Numinus Wellness (NUMI.T), a Canadian-based company focused on the development and delivery of innovative evidence-based psychedelic-assisted therapies, announced today that it had expanded its research capabilities into Arizona.
The Phoenix research facility is Numinus’ third clinical trial research site in the US and the fifth site overall. It will offer clinical research management services, focused on advancing psychedelic science through Cedar Clinical Research (CCR).
The new site is located within an existing facility, next to one of Numinus’ established wellness clinics, to fully utilize available clinical space. The first trial scheduled at the site will commence in early March with a site inspection visit before beginning recruitment phase later that month.
Paul Thielking, chief research officer for Numinus, commented, “By expanding into Phoenix, we can scale our clinical research capabilities, allowing us to offer our current clients faster services and an expanded network of participants, while welcoming a growing list of biotech and psychedelic organizations. The site is fully staffed – drawing on our clinic-base of renowned researchers and practitioners, so we can start operations as soon as possible.”
In the three months ended November 30, 2022, CCR managed 14 clinical trials for third-party biotech and psychedelics sector companies, which included 191 clinical trial participants.
As of November 30, 2022, Numinus reported $26.38 million CAD in cash and cash equivalents with revenues for the quarter coming in at $5.67 million for a net loss of $6.30 million.
At the end of that quarter, the company recorded 259.94 million shares issued and outstanding
Over and above Numinus’ five clinical research sites, the company also operates a Health Canada-licensed lab which develops proprietary intellectual property and focuses on advancing psychedelic discoveries.
The global psychedelics drug market was valued at $4.29 billion USD in 2021 and is expected to grow to $10.35 billion by 2028 at a CAGR of 13.4%. North America is expected to the dominant region in this market. Numinus is listed as a key player in the sector by maximizemarketresearch.com
Payton Nyquvest, CEO and founder of Numinus, summed up, “The addition of this new clinical research site further cements Numinus as one of the leading research platforms for the sector’s companies and institutions who sponsor clinical trials in the mental health and psychedelic space, allowing them to leverage our extensive resources and management offering. Ultimately, this allows Numinus to support the growing body of research in the mental health and psychedelic space as we all work towards the goal of more indication-based evidence and safety data.”
Currently Numinus trades for $0.24 CAD per share for a market cap of $62 million.