Headway, the company building a new mental healthcare system that everyone can access, today announced its appointment of Susan Chiang as Chief Information Security Officer. An accomplished technology executive, Chiang brings extensive security and strategy experience from companies like Cloudflare, Uber, and Salesforce, and healthcare consulting experience from Deloitte. She will oversee a team across data privacy and security, engineering and IT to make Headway the most trusted platform for mental health care providers and their patients.

According to the U.S. Department of Health and Human Services, cybersecurity incidents in healthcare are on the rise. The department reported a 93% increase in large breaches reported from 2018 to 2022, underscoring the critical need for investing in security and privacy as a top priority. This comes on the heels of the company’s announced expansion to Medicare Advantage and Medicaid plans.

“I’m excited to welcome Susan to Headway’s leadership team as we continue our significant investment in data privacy and security,” said Andrew Adams, Founder & CEO of Headway. “As we grow our platform, and expand to Medicare Advantage and Medicaid, security isn’t just a priority, it’s the foundation for everything we build. Susan is the ideal leader to help us make Headway the most trusted company in the space for our providers and their patients.”

Most recently, Chiang was Acting Chief Security Officer at Cloudflare, a large internet backbone company known for security and data privacy, where she oversaw engineering, operations, and technical program management functions for Security across the organization. Prior to Cloudflare, she was part of the security leadership team at Uber. Earlier in her career, she spent several years at Deloitte, where she focused on technology and healthcare consulting.

“I’m thrilled to join the team and leverage my cybersecurity and healthcare experience to help make it an even more trusted place for its providers and patients,” said Chiang. “As not only a cybersecurity professional, but also a patient myself, I deeply understand the importance of protecting medical data. I look forward to building a world-class engineering team that upholds providers and patients’ trust in Headway as the safest and most secure place for their medical data.”

In addition to her professional achievements, Chiang is a recognized advocate for empowering women and underrepresented groups in the security industry. She was honored as a Women in IT Security Advocate by SC Media in 2023. Chiang holds a degree from the University of California, Berkeley, and is based in San Francisco.

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Behavioral and mental health care has traditionally been rooted in Western medicine, often neglecting the cultural contexts within which behaviors occur. Research indicates that social-emotional skills must be assessed through culturally relevant lenses to be truly accurate. However, with approximately 80 percent of therapists being white, there is a significant lack of ethnic minority therapists and culturally relevant interventions. curaJOY leverages UserTesting to bridge this gap, making its services accessible, gender-equitable, racially sensitive, and locally informed.

By harnessing cutting-edge technologies such as AI and virtual reality, curaJOY aims to address the global shortage of behavioral health providers and enhance social and mental health resources’ inclusivity, efficiency, and adaptability of social and mental health resources. CEO Caitlyn Wang emphasizes, “Psychological safety is crucial in therapeutic relationships. For instance, a BIPOC female who has experienced abuse by a male might not feel safe with a white male counselor. Currently, families often have no choice due to the scarcity of diverse providers.”

To tackle this issue, curaJOY has developed a diverse array of realistic 3D AI coaches that match users’ identities and demographics, serving as the primary contact window and coach for users. This approach not only ensures a sense of safety, but also fosters more effective therapeutic outcomes. Additionally, curaJOY conducts research with under-represented students and stay-at-home parents to develop and test their family wellness app. Their program participants, who are predominantly BIPOC or have learning differences, physical disabilities, or behavioral health challenges, are exploring how AI can be culturally responsive, the impact of wellness coach demographics on user honesty, and the effectiveness of gamification in social-emotional skill-building activities.

Jax Powell, UI/UX lead at curaJOY, highlights the partnership’s transformative impact: “UserTesting’s network allows us to reach and engage hard-to-reach audiences, tailoring our solutions to meet the specific needs of families, teachers, and clinicians. Our design team, composed of BIPOC, immigrants, individuals who are hard of hearing, autistic, and those with a wide range of identities and abilities, benefits immensely from this feedback loop at scale.”

Clarissa Shen, a Youth Ambassador at curaJOY, has received advanced training from UserTesting, and earned an Advanced User Experience Design and Research Certification. She plans to apply these skills to involve more students in the mental health discussion, address biases in research, and enhance audience recruitment and engagement. The team of 11 students she leads will start working on the world’s first youth-created AI coach this month. This will allow students to discreetly access evidence-based social-emotional health support throughout the day, without fearing backlash from parents or peers.

“We are thrilled to support curaJOY in their mission to make behavioral health solutions more inclusive and effective,” said Michelle Huff, CMO of UserTesting. “Our solutions’ ability to provide deep insights into diverse audiences that opt-in to share their perspectives and user experiences, and help build empathy and deeper understanding across teams will help curaJOY fine-tune their offerings, ensuring they meet the multifaceted needs of their users.”

curaJOY is driven by the mission to provide continuous support for diverse families and appreciates the community support from various industries. With access to fast human insight and UserTesting’s advanced analytics and machine-learning-powered dashboards, curaJOY can now reach niche audiences, validate findings, and measure performance over time, ensuring their solutions are as effective and inclusive as possible.

