KetamineOne Capital (NEO: MEDI) has continued to expand its presence across North America. The firm this morning announced that it has entered into a letter of intent for two additional ketamine clinics, which are to be located in Texas.
The additional footprint south of the border is to come via an arranged partnership with Illumma LLC, whom has a clinic in Austin as well as Bee Cave, Texas. The arrangement will bring the firms total stateside footprint to six clinics.
The two clinics from Illumma fit well with KetamineOne’s current model, in that they already offer ketamine infusion, which focuses on mental health, mood disorders, and chronic pain. The locations are to be jointed supported via KetamineOne’s existing clinical network.
“Illumma’s two existing clinics have already contributed to the improved mental health of their patients by applying innovative ketamine infusion therapies like those offered in Ketamine One’s clinical network. We expect that this arrangement will attract other partnerships or even acquisition targets, and yield further expansion opportunities across the United States,” commented Adam Deffett, the interim CEO of KetamineOne.
Under the terms of the arrangement, KetamineOne is to pay total consideration of $0.98 million for the partnership. Payment is to be split equally between common share and cash, with $350,000 of the cash consideration to be allocated for the development of additional clinics.
The addition of further clinics to KetamineOne’s network follows a major development announced last week, wherein the firm is to deploy Cognetivity Neuroscience’s (CSE: CGN) cognitive assessment tool across its North American network for use in monitoring both treatment-resistant depression as well as PTSD.
KetamineOne Capital last traded at $1.35 on the Neo Exchange.
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