Wesana Provides Updates on Build-out of Third Clinic
Naperville clinic to open Spring 2022
CHICAGO and TORONTO, March 11, 2022 (GLOBE NEWSWIRE) -- Wesana Health Holdings Inc. (“Wesana” or the “Company”) (CSE: WESA; OTCQB: WSNAF), a data-driven life sciences company focused on developing the novel therapies of tomorrow and delivering new care paradigms today, announced today that construction is underway for its third mental health clinic, expected to open in Spring 2022.
This new 3000 square-foot facility will be located in the southwest part of Naperville, IL and will be overseen by Dr. Abid Nazeer, Naperville native and Chief Medical Officer for Wesana. The psychiatrist-led clinic will focus on serving the community through the delivery of personalized innovative psychiatric care, inclusive of ketamine therapy, medication management, psychotherapy, cognitive testing, and pharmacogenetic testing. It will also be the first clinic to offer Deep Transcranial Magnetic Stimulation in Naperville, which has shown efficacy as a treatment for conditions such as Major Depression, OCD, anxious depression, and more.
“Chicagoland is our core market, and we are thrilled to begin construction of our new clinic. Recently we surpassed a milestone of 4,000 administered ketamine treatments for major depressive disorder, anxiety, PTSD, and addiction---a proof point of the importance of our offerings and the scale of need in our region,” said Dr. Nazeer. “As somebody with close ties to Naperville, including having grown up in the city, it is especially meaningful to me to bring advanced mental health treatments available today, to this wonderful community.”
Wesana Clinics (presently doing business as APS Ketamine) has a strong existing foothold in the area, operating a clinical network that includes two flagship mental health clinics strategically located in Oak Brook and Downtown Chicago. Since 2016, under the leadership of Wesana’s Chief Medical Officer, Dr. Abid Nazeer, the clinics have helped thousands of patients through integrated treatment and a comprehensive therapeutic approach
“Meeting the ever-growing need for mental health care is central to Wesana’s mission,” said Meghna Agarwal Gaeta, Wesana Chief Marketing Officer. She added, “We are thrilled to take this step toward expanding our care delivery area to Naperville and surrounding towns.”
The Company has entered into a 10-year lease, with a rent-free period through August 1, 2022, which provides for fixed, annual rent escalations throughout its term. The build-out of the facility is expected to cost approximately USD $250.000.
Investor Relations Agreement
The Company also announces that it has entered into an investor relations agreement with Future Money Trends LLC and Affiliates ("FMT"), a limited liability company located in Austin, Texas. The agreement is for an initial term of sixty days, commencing on March 11th, 2022, at a cost of USD $500,000. FMT will provide financial publishing and digital marketing services to the Company. Pursuant to the agreement, FMT will look to raise public awareness of the Company, including its social media presence, and will promote the Company's business.
Future Money Trends LLC
723 W. University Ave. #110-283,
Georgetown, TX, 78626
About Wesana Health
Wesana Health helps people transcend barriers in mental health and performance. We innovate in care development through our therapies and patent-pending protocols, and in care delivery through activating a new multidisciplinary, technology-supported clinical model. Learn more at www.wesanahealth.com.
Nick Opich / Annie Graf
KCSA Strategic Communications
Phone: 212-896-1206 / 786-390-2644
On behalf of the Board of Directors:
Daniel Carcillo, Chief Executive Officer
Phone: (773) 236-7972
Forward-Looking Information and Statements
This press release contains “forward-looking information” within the meaning of applicable securities laws with respect to the Company, including, but not limited to: information concerning timing for the opening of Wesana’s new clinic located in Naperville, IL, the services to be offered at the new clinic upon opening, and any other statement that may predict, forecast, indicate or imply future plans, intentions, levels of activity, results, financial position, operational or financial performance or achievements. Often, but not always, forward-looking information can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, will”, “projects”, or “believes” or variations (including negative variations) of such words and phrases, or statements that certain actions, events, results or conditions “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Except for statements of historical fact, information contained herein constitutes forward-looking information. Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management at the date the statements are made.
Certain factors that influence successfully opening the Naperville clinic in Spring 2022 include: (i) the Company has finalized the lease, (ii) renovations and permitting of the property for the purpose of clinic operations are expected to be minimal, and (iii) the Company has an internal and external team dedicated to addressing issues that may arise during clinic construction.
Certain assumptions that influence successfully opening the Naperville clinic in Spring 2022 include: (i) there are no significant delays in the buildout for the Naperville clinic early in Q1 2022, and (ii) there are no significant delays in renovation/permitting.
Other general assumption include development costs remaining consistent with budgets; favorable operating conditions; political and regulatory stability; obtaining and maintaining all required licenses and permits; receipt of governmental approvals and permits; sustained labor stability; stability in capital goods markets; the level of demand for the Company’s products and services; and the availability of third party service providers and other inputs for the Company’s operations.
While the Company considers these assumptions to be reasonable, the assumptions are inherently subject to significant business, social, economic, political, regulatory, competitive and other risks and uncertainties, contingencies and other factors that could cause actual performance, achievements, actions, events, results or conditions to be materially different from those projected in the forward-looking information. Many assumptions are based on factors and events that are not within the control of the Company and there is no assurance they will prove to be correct.
Furthermore, such forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual plans, intentions, activities, results, financial position, performance or achievements of the Company to be materially different from any future plans, intentions, activities, results, financial position, performance or achievements expressed or implied by such forward-looking information. Such factors include negative operating cash flow and going concern; the detrimental impact of future losses and negative cash flow from operations; requirements for additional capital; not achieving publicly announced milestones; reliance on the capabilities and experience of key executives and scientists; disruptions due to acquisitions or collaborations; COVID-19; litigation; conflicts of interest; limited operating history; market and business conditions, other risks factors including those found in the Company’s annual information form dated September 3, 2021 filed on the Company’s profile on SEDAR at www.sedar.com and discussed in the Company’s other public filings available on SEDAR.
Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such forward-looking information will prove to be accurate as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. Forward-looking information is provided and made as of the date of this news release and the Company does not undertake any obligation to revise or update any forward-looking information other than as required by applicable law.
Released March 11, 2022