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Ebbett is a passionate, mission driven and innovative marketing leader that brings over 20 years of experience in delivering marketing initiatives across multiple verticals. He will serve as a member of AMFM Healthcare’s leadership team, reporting directly to CEO Ted Guastello. Ebbett will oversee brand and growth marketing for each program AMFM Healthcare offers to help clients, families and loved ones find the help and resources they need and deserve.

Stephen joining our team as CMO is a significant step forward for AMFM Healthcare,” said Ted Guastello, Chief Executive Officer. “His wealth of experience in the behavioral health sector and his leadership skills will play a crucial role in our ongoing expansion efforts, allowing us to meet the growing demand for mental health services and support more individuals in their journey to heal.” 

Ebbett joins the team from American Addiction Centers where he served as the company’s Chief Digital and Marketing Officer. At American Addiction Centers he led the company’s traditional and digital marketing efforts to drive census and help solidify AAC’s position as a leader in the industry. Prior to working in the recovery space, Ebbett spent 10 years at Assurant leading digital transformation globally across all customer-facing properties.

“It’s a privilege to be able to work in an industry where the work that we do and the care that we give make a profound difference to so many lives,” said Stephen Ebbett, CMO of AMFM Healthcare. “I am inspired by AMFM Healthcare’s mission and look forward to helping support the continued momentum of AMFM Healthcare’s growth”

For more information on AMFM Healthcare, please visit amfmtreatment.com.

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Holmusk, a leading global mental health real-world evidence company, and Veradigm^® (OTCMKTS: MDRX), a leading healthcare data and technology solutions provider, today announced that they have reached a new data enrichment milestone in their strategic collaboration. This collaboration, announced last year, draws upon the strengths of each company to drive innovation and generate real-world evidence designed to accelerate mental health research and care. Veradigm also led Holmusk’s 2023 Series B funding round as part of this collaboration.

To reach this milestone, Holmusk and Veradigm collaborated to identify additional insights to assess disorder progression within Veradigm Network EHR data, enriching millions of patient profiles with sufficient data points for inclusion in real-world data investigations. Holmusk worked with Veradigm’s Medical Informatics team to transform semi-structured data captured at the point-of-care into analyzable, structured data. This information provides key insights into how a patient’s disorder evolves throughout the clinical care journey. A high density of psychometric scales enables leaders in research, government, healthcare, and academia to more granularly assess treatment effectiveness, care patterns and gaps, and disorder progression.

“As a psychiatrist, investigator, and professor, access to outcome-rich data like these is invaluable when conducting research on the identification, characterization, and treatment of those with severe psychiatric disorders. This milestone marks a turning point in our expertise and ability to harness outcome measures at scale and at a level of granularity that is all too often missing from real-word data.” – Dr. Christoph Correll, Professor of Psychiatry, Zucker School of Medicine, Hofstra/Northwell; Professor and Chair, Department of Child and Adolescent Psychiatry, Charité University Medicine; Scientific Advisor, Holmusk

These patient-level data are now available in NeuroBlu Data, the largest NLP-enriched real-world dataset for mental health. Holmusk continues to deepen the dataset’s value as the leading global source for mental health insights from clinical care through strategic partnerships.

“Holmusk’s collaboration with Veradigm is based on our shared vision to transform evidence generation for research and clinical practice with real-world data. This milestone has uncovered a significant volume of measures of mental health progression, enriching NeuroBlu Data and the ability to deliver precision neuroscience. We are continuing to build upon this unparalleled source of rich, real-world data to address the evidence gap in mental health and positively impact patient outcomes.” – Nawal Roy, Founder & CEO of Holmusk

“By combining Holmusk’s global leadership in clinical insights for mental health with Veradigm’s direct access, network reach, and technical expertise for enhancing EHR-derived data, we have uncovered these underutilized data points, enhancing the understanding of treatment strategies for mental health conditions. Together, we’ve tapped into a wealth of data that is key to advancing patient care in mental health.” – Tom Langan, Interim CEO, Veradigm

Through this strategic collaboration, Holmusk and Veradigm will continue to leverage their collective expertise to optimize data availability and standardization to support robust real-world evidence generation for mental health.

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Talkspace (NASDAQ: TALK), a leading online behavioral health care company, today announced the formation of the dedicated AI Innovation Group aimed at advancing provider efficiency, and enhancing clinical quality and overall operational excellence through responsible and ethical use of artificial intelligence. Created in partnership with Talkspace’s Clinical Quality and Security and Compliance teams, this initiative marks the next iteration of Talkspace’s maturing AI program, and a significant milestone in its commitment to being an innovative, high-performing provider organization.

