TORONTO, Ontario – March 24, 2020 – Novamind Ventures Inc. (”Novamind”) is pleased to announce that it has signed a letter of intent pursuant to which Novamind has agreed to purchase 100% of the assets of Cedar Psychiatry LLC (”Cedar Psychiatry”), a specialized provider of outpatient mental health services, and Cedar Clinical Research LLC (”Cedar Research”), a contract research organization (”CRO”), both based near Salt Lake City, Utah.
Led by Dr. Reid Robison, MBA, and Ms. Seneca Anderson, Cedar Psychiatry was founded in 2016 and has established a growing network of outpatient mental health clinics in the Greater Salt Lake City Area. Cedar Psychiatry has established itself as a leader and pioneer in outpatient mental health services by providing innovative, evidence-based mental healthcare services to patients of all ages. Cedar’s personalized and targeted treatment plans are informed by Cedar’s leading psychiatrists and therapists, and are implemented with a range of treatments offered at Cedar Psychiatry clinics, including: psychotherapy, pharmacogenetic testing, dietary therapy, psychiatric medication management, ketamine-assisted psychotherapy (KAP), Spravato™ (esketamine) treatment, and Transcranial Magnetic Stimulation (TMS).
Cedar Research is a dedicated CRO and research center in Springville, Utah, with deep expertise operating clinical trials in collaboration with leading pharmaceutical drug developers. Led by Dr. Reid Robison, Cedar Research led the Utah site for the pivotal IV ketamine study for treatment-resistant depression by Janssen, leading to the FDA-approval of Spravato™ (esketamine) nasal spray, a fast-acting prescription medicine alternative for treatment-resistant depression (TRD) in adults. Cedar Research is currently managing a number of third-party clinical trials and anticipates hosting future clinical trials focused on psychedelic medicines.
Novamind’s acquisitions of Cedar Psychiatry and Cedar Research are expected to close in Q2-Q3 2020.
About Cedar Psychiatry and Cedar Clinical Research
Cedar Psychiatry is a specialized provider of outpatient mental health services and is dedicated to advancing psychedelic research. Cedar operates four psychiatry clinics specialized in ketamine-assisted psychotherapy and a dedicated research center, all based near Salt Lake City, Utah. For more information visit www.cedarpsychiatry.com.
Novamind invests in the infrastructure that drives the world’s leading psychedelic clinics and retreats. We seek to accelerate research and innovation in psychedelic medicine by investing in the people, science and technology required for a regulated psychedelics industry. Novamind is building a new standard of mental healthcare. For more information visit www.novamind.ca.
Yaron Conforti, CEO
T: +1 (647) 953 9512