Braxia Scientific is a Toronto-based company that focuses on depression, suicide and related mental health conditions. Today, the company announced that it is buying KetaMD to expand its telehealth capability and in particular to expand its ketamine-based treatment technology from its current local market in Florida to the wider US. The deal is worth about $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 health conditions. The company’s treatments are medically supervised, essentially led by registered nurses with mental health expertise, and supported by psychiatrists and depression researchers. KetaMD’s integration of ketamine and telemedicine is guided by best practices and treatment guidelines.
With the acquisition of KetaMD, Braxia provides an exciting and differentiated value proposition. KetaMD’s innovative technology capabilities provide Braxia with the logistics and expertise to deliver patient-centered treatments, both in-person and via digital telehealth.
“Today marks a remarkable step forward in the awareness, accessibility and scalability of the benefits of ketamine and psychedelics in general for those suffering from depression and other mood disorders,” said Dr. Roger McIntyre, CEO of Braxia Scientific in statement to TechCrunch. “We have seen improved results firsthand from ketamine therapy in our clinics and in our clinical trials. The addition of digital telehealth capabilities through KetaMD’s highly anticipated online and mobile platform strengthens our position as a leader in the evidence-based medical use of psychedelics while accelerating our ability to get treatment to those in need safely and quickly across the US and Canada and worldwide. the future.”
KetaMD is currently available in the state of Florida, but is planned for release 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 across the United States. The KetaMD brand will remain as a standalone brand under the Braxia umbrella.
Under the terms of the stock purchase agreement, Braxia acquired 100% of the common stock of KetaMD in exchange for 42 million Braxia common shares. After market close, Braxia shares were trading at about $0.049 per share, so the deal is worth about $2 million, plus an additional $1 million in Earnout Shares over five years based on certain performance targets. The somewhat complicated deal is worth a total of $6.3 million, the company notes.