The “smart notes” feature is the first feature to launch from this group. Developed at the request of providers and refined with extensive testing and feedback, smart notes empower providers to generate summary notes of member sessions, securely speeding up documentation time and seamlessly integrating clinical insights with each client’s unique treatment plan. Each smart note saves providers an average of 10 minutes per session — approximately three to four hours per week in administrative tasks at full-time utilization. Early reviews by providers indicate a 97% positive response.

“We are excited to formalize our AI efforts as part of Talkspace’s ongoing commitments to providing high-quality care and improving the overall provider experience on our platform,” said Jon Cohen, M.D., CEO of Talkspace. “By integrating AI tools into our platform, we aim to shorten the time our providers spend on administrative tasks and equip them with tools that support their clinical decision-making, while maintaining the integrity of the human-centered therapeutic experience that so powerfully benefits our members.”

Talkspace’s AI team will be led by Michael Rodio, General Manager of AI, who led Talkspace’s core data science team for 2 years, and Katie McCrudden, AI Project Manager, in partnership with Nikole Benders-Hadi, M.D., Chief Medical Officer at Talkspace; Mary Potter, Chief Compliance Officer, Chief Privacy Officer, and Chief Information Security Officer; and Gil Margolin, Chief Technology Officer. Future AI initiatives will focus on three key areas:

• Provider Assistance: Help providers focus on what they do best — deliver care to clients — by simplifying and expediting providers’ administrative tasks, such as session documentation.
• Clinical Quality: Drive clinical innovation at scale by enhancing providers’ clinical decision-making and patient engagement, and alerting providers to clinical risks in a timely way. Through research and partnerships, we continue to define best practices in tech-enabled delivery of mental health care, and to raise the standard of clinical excellence for our members and providers.
• General Operational Excellence: Leverage new technologies to improve productivity and quality of work within the organization as a whole, further optimizing the flywheel of therapist supply.

“At Talkspace, we are committed to integrating AI in ways that enhance the therapeutic experience while upholding the highest standards of clinical care and ethical responsibility,” said Nikole Benders-Hadi, M.D., Chief Medical Officer at Talkspace. “By leveraging AI and developing tools that are clinically led and ethical by design, we can continue to advance the accessibility, delivery and quality of digital mental health care.”

Talkspace is committed to ensuring that AI is designed responsibly and ethically. The company’s AI practices are informed by guidelines from the Centers for Medicare & Medicaid Services (CMS) and the National Institutes of Standards and Technology (NIST). A Governance Committee composed of stakeholders in Talkspace’s clinical network (currently 50% of the committee), legal and regulatory compliance and product engineering departments, and industry experts will oversee the ethical implementation of AI. This announcement follows the announcement of Talkspace’s AI suicide risk alert system, which, since launch in 2019, has flagged 32,000 members whose messages to their therapists indicated signs of suicidality or risk of self-harm (as of late 2023).

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A new study by ieso Digital Health in collaboration with the U.K. National Health Service (NHS) reveals that its AI-driven digital program delivered results comparable to traditional human-led therapy for generalized anxiety. Requiring up to eight times fewer therapist hours per patient, the ieso Digital Program offers hope to the one in five Americans with anxiety disorders and a scalable solution for the 301 million people living with anxiety disorders globally.

Developed by expert clinicians and using the latest advances in AI, the ieso Digital Program offers a six-module course facilitated by a conversational agent. It provides real-time, tailored interactions to teach users skills to manage their anxiety based on Cognitive Behavioral Therapy (CBT) principles – a gold-standard treatment. The program combines an app for AI-delivered content with a human support service.

In ieso’s ground-breaking study of 300 volunteers with mild to severe anxiety, 82 percent of participants who used the program for up to nine weeks showed a clinically meaningful decrease in anxiety symptoms, which can include worry, sleeplessness and fatigue. Even those with severe anxiety benefited from marked improvements, and more than half experienced a reduction in symptoms within two weeks, on average. The program, benchmarked against carefully matched NHS patient data (n=767), proved as effective as human-led therapy. Notable improvements in day-to-day functioning and sustained benefits one month after completion underscore the program’s potential to significantly alleviate the mental health burden on individuals, healthcare systems and the economy.

Participants interacted with the program at their convenience, while the human support service kept them motivated and monitored symptom progression. Ninety-four percent of participants valued having a therapist available if needed, yet only 15 percent of participants used this support. ieso has partnered with the NHS for more than a decade as a digital mental health provider, delivering measurement-based, outcomes-focused tele-mental health care, publicly reporting results as part of the highly regarded NHS Talking Therapies program.

ieso is unique in its ability to develop safe and effective digital programs given its established track record of delivering high-quality therapy, and combining its in-house clinical, scientific and AI expertise to understand ‘what works’ in therapy. ieso does this by analyzing a world-leading outcomes-linked dataset, comprising 750,000-plus hours of de-identified therapy delivered to more than 135,000 patients. This dataset was also used to robustly evidence the safety of the content produced by the AI-driven conversational agent in ieso’s digital program.

