Wesana says he could sell assets, focus on studies
Wesana Health Holdings Inc. (CSE: WESA; OTCQB: WSNAF) announced its first quarter 2022 financial results with no revenue to report. Wesana posted a net loss of $4.8 million in the quarter. He has a cash balance of $3.1 million. Wesana said it is reviewing strategic alternatives including, but not limited to, the sale of all assets in the care delivery division, including:
- Wesana Clinics – a network of psychiatrist-led mental health clinics focused on serving the community through the delivery of innovative personalized psychiatric care, including ketamine therapy, medication management, psychotherapy, cognitive testing and testing pharmacogenetics.
- Wesana Solutions – a medical-grade clinical SaaS platform focused on improving mental health care by facilitating access to cutting-edge clinical protocols and tracking their effectiveness. Together with EMRs and practice management systems, Wesana Solutions is intended for use in clinics providing psychedelics and related therapies, targeting the developing international market for psychiatric clinics and research.
- PsyTech Login – a leading community for the clinical use of psychedelics with over 8,000 actively engaged professionals.
Bronstein steps down as CEO
Chad Bronstein has resigned as executive chairman to pursue other professional opportunities. Wesana’s Board of Directors has named Daniel Carcillo as Chairman. Bronstein was instrumental in the founding of the company as well as its early years of growth. His commitment to Wesana over the past two years has helped the company go public on the Canadian Stock Exchange and raise $17 million in capital, to initiate the FDA drug development and approval process.
“I am incredibly proud of the company we have built and the progress we have made to date,” commented Mr. Bronstein, “and I look forward to seeing the continued evolution of Wesana under Daniel’s leadership as as the company progresses towards the advancement of its clinical activities. development program and human clinical trials in the coming months later this year.
Focus on FDA studies
On March 14, 2022, Wesana reported having received a full written response from the FDA regarding their pre-IND meeting for the novel therapy and proprietary protocol of SANA-013 for the treatment of MDD related to traumatic brain injury (“TBI”). . “The company received positive written responses from the FDA on March 11e outlining the requirements to open the IND and begin clinical studies for SANA-013. The written response provides a path to agreements on IND-enabling studies and validates the team’s recent efforts and accomplishments. The FDA response also provided important information regarding the advancement of SANA-013 as a potential treatment for TBI-related MDD. Wesana said it intends to launch its human clinical study program in late 2022.