Braxia Scientific is a Toronto-based company focused on depression, suicidality and related mental illness. Today, the company announced that it is acquiring KetaMD to expand its telemedicine capabilities, specifically expanding its technology-enhanced ketamine-based treatments from its current local Florida market to the entire United States. The deal is valued at around $6 million, the company told TechCrunch.
KetaMD’s telemedicine platform provides access to affordable, at-home ketamine treatments for people suffering from anxiety, depression, and related mental illnesses. The company’s treatments are medically supervised, virtually guided by registered nurses with expertise in mental health, and supported by psychiatrists and depression researchers. KetaMD’s integration of ketamine and telemedicine follows 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 expertise to deliver patient-centric treatments, both in person and via digital telemedicine.
“Today is a remarkable step forward in making the benefits of ketamine and psychedelics more widely known, accessible and scalable for people suffering from depression and other mood disorders,” said Dr. Braxia Scientific CEO Roger McIntyre in a statement to TechCrunch. “We have seen firsthand improved outcomes of ketamine treatment in our clinics and in our clinical trials. The addition of digital telehealth capabilities via KetaMD’s highly anticipated online and mobile platform strengthens our position to lead the medical use of evidence-based psychedelics while accelerating our ability to safely and quickly treat those in need across the U.S. and Canada and globally into the future.”
KetaMD is currently available in the state of Florida, but there are plans for rollout in other key states. Specifically, the company is preparing to launch its offering in California, New York, Texas, Colorado and Washington this year, and plans to continue expanding in the United States. The KetaMD brand will remain as an independent 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 Braxia common shares. After the close, Braxia shares were trading at about $0.049 per share, making the deal worth about $2 million, plus about $1 million in additional “earnout shares” worth five years from now, based on specific performance goals. The somewhat complex deal has a maximum aggregate value of $6.3 million, the company notes.
https://techcrunch.com/2022/08/03/braxia-buys-ketamd/ Braxia buys KetaMD to get into remote-delivered ketamine treatments – TechCrunch