Dr. Clare Palmer, Ph.D., Director of Evidence Generation at ieso and Scientific Director of the study said:
“The study’s exciting results represent a major step forward on the journey to scalable mental health support to meet the growing global demand. We’ve seen one of the largest effects on anxiety reduction in any study, with benefits that persist for at least a month, and we were even able to help people with severe levels of anxiety. The results far exceeded our expectations for what could be achieved through combining this technology with human support.”

Dr. Alyssa Dietz, Ph.D., Head of U.S. Clinical Strategy at ieso added:“As a clinician and digital mental health veteran, I feel confident these results will help move mental healthcare in the U.S. toward value-based care models. For consumers, a model like this provides near immediate access to high quality care. Importantly, it offers a discreet and personalized experience, one where access to skills backed by robust evidence is guaranteed. There are many reasons a flexible program is an ideal option: people from marginalized groups may prefer the increased privacy, shift-workers who need non-business hours access, or a busy parent where it can be really hard to find a fixed, regular time to care for yourself.”

Dr. Sara Johansen, M.D., Director of the Digital Mental Health Clinic at Stanford University School of Medicine¹ commented:
“Combining digital interventions with human-delivered care leverages the strengths of both approaches. In this model, digital tools deliver evidence-based mental health content at scale, with human support to assess the clinical presentation, provide accountability to increase engagement, and intervene when clinical need escalates. A blended model with both digital and human-delivered care can address the need for scalable mental health support while ensuring that treatment is safe, engaging and effective.”

ieso is backed by strong global investors including Morningside, IP Group, Molten Ventures, Ananda Impact Ventures and Sony Innovation Fund. Its latest raise was a $53M Series B in 2021. Variants of the ieso digital program are currently being piloted with U.S. payers and health systems.

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mpathic, a leader in AI-powered actionable conversation analytics specializing in healthcare, life sciences, and client services, today announced it has received a highly competitive National Institutes of Health Small Business Innovation Research (SBIR) award for its transformative project “Empathy for Everyone: Generative AI that Improves Patient-Provider Cultural Attunement in Real Time.”

NIH, the nation’s medical research agency, offers SBIR grants to innovative small healthcare and life sciences businesses to perform research and development to make medical breakthroughs that can be deployed to the masses. This grant will fund the expansion of mpathic’s generative AI tools to facilitate cultural attunement between mental health providers and patients, bridge the gap in mental healthcare for underserved racial and ethnic populations, and potentially improve therapeutic outcomes and patient satisfaction.

America’s mental healthcare system is failing people of color. Racial and ethnic minority communities report higher rates of mental illness compared to white and privileged communities. Marginalized communities are also less likely to seek treatment, less likely to find or access high-quality care, and less likely to finish treatment, with 30-57% of patients prematurely leaving. These same communities often feel that mental health clinicians lack cultural attunement – where a clinician is understanding and responsive to the intersection of societal context, culture, and power of the patient’s lived experience, and are ill-equipped to respond to their mental health needs in an empathetic and affirming manner. Cultural attunement has been shown to be the driving factor that retains racial and ethnic minorities in mental healthcare.

Many digital health innovations are intended to improve patient-clinician relationships and the overall patient experience, including AI-powered technologies such as chatbots and ambient AI assistants. Unfortunately, many fall far short in closing care gaps. Male-dominant hetero-white language is the internet’s most prevalent language and is the foundation for widely used health technology AI models. This has led to a proliferation of AI innovations that are racist, sexist, and genderist when interacting with patients. 

mpathic realizes that all mental health providers must be equipped with tools that address cultural attunement and health disparities, and it’s course-correcting the racial and ethnic bias prevalent in mental health AI models. mpathic is the first company of its kind to build a conversational analytics platform to detect and correct for cultural attunement in real time with natural language processing (NLP) and generative artificial intelligence (AI) technologies. mpathic is utilizing Wave’s provider-patient appointment transcripts to build its AI model.

“For too long, mental health care has not adequately considered the cultural context of patients,” shared Dr. Grin Lord, CEO and founder of mpathic. “With AI assistance that brings the best expertise in cultural attunement to any provider, we can create more meaningful and effective interventions that respect cultural nuances.”

mpathic will employ AI and NLP processing on conversational data from 300 30-minute health coaching sessions from Wave to improve cultural attunement in real-time provider-patient interactions. Wave delivers personalized virtual mental health care through a combination of an app-based digital experience and certified mental health coaches. Wave’s inclusive design processes and equitable hiring practices have supported an 85% non-white, non-male and non-straight team of therapists, coaches and care navigators, lending itself to an equally diverse user population and coaching session transcript data.

“Our collaboration with mpathic on this project is not just about technological innovation; it’s a step towards true access to mental health care that recognizes and adapts to the diversity of human culture,” said Dr. Sarah Adler, founder & CEO of Wave. “It’s about creating tools that enable us to see each patient more fully and meet them where they are, with respect, humility, and understanding.”

