Subsidiary KGK has $17 million of future revenue as of end of June, which we project to complete in the next 12 to 18 months through our research and consulting contracts, with $10-11 million to be billed in the next 12 months
Wellbeing Digital Sciences Inc. (“Wellbeing” or the “Company”) (NEO: MEDI) (OTC: KONEF) (FRA: SQ2), an evidence-based mental healthcare company focused on the development and implementation of innovative clinical solutions, including psychedelic medicine and digital therapeutics as supported by clinical research, provides corporate update in a letter from the CEO, Najla Guthrie, to its shareholders.
Dear Fellow Shareholders:
September will mark six months as Wellbeing Digital’s new CEO. These past few months have been exciting and rewarding as we execute on our vision to fundamentally change the mental health industry by providing the research, education and the distribution needed to make innovative treatments accessible. The team and I are very excited about our future, and I would like to thank you all for your continued support.
During this time, I have had the pleasure of meeting many of you, our business partners, and getting to know our key employees. I have also spent a great deal of time learning more about our 3 key pillars such as our Clinical Network, our Contract Research Organization and our Digital Therapeutics platform and developing strategy on how we can move Wellbeing to the next level.
My commitment is to provide shareholder value and grow a truly innovative company. The team at Wellbeing and our subsidiaries have a number of ongoing projects to meet that goal.
- I am happy to report that Wellbeing’s subsidiary KGK Sciences Inc. (“KGK”) has $17 million of future revenue as of end of June, which we project to complete in the next 12 to 18 months through our research and consulting contracts, with $10-11 million to be billed in the next 12 months.
In addition, KGK’s transition to our new London Ontario state-of-the art-research center remains on schedule, and we are delighted to host you all there during our grand opening reception slated to take place in mid - September.
- We are advancing our digital therapeutics program through our strategic partnerships to optimize psychedelic medicine. Digital therapeutics is a high growth market and we are focused on capitalizing on the synergies between technology and the psychedelic medicine ecosystem. Building on the success of Cognitivity’s Integrated Cognitive Assessment (“ICA”) tool, a digital test validated to detect early cognitive deficits in dementia and MS, we have partnered to explore the digital assessment tool for mental health via two clinical trial studies. We are currently evaluating initial data from this project and will provide further updates as they become available.
- We are evaluating additional strategic acquisitions to expand and enhance our extensive North American clinical network to provide access to innovative treatments to a growing patient base. We believe focusing on expanding our network of clinics will provide the Company with a larger footprint to roll out new treatments as they become approved by the FDA and Health Canada to meet the growing demand and to capitalize on new treatment opportunities.
Our 3 key pillars have demonstrated the scalability and versatility of the Wellbeing ecosystem. We continue to evaluate strategic opportunities as the psychedelic industry evolves and new data is generated to better enable us to determine the best fit for our assets, resources, partnerships and our investors at Wellbeing. We have also bolstered our team at Wellbeing with two strategic hires.
Terry Zimaro as Chief Financial Officer
Terry is a Chartered Professional Accountant who brings over 20 years of public and private company experience in a wide range of finance functions, in particular specializing in high-growth environments, within various industries including psychedelics. He has enabled companies to maximize profitability, operational efficiencies, and enterprise value.
Natalie Dolphin as VP Marketing and Investment Relations
As VP of Marketing and Investment Relations, Natalie brings over 15 years of experience in marketing, business development and capital markets. Natalie held a managerial role at the Canadian Securities Exchange (CSE), enabling companies to go public, in addition to helping with series A and B funding opportunities. Prior to joining Wellbeing, she served as the Director of Marking at MagicMed Industries subsequently, acquired by Nasdaq listed Enveric Biosciences Inc., where she held the same title. As part of the executive leadership team, Natalie will be responsible for overseeing the planning and execution of Wellbeing’s North American marketing and investment relations strategy.
We are pleased to have Terry and Natalie join our team at an exciting time for the Company. Their extensive experience, combined with their strong leadership skills have enable them to make an immediate impact on our business.
The basis of our roadmap reflects our alignment with the market. I assure each of you that we are committed to further development of our assets and team to bring additional revenue to our business. While this is a turbulent market, I am not shaken and remain very committed and optimistic about the future of Wellbeing and its subsidiaries. I am very proud to serve Wellbeing as both the CEO and as a shareholder and I am confident in the Company’s ability to execute on our programs while creating additional value for our shareholders.
On behalf of the Wellbeing’s management team and Board of Directors, I thank you for your continued support of the company and I look forward to providing you with further updates as our progress continues.
ABOUT WELLBEING DIGITAL SCIENCES
Wellbeing Digital Sciences Inc. is an evidence-based mental healthcare company focused on the development and implementation of innovative clinical treatment solutions, including psychedelic medicine and digital therapeutics, as supported by clinical research. Its mission is supported by a network of North American clinics that provide forward-thinking therapies and other types of treatment to patients as well as through a contract research organization that offers clinical trials services to clients pursuing drug development. For additional information, please visit wellbeingdigital.co.
On behalf of:
Chief Executive Officer
WELLBEING DIGITAL SCIENCES
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 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.