Wesana Health Closes $4 Million Convertible Note Round
Funding to support Company's entrance into the psychedelics space
New additions to senior management and leadership teams
CHICAGO, Jan. 21, 2021 /PRNewswire/ -- Wesana Health, an emerging life sciences company committed to patient empowerment and the advancement of psilocybin-based medicine to improve health and wellness, has announced the close of a $4 million convertible note financing round. The company also announced new additions to its senior leadership team.
Wesana Health Raises Funds to Enter the Psychedelics Space
The $4 million round, led by The Conscious Fund and Ambria Capital, LLC, provides funding to support the Company's entry into the emerging psychedelics space. The proceeds will allow Wesana to begin preclinical and clinical work on the use of psychedelic-assisted therapy to treat traumatic brain injury (TBI) as well as regulatory applications including Investigational New Drug (IND) filings with the Food and Drug Administration (FDA), and Investigational Medicinal Product Dossier (IMPD) filings with Health Canada. In addition, the funds will support the build out of Wesana's staffing and senior leadership teams.
"Partners such as The Conscious Fund and Ambria Capital, two of the leading venture investment firms in the psychedelic space, validate the Wesana business model as we enter into the next phase of our mission to improve the quality of life and overall well-being of those suffering from traumatic brain injury," said Daniel Carcillo, Co-Founder and CEO of Wesana Health. "As someone who has personally suffered from the debilitating repercussions of repeated trauma to the brain, I know firsthand that mental healthcare in our society is greatly lacking due to poor treatment options. Our focus is on removing the stigma that exists around neurological disorders and advancing psychedelic-based therapies that will allow people to retake control of their health and overcome their trauma."
Daniel Carcillo is a former professional hockey player who won two Stanley Cup Championships with the Chicago Blackhawks before being forced to retire at the age of 30 due to post-concussion syndrome. In the years following his professional hockey career, Carcillo has been steadfastly focused on researching and developing natural-sourced neurological treatment regimens to treat TBI. Daniel is a leading advocate for the emerging psychedelics space and sits on the board of the Heroic Hearts Project, a registered 501(c)(3) non-profit that connects military veterans struggling with mental trauma to psychedelic therapy options including ayahuasca, psilocybin and ketamine.
"As one of the leading early-stage psychedelic medicine venture funds, we were impressed by Daniel's evolution from advocate for TBI sufferers, to creating an elite team with Chad, going from speaking out to solving real world challenges," said Henri Sant-Cassia, Founding Partner of The Conscious Fund.
"Passionate people are at the heart of every successful medical effort, and we are pleased to continue to support the dedicated teams behind them," said Cody Shandraw, Director for Ambria Capital, LLC. "Based upon Daniel's tireless advocacy work, the company's clinical development plan, and continued growth of their patent portfolio, we feel that Wesana is positioning itself for success in the future. We are confident that our investment will help capitalize on opportunities as they arise and accelerate the execution of their overall business plan."
New Additions to Senior Management and Leadership Teams
Wesana Health announced several new members of the Company's senior leadership and management teams with the additions of Chad Bronstein as Executive Chairman of the Board; Dawn McCollough as Chief Operating Officer; Ian McCall as Director of Athlete Relations; as well as the appointment of Mitch Kahn to the Company's Board of Directors.
Mr. Bronstein, a Co-Founder of Wesana Health, has been appointed to serve as Executive Chairman of the Board of Directors. In addition to his duties at Wesana, Mr. Bronstein currently serves as CEO of Fyllo, a leading technology company he founded in 2019 that provides media and compliance solutions to highly regulated industries. Mr. Bronstein has more than a decade of operating, capital raising and public markets expertise and, in his role as Executive Chairman, will leverage his extensive entrepreneurial experience to support the Company's development and future growth.
Ms. McCollough joins Wesana Health as Chief Operating Officer with over 26 years of experience overseeing global clinical development activities including the approval of drugs and multiple flu and pandemic vaccines. Prior to joining Wesana Health, Ms. McCollough served as head of Medical Research Operations and Research Team in Late-Stage Development at Biogen. Ms. McCollough also previously served as Head of the Global Monitoring Organization for North America at Novartis Vaccines and Diagnostics.
Mr. McCall is a retired American mixed martial arts World Champion, CBD ambassador, psychedelic research and psilocybin advocate as well as coach and mentor. In his role as Director of Athlete Relations, McCall will work closely alongside Carcillo to recruit and enroll athletes suffering from TBI, and who have not been healed by traditional treatments for their conditions, in a series of psychedelic-assisted therapy clinical trials. In addition, McCall will serve as an ambassador for the Company leveraging his acute knowledge and relationships within the athlete community to educate his peers on the promise of psychedelic and mycelia-based medicines. Since his retirement in 2018, McCall has become one of the most prominent voices advocating for the safe use of psilocybin and plant medicines to treat professional sports injuries and drug dependence.
Mr. Kahn was the Founder and CEO of the largest private, vertically integrated cannabis operation in the United States, Grassroots Cannabis, which was recently purchased by Curaleaf Holdings. As CEO of Grassroots, Kahn led over 1100 employees across 11 states and obtained more than 60 regulatory licenses in the emerging cannabis sector. Kahn also serves as Co-Founder and Chairman of Frontline Real Estate Partners, a Chicago-based real estate investment and advisory company with expertise in the acquisition, development, management, disposition and leasing of commercial real estate properties throughout the United States with a focus on the Midwest. In addition to his role at Grassroots and board position with Wesana Health, Mr. Kahn also sits on the Board of Directors at Fyllo and Curaleaf.
"I'm thrilled to announce the newest additions to our leadership team as we push forward with a laser focus on delivering an innovative psychedelic-therapy program that will enhance how we treat traumatic brain injuries," added Carcillo. "Leveraging the expertise of Chad, Dawn, Mitch and Ian, we are now in a position to pursue transformational opportunities and create therapies that will result in better outcomes for those suffering from various forms of mental illness."
About Wesana Health
Wesana Health is an emerging life sciences company championing the development and delivery of psychedelic and naturally-sourced therapies to treat traumatic brain injury (TBI). Through extensive clinical research and academic partnerships, Wesana Health is developing evidence-based formulations and protocols that empower patients to overcome neurological, psychological and mental health ailments caused by trauma.
Learn more at www.wesanahealth.com
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SOURCE Wesana Health
Released January 21, 2021