VANCOUVER, British Columbia, April 05, 2021 (GLOBE NEWSWIRE) -- Myconic Capital Corp. (formerly, Auralite Investments Inc.) (CSE: MEDI) (FRA: MY0) (the “Company” or “Myconic”) is pleased to announce that in its pursuit to establish an investment portfolio of leading ketamine treatment centers for depression and chronic neuropathic pain, the Company has acquired the rights to a letter of intent (the “Letter of Intent”) providing for the acquisition of all of the issued and outstanding shares of NY Ketamine Medical Practice PLLC (“NY Ketamine Infusions”), a leading mental health and pain clinic based in New York, New York.
NY Ketamine Infusions was founded in 2012 by Dr. Glen Z. Brooks who was among the first physicians in the United States using this innovative treatment to successfully care for patients suffering from treatment-resistant depression, PTSD, mood disorders and chronic neuropathic pain. Building on over 2 decades of clinical research at major institutions like Yale University and the National Institute of Mental Health (NIMH), Dr. Brooks was at the forefront of introducing this innovative treatment to patients in need. Dr. Brooks is a board-certified anesthesiologist having completed his training at Harvard’s Brigham and Women’s Hospital and has taught at Yale University School of Medicine. As of 2021, Dr. Brooks has treated over 4,000 patients with over 50,000 ketamine infusions in his New York City office alone, representing the largest single office clinical experience in the world. His internationally renowned expertise in the field of ketamine therapy and his reputation for personal patient involvement has attracted clients from North and South America, Europe, Asia and the Middle East.
Unlike other depression medications that can take weeks or months to take effect, relief from ketamine infusions can often be experienced by patients within hours, making it especially useful for suicidal ideation. Low doses of ketamine are generally administered through a series of six infusions over a two-week period, often followed by ongoing maintenance sessions on an “as needed” basis. In otherwise treatment resistant depression patients, numerous studies have shown that intravenous ketamine therapy has an overall success rate of 70%.
Based on the success of its New York City clinic, NY Ketamine Infusions has opened an additional clinic in Long Island, NY (Melville). Dr. Brooks also continues to act as a consultant for privately owned practices in Albany, NY and Madrid, Spain. He has been interviewed and quoted in numerous publications including The New York Times and was featured in Bloomberg Businessweek.1
Pursuant to the terms of the Letter of Intent, Myconic would acquire NY Ketamine Infusions in exchange for approximately USD $10,000,000, payable in cash and common shares, along with an additional number of common shares pursuant to achieving certain milestone events. The purchase price will be payable in three tranches collectively equal to USD $5,000,000 in cash and USD $5,000,000 in common shares over an 18-month period commencing upon the Company completing a financing of at least USD $10,000,000.
The shares issued at each tranche will be subject to an 18-month lock-up period, 25% of which will be released 4 months and 1 day from the respective share payment date; 37.5% of which will be released 12 months from the share payment date; and 37.5% of which will be released 18 months from the share payment date.
The common shares will be issued at a price per share equal to the volume weighted average trading price (VWAP) of the Company’s shares on the CSE for the 30-day period preceding the issuance, subject to the policies of the CSE and applicable securities laws. All securities issued pursuant to the acquisition shall be subject to a four month and one day hold period.
The completion of the acquisition is subject to a number of conditions which include but are not limited to the execution of the share purchase agreement and respective employment agreement(s), applicable lease agreements, any municipal, state, or federal licenses, copies of patents, trademarks, or intellectual property applications, completion of satisfactory due diligence, the delivery and satisfactory review of the financial statements of NY Ketamine Infusions, and the approval of the transaction by the boards of directors of each of Myconic and NY Ketamine Infusions.
1 - https://www.bloomberg.com/graphics/2015-ketamine-depression-treatment/
Myconic Capital Corp is an investment issuer with a diversified portfolio that is focused on emerging companies active in the high-tech, real estate, cannabis, mining and health & wellness sectors.
On behalf of:
MYCONIC CAPITAL CORP.
CEO and Director
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Notice Regarding Forward Looking Information:
This news release contains forward-looking statements including statements regarding any of the Myconic holdings or investments, as well other statements that are not historical facts. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may cause actual performance and results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. These assumptions, risks and uncertainties include, among other things, the state of the economy in general and capital markets in particular, investor interest in the business and future prospects of the Company.
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