Debra Borchardt
Novamind Inc. (CSE: NM)(OTCQB: NVMDF) has opened a new clinic located in downtown Salt Lake City to address addiction. The SLC Clinic specializes in integrative behavioral health and services for adults with substance use disorders led by incoming Medical Director, Dr. Amy de la Garza.
Dr. Reid Robison, Novamind‘s Chief Medical Officer, commented: “Social isolation and despair related to the COVID-19 pandemic have further fueled a significant increase in substance use disorders and related deaths. Dr. de la Garza’s expertise in addiction medicine and behavioral health is a vital addition to our team as we continue to expand Novamind’s clinic footprint to address unmet need and broaden our innovative, evidence-based treatments.”
Dr. de la Garza is a board-certified family practice physician with 10 years of experience providing specialized care for patients with behavioral health and SUD diagnoses. She completed an Addiction Medicine Fellowship at the University of Utah and is an Institute for Functional Medicine Certified Practitioner. In 2017, Dr. de la Garza opened the first community-based, co-located primary care and behavioral health practice in Salt Lake City, Utah. “I am thrilled to join Novamind and look forward to establishing an innovative outpatient substance use disorder program that brings together addiction and integrative medicine and treats the whole person,” said Dr. de la Garza, who is also trained in integrative modalities and lifestyle medicine, including nutrition, movement, sleep, stress management, and social connection.
Novamind said that the SLC Clinic’s outpatient SUD services provide an alternative to residential treatment programs and work to address the highly complex public health crisis that is worsening alongside challenges related to access. In 2020 alone, 93,000 Americans died of a drug overdose-an increase of 30% from the previous year, according to the Centers for Disease Control and Prevention.
Novamind said it will collect clinical data on the efficacy of the integrative treatment approach for SUD and host upcoming studies for conditions like opioid use disorder. Additionally, the company said that the SLC Clinic will pilot an innovative and cost-effective group medical visit model that has been shown to reduce anxiety and depression, as well as improve outcomes in chronic conditions like cardiovascular disease and diabetes.
Recent Earnings
In November, Novamind reported that it had total revenue of $1,857,750, an increase of 113% when compared to the same period last year. The company has a debt-free balance sheet with $5,969,673 in cash and $2,018,971 in marketable securities and total working capital of $6,834,011 to fund operations.
“Q1 was a strong start to fiscal year 2022, driven by the addition of another clinic to our network and increased patient demand for our comprehensive range of innovative mental health treatments,” said Yaron Conforti, Novamind’s CEO and Director. “We continue to make progress on our national clinic expansion, most recently with a letter of intent to acquire two locations in Arizona. Our clinical research business has been actively building an exciting pipeline of contracts with leading drug developers.”
