research activity, Numinus meaningfully expanded its industry presence in Q1 2021. All financial results are reported in Canadian dollars unless otherwise stated.
Q1 2021 Highlights:
Highlights Subsequent to Quarter End:
CEO Commentary and Outlook
"We are pleased that our first quarter was characterized by significant growth across many aspects of our business," said Payton Nyquvest, CEO of Numinus. "We achieved landmark industry firsts, including the first legal harvest and extraction of Psilocybe mushrooms by a public company in Canada, while also embarking on two compassionate access trials and expanding our national footprint. Supported by our strong cash position and balance sheet, Numinus is poised to take advantage of market opportunities that will further cement our leadership role in the psychedelics industry. At Numinus, we endeavour to develop and deliver psychedelic therapies to transform health care, and we remain committed to executing against our strategic plan while maximizing long-term value for our shareholders."
Selected Financial Results for Q1 2021
For the three months ended November 30, | ||||
2020 | 2019 | |||
Revenue | $ | 229,188 | $ | 134,415 |
Cost of Revenue | (267,323) | (68,198) | ||
Gross Profit | (38,135) | 66,217 | ||
Expenses | (1,909,929) | (957,477) | ||
Loss Before Other Items | (1,948,064) | (891,260) | ||
Other items | 19,327 | (13,751) | ||
Loss Before Income Taxes | (1,928,737) | (905,011) | ||
Income tax | - | (6,240) | ||
Loss and Comprehensive Loss for the Period | $ | (1,928,737) | $ | (911,251) |
For the three months ended November 30, | ||||
2020 | 2019 | |||
Cash used in operating activities | $ | (1,899,655) | $ | (303,106) |
Cash generated by (used in) investing activities | 200,867 | (27,853) | ||
Cash generated by financing activities | 4,986,668 | 250,932 | ||
Change in cash during the period | 3,287,880 | (80,027) | ||
Cash, beginning of period | 1,627,329 | 89,987 | ||
Cash, end of period | $ | 4,915,209 | $ | 9,960 |
Numinus' condensed consolidated interim financial statements ("financial statements") and management's discussion and analysis ("MD&A") are available on Numinus' website at numinus.ca and on SEDAR at www.sedar.com.
About Numinus
Numinus Wellness Inc. (TSXV:NUMI) is a health care and research company developing and delivering psychedelic-centred solutions to treat mental illness, substance abuse and trauma.
Numinus Health delivers treatments through clinics and virtual services, with clinics in Vancouver and Montreal.
Numinus R&D develops clinical and therapeutic protocols to use in treatments, in collaboration with research partners and regulators.
Numinus Bioscience develops formulations and methods for a safe supply, using Health Canada licences, scientific expertise and cutting-edge technology.
Learn more at numinus.ca, and follow us on LinkedIn, Facebook, Twitter, and Instagram.
Forward-Looking Statements
This news release contains forward-looking statements within the meaning of applicable securities laws. All statements that are not historical facts, including without limitation, statements regarding future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations or beliefs of future performance, are "forward-looking statements." Forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "estimates", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, events or developments to be materially different from any future results, events or developments expressed or implied by such forward looking statements. Such risks and uncertainties include, among others, dependence on obtaining and maintaining regulatory approvals, including acquiring and renewing federal, provincial, municipal, local or other licences and any inability to obtain all necessary governmental approvals licences and permits to operate and expand the Company's facilities; regulatory or political change such as changes in applicable laws and regulations, including federal and provincial legalization, due to inconsistent public opinion, perception of the medical-use and adult-use marijuana industry, bureaucratic delays or inefficiencies or any other reasons; any other factors or developments which may hinder market growth; the Company's limited operating history and lack of historical profits; reliance on management; the Company's requirements for additional financing, and the effect of capital market conditions and other factors on capital availability; competition, including from more established or better financed competitors; and the need to secure and maintain corporate alliances and partnerships, including with research and development institutions, customers and suppliers. These factors should be considered carefully, and readers are cautioned not to place undue reliance on such forward-looking statements. Although the Company has attempted to identify important risk factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other risk factors that cause actions, events or results to differ from those anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in forward-looking statements. The Company has no obligation to update any forward-looking statement, even if new information becomes available as a result of future events, new information or for any other reason except as required by law.
SOURCE Numinus Wellness Inc.
Copyright 2021 Canada NewsWire
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