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Champignon Brands closes deal to acquire ketamine clinic operator AltMed Capital

AltMed recently gained full ownership of the Canadian Rapid Treatment Centre of Excellence

Champignon Brands Inc. -
Champignon plans to open at least five new clinics in New York, Florida and California

Champignon Brands Inc (CSE:SHRM) (OTCQB:SHRMF) announced Thursday that it has closed the acquisition of AltMed Capital Corp, a Canadian ketamine clinic operator with strong research and development projects.

AltMed recently purchased the balance of shares of the Canadian Rapid Treatment Centre of Excellence Inc, giving it full ownership of the facility.

The deal also gives Champignon a suite of intellectual property and research and development initiatives boosted by AltMed’s founder and CEO Dr Roger McIntyre, a widely recognized expert in the study and treatment of mood disorders.

READ: Champignon Brands inks blockbuster deal to roll out network of psychedelic medicine clinics in North America

AltMed has three trials in the Phase I stage and three trials in the preclinical stage during 2020, as well as seven patents for its ketamine/psilocybin delivery platforms and formulations. The company also has a preferred commercial relationship with InterVivo Solutions, Canada’s largest neuroscience-focused preclinical contract research organization, to collaborate on Phase I testing and novel drug development of psychedelic molecules and delivery systems.

Under the terms of the transaction, Champignon issued just over 76 million shares, of which 17.1 million will be subject only to applicable hold periods under securities legislation and 59 million will be subject to voluntary resale restrictions and released in five equal tranches every three months. Additionally, 2.1 million warrants will be issued in exchange for outstanding AltMed share purchase warrants.

Champignon plans to open at least five new clinics in New York, Florida and California, which are anticipated to be fully operational by 4Q 2020.

Contact Angela at [email protected]

Follow her on Twitter @AHarmantas

Quick facts: Champignon Brands Inc.

Price: 0.89 CAD

CSE:SHRM
Market: CSE
Market Cap: $70.54 m
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