March 10, 2021 – Vancouver, British Columbia, Canada – Myconic Capital Corp. (formerly, Auralite Investments Inc.) (CSE: MEDI) (FRA: MY0) (the “Company” or “Myconic“) is pleased to announce that the Company has entered into a letter of intent (the “LOI”) for the acquisition of all of the issued and outstanding shares of Mindscape Ketamine & Infusions Therapy, PLLC (“Mindscape”), a mental health and pain clinic based in Houston, Texas.
Mindscape was founded by Dr. Quang Henderson, an experienced emergency medicine physician who earned his MD credential and completed his residency at the University of Texas. Prior to founding Mindscape in 2018, Dr. Henderson was a Co-Founder of Neighbors Emergency Center, a network of emergency care facilities in Texas which currently has six locations. After ketamine-based treatments helped to alleviate depression-related symptoms experienced by his wife, Dr. Henderson was inspired to open Mindscape to avail such treatments to the general public. The Houston-based clinic, which administers ketamine through intravenous therapy (“IV”), is characterized by its spa-like atmosphere designed to put patients at ease. The Mindscape patient experience is augmented by a selection of multimedia including music and tailored virtual reality (“VR”) content which are intended to enhance the effects of a ketamine dosage.
Ketamine was first synthesized in 1962, and was successfully patented as a human anaesthetic in the United States in 1966. During the Vietnam War, ketamine was the most widely used battlefield anaesthetic, and has been listed in the World Health Organization’s Essential Medicines List since 1985. Usage of ketamine in veterinary medicine began in the 1970s, and it is presently the most widely used anaesthetic in this area of medicine1. In 2000, research conducted at Yale University determined that in a sample group of patients with major depression, the improvement in their symptoms realized within 72 hours could qualify the drug for use as an antidepressant. These findings were complemented six years later by a National Institutes of Mental Health (“NIMH”) study which showed that ketamine reduced depression symptoms more quickly than a placebo2.
As ketamine continues to gain popularity as a treatment for a variety of conditions, Myconic treats its acquisition of Mindscape as a strategic investment with which the Company can build out its holdings in the health and wellness category.
In July 2019 Mindscape was featured in a news segment on KHOU 11, a CBS affiliate in Houston, Texas, in which an assault survivor described the relief she experienced from ketamine treatments administered at the Mindscape clinic in Houston by Dr. Henderson, pictured above. This news segment can be viewed by clicking above or clicking here.
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Pursuant to the terms of the LOI, Myconic would acquire all of the shares of Mindscape in exchange for USD $75,000 cash and USD $100,000 payable in common shares of the Company (the “Consideration Shares”). The Consideration Shares will be subject to a lockup period of 12 months on issuance, with one third of the Consideration Shares released at intervals of four, six, and 12 months following the closing of the acquisition as contemplated in the LOI.
The completion of the acquisition is subject to a number of conditions which include but are not limited to the execution of a definitive agreement, completion of satisfactory due diligence, the delivery and satisfactory review of the financial statements of Mindscape, and the approval of the transaction by the boards of directors of each of Myconic and Mindscape.
Myconic Chief Executive Officer Robert Meister commented, “Acquiring Mindscape is a major development for us as we believe we are able to maximize the clinic’s growth potential as an innovator of ketamine-based therapies. The size of this opportunity is not to be underestimated, as the rate of antidepressant use among teens and adults in the United States grew by nearly 400% from 1988-1994 and 2005-20083. The passion that Dr. Henderson has for this treatment approach is exemplified in every aspect of his clinic, particularly with his innovative approaches to integrating high-tech features into the patient experience to make it more approachable. We look forward to exploring the potential directions in which we can take Mindscape as ketamine treatments continue to gain acceptance and popularity across the United States.”
Mindscape Ketamine & Infusions Therapy, PLLC is a clinic in Houston, Texas, offering affordable delivery of concierge IV ketamine therapy for treatment-resistant mood disorders, mental health disorders, and chronic pain conditions. Operated by Dr. Quang Henderson, a licensed Board-Certified Emergency Physician with over 20 years of experience with ketamine, Mindscape assists people dealing with depression, anxiety, PTSD, chronic pain, and other mood disorders using the medical procedure of IV ketamine treatments in low dose, high dose, or private sessions.
MindScape Ketamine & Infusion Therapy, PLLC is the only IV ketamine clinic in Houston to offer virtual reality-based guided meditation to complement IV ketamine infusions in the treatment of depression, bipolar disorder, anxiety, PTSD, OCD, and other mood disorders.
Myconic Capital Corp is an investment issuer with a diversified portfolio that is focused on emerging companies active in the high-tech, real estate, cannabis, mining and health & wellness sectors.
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