Braxia Health clinics continued to see steady growth through the quarter, and the company expanded its research trials.
Braxia Scientific Corp. (CSE: BRAX, OTC: BRAXF) posted steady growth in its fiscal first quarter, good news in its quest for profitability after its recent acquisition of Florida-based KetaMD.
The Canadian research and telehealth company filed its financial and operational report card for the first quarter ending June 30, 2022.
First quarter revenue increased to $420,000 for the first quarter, up 13% sequentially from $370,000 in the fourth quarter last year and 2.5% from the prior-year period.
Braxia recorded a net loss of $970,000 in the first quarter, versus a net loss of $1.09 million for the same period last year.
The company said the rise in revenue primarily reflects an uptick in the number of ketamine treatments at the Braxia Health clinics in Ontario, which uses ketamine and psilocybin depression and related disorders.
Braxia also has plans to expand its treatment options and availability.
“As we continue to expand KetaMD across multiple U.S. states, we are also committed to advancing new and innovative treatments via our clinical research trials leveraging both our digital and in-person clinics,” CEO Roger McIntyre said.
The use of ketamine as a fast-acting antidepressant in treatment-resistant patients has piqued the interest of experts both in psychiatry and in the wider area of neuroscience.
For Braxia, the company’s venture into telemedicine comes as a growing shortage of mental health specialists in the U.S. has left many with unmet mental health needs.
“We are proud to have launched KetaMD in the U.S. so that we can begin addressing the needs of millions lacking access to innovative treatments for mental health disorders such as depression, anxiety, bipolar disorder and post-traumatic stress disorder (PTSD),” McIntyre said.
Braxia Health clinics continued to see steady growth through the quarter, and the company progressed toward opening a new clinic in Ottawa.
The company also said that it is looking to expand capacity in Toronto to support increased volumes for in-person ketamine treatments, with new clinical trials scheduled by the end of the year.
Last year, Braxia completed a reverse-takeover, and acquisition (of CRTCE) and a brokered private placement, which led to an overall rise in costs as the business evolved. The company’s management team said it has focused on cutting costs and reducing certain operating expenditures to focus on its core business.
The company’s cash and cash equivalents in the first quarter was $7.68, down 10.7% from the previous quarter. The funds include cash invested to help absorb KetaMD and purchase equipment for new clinics.
The company also said it has granted stock options to certain directors, officers and employees to acquire nearly 11,220,000 shares of the pie.
“Our combined clinical and telemedical platform positions us well to drive further innovation in clinical research and scaling of access to experimental therapeutics in this patient population,” McIntyre said.
Braxia Health started its first Health Canada approved multidose psilocybin-assisted therapy clinical trial last July and recorded its first participant that following November.
In connection with this clinical trial, the company reported positive preliminary results in June from its ongoing multidose psilocybin trial, with meaningful improvements in depression severity observed. The trial is expected to be completed by December, “at which point the full analysis will be completed and submitted for publication.”
Braxia Health also recently received approval from Health Canada for the special access Ppogram (SAP) to provide psilocybin-assisted psychotherapy for a patient with major depressive disorder in Ontario, according to the news release.
The SAP was amended on Jan. 5 to include access to psychedelic compounds on a case-by-case basis outside of clinical trials.
Posted by: Times Of Hemp , TOH , #TOH , #TimesOfHemp , https://www.timesofhemp.com