BRAXF - Braxia Scientific acquires Florida's mental health platform for $6.26M
- Braxia Scientific ( OTCPK:BRAXF ) announced Wednesday it has completed the acquisition of a U.S. privately-held telemedicine firm - KetaMD - at $6.26M consideration.
- The end-to-end telemedicine platform provides at-home ketamine treatments for people suffering from depression and related mental health conditions.
- Purchase Consideration: Holders of KetaMD common stock were issued 42.14M Braxia shares, representing 17.5% of the float.
- In addition, the parties agreed upon earnout shares potentially of up to 8.3% of Braxia's issued capital based on business performance while some KetaMD noteholders were issued $2.94M of convertible debentures of Braxia due December 31, 2023 in cancellation of the KetaMD notes.
- KetaMD is currently available in the State of Florida but a roll-out to other key states is planned in 2022.
- Braxia plans to further augment tools and capabilities of the KetaMD platform, including planning new clinical trials in the U.S. and leveraging Braxia's growing proprietary patient dataset, with patient outcomes, to support potential future development of digital therapeutics in the management of depression and other related mental health conditions.
- Earlier: Braxia Scientific reports FY results
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Braxia Scientific acquires Florida's mental health platform for $6.26M