Over US$2.3 Million of Net Revenue Being Negotiated and Secured as Backlog of Paused Opportunities Begins to be Formalized
VANCOUVER, British Columbia, Aug. 16, 2021 (GLOBE NEWSWIRE) -- KetamineOne Capital Limited (“Ketamine One” or the “Company”) (NEO: MEDI) (OTC: KONEF) (Frankfurt: MY0), a company focused on consolidating medical clinics and becoming a North American leader in mental health treatments, is pleased to announce that its wholly-owned contract research organization, KGK Science Inc. (“KGK” or the “CRO”), has recently secured a significant amount of new business in the form of four newly signed contracts (the “New Contracts”) with third-party clinical research and regulatory service clients. KGK has also been formally selected to conduct the clinical trials for four other parties, the contracts of which are currently being negotiated and finalized.
In July, KGK either secured or is negotiating to secure over US$2.3 million of net new revenue as the backlog of business development opportunities paused due to the economic impact of the COVID-19 pandemic begins to be formalized. This step-change in KGK’s performance is also due to the ongoing integration of it as a subsidiary into Ketamine One and the synergistic relationship between the CRO and the Company’s network of 16 operational clinics, among other factors.
The New Contracts provide a strong base for KGK to meet or exceed previous financial milestones achieved over its 24-year history. The Company expects the momentum from the New Contracts to continue over the next 12-18 months as other business initiatives are discussed with current and prospective clients. The third parties represented by the New Contracts includes repeat clients as well as new customers. These counterparties operate in a variety of industries and have contracted KGK to complete both regulatory and clinical trial services for them.
Regarding the other four contracts currently being negotiated and finalized, KGK has been formally selected to conduct the clinical trials for each counterparty, with only the decisions regarding sponsorship and signatories remaining. This group of impending clients operates in the cannabis, food, non-profit and pharmaceutical sectors and are interested in exploring topics including Pharmacokinetics, cardiovascular, immunity as well as serum IGF-1 concentration.
“I am pleased with the recent increase in new business and am optimistic that the trend will continue over the near term as economic activity continues to rebound in our clients’ industries. Converting business development opportunities into signed contracts has been a key success factor over our 24-year history. KGK is positioned well to grow our business as part of Ketamine One, especially now also with access to the Company’s clinic network that will increase KGK’s capacity to execute and access new patient populations,” said Najla Guthrie, President & CEO of KGK.
“The acquisition of KGK is proving to have been well-timed and it continues to be a significant recent highlight for the Company and our investors. The combination of KGK’s industrious team with Ketamine One’s operating clinics and focus on technology is helping to accelerate our vision and goals, both from a financial and strategic perspective,” added Adam Deffett, Interim CEO of Ketamine One.
ABOUT KGK SCIENCE
Founded in 1997, KGK is a leading North American contract research organization based in London, Ontario that primarily provides high-quality clinical research trials with a focus on the nutraceutical, cannabis and emerging psychedelic industries. The business has successfully helped hundreds of companies with custom designed clinical trials and claim substantiation strategies to move products into global markets. KGK’s other existing service lines include expert regulatory support and compliance solutions, participant recruitment, research support services and consulting services. On an approximate basis, the business to date has produced 150 publications, executed over 400 clinical trials across more than 40 indications, amassed 25,000 participants in its database and collected 10 million data points.
ABOUT KETAMINE ONE
KetamineOne Capital Limited (formerly Myconic Capital Corp.) is a company focused on consolidating medical clinics and becoming a North American leader in mental health treatments. It is working to provide the critical infrastructure needed to develop and deliver breakthrough mental health treatments. Currently, Ketamine One has a network of 16 clinics across North America, with plans to further consolidate the highly fragmented industry. The recent addition of KGK Science Inc. as the Company’s contract research division also places the company at the forefront of premium clinical research based on its 23-year history and extensive experience in pharmaceuticals, cannabis, and the emerging psychedelic medicine industries. As a collective enterprise, Ketamine One is dedicated to helping solve the growing need for safe and accessible mental health therapy.
On behalf of:
Adam Deffett, Interim CEO
For further information, please contact:
Nick Kuzyk, Investor Relations
Tel: 1-844-PHONE-K1 (1-844-746-6351)
Notice Regarding Forward-Looking Information:
This news release contains forward-looking statements including but not limited to statements regarding the Company’s business, assets or investments, as well other statements that are not historical facts. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may cause actual performance and results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. These assumptions, risks and uncertainties include, among other things, the state of the economy in general and capital markets in particular, investor interest in the business and future prospects of the Company.
The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities law. Additionally, the Company undertakes no obligation to comment on the expectations of, or statements made, by third parties in respect of the matters discussed above.