The SBIR Phase I project is headed by a team of experts in psychology and technology, including Alison Cerezo, Ph.D., Grin Lord, Psy.D., Amber Jolley-Paige, Ph.D., Jay Palat, M.S., and Tad Hirsch, Ph.D., at mpathic, alongside collaborators Sarah Adler, Ph.D., and Alison Pickover, Ph.D., from Wave.

“This SBIR award is a significant milestone for mpathic and speaks to our team’s innovative spirit and dedication,” said Dr. Alison Cerezo, SVP of Research & Health Equity at mpathic. “Through the research, we aim not only to improve mental health outcomes but to ensure that our mental health systems are equitable, inclusive, and responsive to the needs of all individuals, particularly those from marginalized communities.”

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• The strategic combination merges MedBright’s AI-enabled clinical solution capabilities with Numinus’ deep data and vast experience with drug-assisted mental health treatment to improve clinical operations and capitalize on reimbursable offerings
• Leaders from MedBright AI team with extensive experience in US healthcare clinic operations and ownership plan to join the management team and Board upon the completion of the transaction
• As result of the combination, the balance sheet strengthens with cash and liquid securities in excess of $5M; The operational team continues to reduce overhead and is embarking on a revenue improvement plan for the Utah clinics.
• The proposed transaction comes as Numinus reorganizes its operations with a near-term strategic plan towards generating positive EBITDA

MedBright AI Investments Inc. (the “Company” or “MedBright AI”) (CSE:MBAI, OTCQB:MBAIF, FSE:Y30) announces execution of a letter of intent (the “LOI”) to be acquired by Numinus Wellness Inc. (“Numinus” ) (TSX: NUMI, OTCQX: NUMIF), a mental healthcare company advancing traditional and innovative behavioral health treatments including safe, evidence-based psychedelic-assisted therapies, by way of a statutory plan of arrangement (the “Proposed Transaction”).

MedBright AI deploys artificial intelligence and machine learning (“AI”) to empower medical professionals to deliver increased access to healthcare, reduce healthcare costs, and improve patient outcomes. With the Proposed Transaction, Numinus plans to leverage its significant expertise in traditional therapy, clinic management, patient care, insurance reimbursement, and psychedelic-assisted therapy into a unique AI-enabled offering (the “AI Offering”) available to the growing number of U.S. mental health care providers. Specifically, the AI Offering will leverage Numinus’ industry-leading experience and data as it relates to providing reimbursed care for drug-assisted therapy, to allow therapists to address a key challenge in building out the infrastructure necessary to generate re-imbursed revenue.

To signify its new strategic direction and focus, Numinus intends to rebrand as Numinus Intelligence upon closing, a name that reflects the commitment to leveraging AI and data science to expand mental health service and solutions across the US. The Numinus ticker symbol on the Toronto Stock Exchange will remain NUMI.

In preparation for the transaction, a transition team has been formed to reduce costs, preserve cash and work to increase revenues through the period before the Proposed Transaction is complete.

Details of the Proposed Transaction

Pursuant to the terms of the LOI, as consideration for the acquisition of all of the issued and outstanding common shares in the capital of MedBright AI (“MedBright AI Shares”), Numinus will issue 1.86 common shares of Numinus (“Numinus Shares”) for each MedBright AI Share such that it is anticipated that Numinus will issue an aggregate of approximately 204,729,372 Numinus Shares, which will represent ownership of approximately 39% of the pro forma company on an undiluted basis, based on the current capitalization of Numinus and MedBright AI.

The Proposed Transaction is subject to a number of conditions precedent, including, among other things, the negotiation and execution of a definitive arrangement agreement, completion of satisfactory due diligence by each party, receipt of certain regulatory approvals and the approval of the Proposed Transaction by shareholders of each of Numinus and MedBright AI. The LOI is binding with respect to exclusivity and non-binding in all other aspects and serves as an important step in advance of a definitive arrangement agreement.

“This acquisition is the culmination of our efforts over the past year to align Numinus with the revenue growth opportunities we see in the US mental health care sector with the delivery of high-quality care to a large population of patients in need of drug-assisted therapy and mental health services,” said Payton Nyquvest, CEO of Numinus. “This is also a testament to the entire Numinus team who, over the past four years, has built an optimized clinic network that delivers great patient care at high levels of efficiency. We believe that harnessing our expertise and intellectual property to complement MedBright’s AI technology will amplify our ability to help those in need of care while driving revenue growth and, importantly, profitability.”

“I am pleased with the prospect of joining the Numinus Intelligence board and advancing this crucial strategic transaction,” added Dr. Jaime Gerber, Chairman of the Board of MedBright AI and Associate Professor of Clinical Medicine at Yale School of Medicine. “MedBright is dedicated to empowering healthcare providers with AI, and we believe this mission is vital for addressing the global mental health crisis. We look forward to generating value that will benefit both MedBright and Numinus shareholders.”

