Numinus Wellness Sells Off Shares In Alto Neuroscience Ahead Of IPO

Numinus Wellness (TSX: NUMI) is reporting this morning that it has sold its interest in Alto Neuroscience, a clinical-stage biopharma company that filed for its initial public offering earlier this week.

Alto’s current biotech pipeline is centered on tackling depression, with three clinical-stage programs currently underway, including one for its lead drug, ALTO-100. The drug is in a phase 2b trial, with results expected in the second half of the year.

The company is currently expected to raise between $93.8 and $107.2 million in gross proceeds from its go public, selling 6.7 million shares in a range of $14 to $16 a piece.

Numinous meanwhile held 1,000 non-voting participation shares of Alto within a special purpose vehicle, which Novamind, whom Numinus previously acquired, purchased at a price of $1.22 million. It is unclear at what ratio these shares would have converted into common stock. The fair value of the holdings were reported as being $1.6 million as of November 30, 2023.

“As our core strategy is to build the critical infrastructure that addresses the growing need for effective mental health treatments, the proceeds from the sale of this non-core asset will provide additional financial liquidity and flexibility,” commented Payton Nyquvest on the sale.

Total proceeds from the sale by Numinus were not disclosed.

Numinus Wellness last traded at $0.14 on the TSX.


Information for this briefing was found via Numinus Wellness. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

Why Copper Juniors Could Explode After This Trade War Move | Christian Easterday – Hot Chili

Silver Is Rarer Than Gold, And the Market’s Waking Up | Shawn Khunkhun – Dolly Varden Silver

Gold Will Hit North of $4,000: Who’s Actually Producing? | Shane Williams – West Red Lake

Recommended

ESGold Sees ANT Survey Reveal Vertically Continuous System To 1,200 Metres Depth

First Majestic Produces 7.9 Silver Equivalent Ounces In Q2, Lifts Production Guidance

Related News

Numinus Wellness’ Study On MDMA-Assisted Therapy For PTSD Gets Health Canada Nod

Numinus Wellness Inc. (TSXV: NUMI) announced today that it has secured approval from Health Canada...

Monday, July 12, 2021, 09:49:00 AM

Numinus Completes First Legal Harvest of Psychedelic Mushrooms

Numinus Wellness (TSXV: NUMI) has become the first publicly issued firm to legally complete a...

Thursday, October 22, 2020, 09:15:00 AM

Numinus Wellness To Acquire Mindspace Psychology Services Of Montreal

Numinus Wellness (TSXV: NUMI) is acquiring that of Mindspace Psychology Services, whom operates as Mindspace...

Tuesday, December 15, 2020, 08:34:20 AM

Numinus Wellness: A Glance At The Structure

The much anticipated launch of Numinus Wellness (TSXV: NUMI) is scheduled to occur tomorrow. Given...

Tuesday, May 19, 2020, 06:22:53 PM

Numinus Wellness To Conduct $10.0 Million Bought Deal

Numinus Wellness (TSXV: NUMI) evidently is seeing strong investor demand, with the psychedelics firm this...

Monday, December 7, 2020, 07:38:26 AM