Wesana Says It Could Sell Assets, Focus on Studies

Wesana Health Holdings Inc.  (CSE: WESA; OTCQB: WSNAF) announced its first-quarter 2022 financial results with no revenues to report. Wesana had a net loss of $4.8 million in the quarter. It has a cash balance of $3.1 million. Wesana said it is reviewing strategic alternatives including, but not limited to, a sale of all the assets under the care delivery division, including:

• Wesana Clinics – a network of psychiatrist-led mental health clinics focused on serving the community through the delivery of personalized innovative psychiatric care, inclusive of ketamine therapy, medication management, psychotherapy, cognitive testing, and pharmacogenetic testing.
• Wesana Solutions – a medical-grade clinical SaaS platform focused on improving mental healthcare through facilitating access to leading-edge clinical protocols and tracking their efficacy. In concert with EMRs and practice management systems, Wesana Solutions is intended to be used in clinics delivering psychedelics and related therapies, targeting the developing international psychiatric clinic and research market. 
• PsyTech Connect – a leading community for the clinical use of psychedelics with over 8,000 actively engaged professionals.

Bronstein Out As Chairman

Chad Bronstein has tendered his resignation as Executive Chairman to pursue other professional opportunities. Wesana’s Board of Directors’ appointed Daniel Carcillo as Chairman. Bronstein was instrumental in the founding of the Company as well as in its first years of growth. His commitment to Wesana over the past two years helped the company go-public on the Canadian Securities Exchange and raise $17 million in capital, to initiate the FDA drug development and approval process.

“I am incredibly proud of the company that 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 the Company moves towards advancing its clinical development program and human clinical trials in the coming months later this year.”

Focus on FDA Studies

On March 14, 2022, Wesana reported it 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 Traumatic Brain Injury (“TBI”) related MDD. “The Company received positive written responses from the FDA on March 11^th outlining the requirements to open the IND and commence clinical studies for SANA-013. The written response provides a path to agreements on IND-enabling studies and validates the team’s recent effort and accomplishments. The FDA response also provided important insights pertaining to advancing SANA-013 as a potential treatment for TBI-related MDD.” Wesana said it intends to initiate its in-human clinical study program in late 2022.