“I believe this merger will accelerate the mission of and opportunity for both companies,” stated Mr. Michael Dalsin. “I look forward to having an increasingly substantial role in Numinus Intelligence upon completion of the transaction. I see a pathway to revenue growth and profitability with this merger and I am enthusiastic about its potential.”

Mr. Dalsin is an advisor and the largest shareholder of MedBright AI, a guest lecturer at Yale School of Medicine, and former Chairman of Patient Home Monitoring (“PHM”) (now Quipt and VieMed on the Nasdaq) and Convalo Health (a mental health company formerly listed on the TSXV). Mr. Dalsin has extensive experience in right-sizing clinic operations to bring them to profitability, and has demonstrated this on the public level with both Convalo Health and PHM. Mr. Dalsin has been a banker and buy-out fund manager specializing in US clinical operations.

Eight Capital is acting as Numinus’ financial advisor in connection with the Proposed Transaction.

Change in Management

In preparation for the transaction, Dr. Jaime Gerber will become transition CEO of MedBright AI and Trevor Vieweg will assume a new role as a technology consultant.

MedBright AI Investments Inc.
Dr. Jaime Gerber, Chief Executive Officer
Email: investors@medbright.ai
Phone: (604) 602-0001
www.medbright.ai

Cautionary Statement Regarding Forward Looking Statements

This release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. All statements in this news release, other than statements of historical facts, including statements regarding future estimates, plans, objectives, timing, assumptions or expectations of future performance, including without limitation, Numinus’ plans with respect to the near-term generation of positive EBITDA; Numnius’ expectation that leveraging its expertise in psychedelic-assisted therapy, clinic management, patient care, and insurance reimbursement will create a unique AI-enabled offering; Numinus’ intentions regarding rebranding as “Numinus Intelligence”; the expectation that leveraging AI and data science will expand mental health service and solutions across the U.S.; the expectation that Numinus’ transition team will be able to reduce costs, preserve cash and increase revenues; the expectation that the parties will be able to satisfy the conditions precedent to closing the Proposed Transaction, including execution of a definitive arrangement agreement, completion of satisfactory due diligence by each party, receipt of certain regulatory approvals and the approval of the Proposed Transaction by shareholders of each of Numinus and MedBright AI; the belief that Numnius’ expertise and intellectual property will complement MedBright’s AI technology and amplify the combined entity’s ability to help those in need of care while driving revenue growth and profitability; the belief that the merger will generate value for MedBright AI and Numinus shareholders; the belief that the merger will accelerate the mission and opportunities for the combined entity; and the belief that the merger will create a pathway for revenue growth and profitability, are forward-looking statements and contain forward-looking information. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as “intends” or “anticipates”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “should” or “would” or occur.

Forward-looking statements are based on certain material assumptions and analysis made by the Company and the opinions and estimates of management as of the date of this press release, including that the combined entity can generate near-term positive EBITDA; that leveraging Numinus’ expertise in psychedelic-assisted therapy, clinic management, patient care, and insurance reimbursement will create a unique AI-enabled offering; that the combined entity will successfully rebrand as “Numinus Intelligence”; that leveraging AI and data science will expand mental health service and solutions across the U.S.; that Numinus’ transition team will be able to reduce costs, preserve cash and increase revenues; that the parties will be able to satisfy the conditions precedent to closing the Proposed Transaction, including execution of a definitive arrangement agreement, completion of satisfactory due diligence by each party, receipt of certain regulatory approvals and the approval of the Proposed Transaction by shareholders of each of Numinus and MedBright AI; that Numinus’ expertise and intellectual property will complement MedBright’s AI technology and that this will amplify the combined entity’s ability to help those in need of care while driving revenue growth and profitability; that the merger will generate value for MedBright AI and Numinus shareholders; that the merger will accelerate the mission and opportunities for the combined entity; and that the merger will create a pathway for revenue growth and profitability.

These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. Important risks that may cause actual results to vary, include, without limitation, the risk that the combined entity will be unable to generate near-term positive EBITDA; that the combined entity will be unable to create a unique AI-enabled offering; that the combined entity will not be able to succesfully rebrand as “Numinus Intelligence”; that leveraging AI and data science will not expand mental health service and solutions across the U.S.; that Numinus’ transition team will be unable able to reduce costs, preserve cash or increase revenues; that the parties will be unable able to satisfy the conditions precedent to closing the Proposed Transaction; that Numnius’ expertise and intellectual property will not complement MedBright’s AI technology or that this will not amplify the combined entity’s ability to help those in need of care an will not drive revenue growth or profitability; that the merger will be unable to generate value for MedBright AI and Numinus shareholders; that the merger will be unable to accelerate the mission and opportunities for the combined entity; and that the merger will be unable to create a pathway for revenue growth and profitability.

Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial outlook that are incorporated by reference herein, except in accordance with applicable securities laws.

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Firefly Neuroscience, Inc. (“Firefly” or the “Company”), a pioneering artificial intelligence (“AI”) driven company developing innovative neuroscientific solutions to improve outcomes for patients with mental illnesses and neurological disorders, today announced the expansion of its leadership team with the appointment of Samer Kaba, M.D. as its Chief Medical Officer, as it nears the closing of its planned merger with WaveDancer, Inc. (NASDAQ: WAVD).

“We are delighted to welcome Samer to our executive management team,” said Jon Olsen, Chief Executive Officer of Firefly. “His proven track record in the neuroscience drug development space will be instrumental in advancing our mission to promote brain health through our BNA platform. His leadership and strategic insights will be invaluable as we continue to push forward to provide patients with better outcomes for brain health.”

Prior to joining Firefly, Dr. Kaba held multiple leadership positions in the pharmaceutical industry and served as Chief Medical Officer of various biotechnology companies, where he led the development of multiple pharmaceutical products. In addition to his large expertise in drug development, medical affairs, and regulatory sciences, Dr. Kaba has over 20 years of experience in managing patients with neurological conditions. Dr. Kaba is a board-certified neurologist with additional training in Neuro-immunology (Multiple Sclerosis) at the State University of New York at Buffalo, and in Neuro-oncology at the University of Texas M.D.

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• The strategic combination merges MedBright’s AI-enabled clinical solution capabilities with Numinus’ deep data and vast experience with drug-assisted mental health treatment to improve clinical operations and capitalize on reimbursable offerings
• Leaders from MedBright AI team with extensive experience in U.S. healthcare clinic operations and ownership plan to join the management team and Board upon the completion of the transaction
• As a result of the combination, the balance sheet strengthens with cash and liquid securities in excess of $5 million. The operational team continues to reduce overhead and is embarking on a revenue improvement plan for the Utah clinics.
• The proposed transaction comes as Numinus reorganizes its operations with a near-term strategic plan towards generating positive EBITDA

Numinus Wellness Inc. (“Numinus” or the “Company“) (TSX: NUMI) (OTCQX: NUMIF) (FSE: LR23), a mental healthcare company advancing traditional and innovative behavioral health treatments including safe, evidence-based psychedelic-assisted therapies, announces execution of a letter of intent (the “LOI“) to acquire MedBright AI Investments Inc. (“MedBright AI“) (CSE: MBAI) by way of a statutory plan of arrangement (the “Proposed Transaction“).

MedBright AI deploys artificial intelligence and machine learning (“AI“) to empower medical professionals to deliver increased access to healthcare, reduce healthcare costs, and improve patient outcomes. With the Proposed Transaction, Numinus plans to leverage its significant expertise in traditional therapy, clinic management, patient care, insurance reimbursement, and psychedelic-assisted therapy into a unique AI-enabled offering (the “AI Offering“) available to the growing number of U.S. mental health care providers. Specifically, the AI Offering will leverage Numinus’ industry-leading experience and data as it relates to providing reimbursed care for drug-assisted therapy to allow therapists to address a key challenge in building out the infrastructure necessary to generate reimbursed revenue.

To signify its new strategic direction and focus, the Company intends to rebrand as Numinus Intelligence upon closing, a name that reflects the commitment to leveraging AI and data science to expand mental health services and solutions across the U.S. The Company’s ticker symbol of the Toronto Stock Exchange will remain NUMI.

In preparation for the transaction, a transition team has been formed to reduce costs, preserve cash and work to increase revenues through the period before the Proposed Transaction is complete.Details of the Proposed Transaction

Pursuant to the terms of the LOI, as consideration for the acquisition of all of the issued and outstanding common shares in the capital of MedBright AI (“MedBright AI Shares“), Numinus will issue 1.86 common shares of Numinus (“Numinus Shares“) for each MedBright AI Share such that it is anticipated that Numinus will issue an aggregate of approximately 204,729,372 Numinus Shares, which will represent ownership of approximately 39% of the pro forma company on an undiluted basis, based on the current capitalization of Numinus and MedBright AI.

The Proposed Transaction is subject to a number of conditions precedent, including, among other things, the negotiation and execution of a definitive arrangement agreement, completion of satisfactory due diligence by each party, receipt of certain regulatory approvals and the approval of the Proposed Transaction by shareholders of each of Numinus and MedBright AI. The LOI is binding with respect to exclusivity and non-binding in all other aspects and serves as an important step in advance of a definitive arrangement agreement.

“This acquisition is the culmination of our efforts over the past year to align Numinus with the revenue growth opportunities we see in the U.S. mental health care sector with the delivery of high-quality care to a large population of patients in need of drug-assisted therapy and mental health services,” said Payton Nyquvest, CEO of Numinus. “This is also a testament to the entire Numinus team who, over the past four years, has built an optimized clinic network that delivers great patient care at high levels of efficiency. We believe that harnessing our expertise and intellectual property to complement MedBright’s AI technology will amplify our ability to help those in need of care while driving revenue growth and, importantly, profitability.”

 “I am pleased with the prospect of joining the Numinus Intelligence board and advancing this crucial strategic transaction,” added Dr. Jaime Gerber, Chairman of the Board of MedBright AI and Associate Professor of Clinical Medicine at Yale School of Medicine. “MedBright is dedicated to empowering healthcare providers with AI, and we believe this mission is vital for addressing the global mental health crisis. We look forward to generating value that will benefit both MedBright and Numinus shareholders.”

“I believe this merger will accelerate the mission of and opportunity for both companies,” stated Mr. Michael Dalsin. “I look forward to having an increasingly substantial role in Numinus Intelligence upon completion of the transaction. I see a pathway to revenue growth and profitability with this merger, and I am enthusiastic about its potential.”

Mr. Dalsin is an advisor and the largest shareholder of MedBright AI, a guest lecturer at Yale School of Medicine, and former Chairman of Patient Home Monitoring (“PHM”) (now Quipt and VieMed on the Nasdaq) and Convalo Health (a mental health company formerly listed on the TSXV). Mr. Dalsin has extensive experience in right-sizing clinic operations to bring them to profitability, and has demonstrated this on the public level with both Convalo Health and PHM. Mr. Dalsin has been a banker and buy-out fund manager specializing in U.S. clinical operations.

Eight Capital is acting as Numinus’ financial advisor in connection with the Proposed Transaction.Cautionary Statement Regarding Forward-Looking Statements

This release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. All statements in this news release, other than statements of historical facts, including statements regarding future estimates, plans, objectives, timing, assumptions or expectations of future performance, including without limitation, Numinus’ plans with respect to the near-term generation of positive EBITDA; Numinus’ expectation that leveraging its expertise in psychedelic-assisted therapy, clinic management, patient care, and insurance reimbursement will create a unique AI-enabled offering; Numinus’ intentions regarding rebranding as “Numinus Intelligence”; the expectation that leveraging AI and data science will expand mental health service and solutions across the U.S.; the expectation that Numinus’ transition team will be able to reduce costs, preserve cash and increase revenues; the expectation that the parties will be able to satisfy the conditions precedent to closing the Proposed Transaction, including execution of a definitive arrangement agreement, completion of satisfactory due diligence by each party, receipt of certain regulatory approvals and the approval of the Proposed Transaction by shareholders of each of Numinus and MedBright AI; the belief that Numinus’ expertise and intellectual property will complement MedBright’s AI technology and amplify the combined entity’s ability to help those in need of care while driving revenue growth and profitability; the belief that the merger will generate value for MedBright AI and Numinus shareholders; the belief that the merger will accelerate the mission and opportunities for the combined entity; and the belief that the merger will create a pathway for revenue growth and profitability, are forward-looking statements and contain forward-looking information. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as “intends” or “anticipates”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “should” or “would” or occur.

Forward-looking statements are based on certain material assumptions and analysis made by the Company and the opinions and estimates of management as of the date of this press release, including that the combined entity can generate near-term positive EBITDA; that leveraging Numinus’ expertise in psychedelic-assisted therapy, clinic management, patient care, and insurance reimbursement will create a unique AI-enabled offering; that the combined entity will successfully rebrand as “Numinus Intelligence”; that leveraging AI and data science will expand mental health service and solutions across the U.S.; that Numinus’ transition team will be able to reduce costs, preserve cash and increase revenues; that the parties will be able to satisfy the conditions precedent to closing the Proposed Transaction, including execution of a definitive arrangement agreement, completion of satisfactory due diligence by each party, receipt of certain regulatory approvals and the approval of the Proposed Transaction by shareholders of each of Numinus and MedBright AI; that Numinus’ expertise and intellectual property will complement MedBright’s AI technology and that this will amplify the combined entity’s ability to help those in need of care while driving revenue growth and profitability; that the merger will generate value for MedBright AI and Numinus shareholders; that the merger will accelerate the mission and opportunities for the combined entity; and that the merger will create a pathway for revenue growth and profitability.

These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. Important risks that may cause actual results to vary, include, without limitation, the risk that the combined entity will be unable to generate near-term positive EBITDA; that the combined entity will be unable to create a unique AI-enabled offering; that the combined entity will not be able to successfully rebrand as “Numinus Intelligence”; that leveraging AI and data science will not expand mental health service and solutions across the U.S.; that Numinus’ transition team will be unable able to reduce costs, preserve cash or increase revenues; that the parties will be unable able to satisfy the conditions precedent to closing the Proposed Transaction; that Numinus’ expertise and intellectual property will not complement MedBright’s AI technology or that this will not amplify the combined entity’s ability to help those in need of care an will not drive revenue growth or profitability; that the merger will be unable to generate value for MedBright AI and Numinus shareholders; that the merger will be unable to accelerate the mission and opportunities for the combined entity; and that the merger will be unable to create a pathway for revenue growth and profitability.

Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial outlook that are incorporated by reference herein, except in accordance with applicable securities laws.

SOURCE Numinus Wellness Inc.

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