$MNNDF Nurosene Health Completes Acquisition of Pharma AI Leader Netramark
Press Release | 10/21/2021
Nurosene Health Completes Acquisition of Pharma AI Leader Netramark
Canada NewsWire
TORONTO, Oct. 21, 2021
NetraMark's purpose-built AI engine will power Nurosene to collectively design the future of healthcare
TORONTO, Oct. 21, 2021 /CNW/ - Nurosene Health Inc. ("Nurosene" or the "Company") (CSE: MEND) (Frankfurt: 8TV) (OTC: MNNDF), a healthtech company focused on building a generation of better brains, is pleased to announce that further to its press release dated October 12, 2021, the Company has completed its acquisition ("Acquisition") of NetraMark Corp. ??("NetraMark"). NetraMark, a pharmatech leader, utilizing proprietary AI to optimize and take an IP ownership stake in the path to new drug development, accelerate clinical trials and redefine the landscape of how disorders are treated. Accordingly, NetraMark is now a wholly-owned subsidiary of Nurosene.
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Summary of the Acquisition
Nurosene acquired all of the issued and outstanding securities of NetraMark for a purchase price of CAD$15,000,000 payable as follows to shareholders of NetraMark: ?(i) ?6,148,325? common shares at a price of approximately $2.09 ("Purchase Shares"), representing an amount of CAD$12,850,000 of the Company and (ii) CAD$2,150,000 in cash. The Purchase Shares are subject to a contractual escrow ranging from 12 to 36 months.
Finder's fees were paid in connection with the Acquisition to arm's length finder that consisted of an aggregate of 215,311 common shares in the capital of the Company (the "Finder Shares"). The Finder Shares are subject to a four (4) month and one (1) day hold period from the date of issuance.
About NetraMark
NetraMark Corp., a specialized AI and pharma-tech company, lead by Dr Joseph Geraci has developed novel solutions utilized by global pharmaceutical and biotechnology companies. These solutions allow them to leverage small to large data sets in order to optimize clinical trials and rapid drug development. This is accomplished by providing a superior understanding of their patient populations with these insights being used to develop new drugs and precision nutraceuticals. By putting a deeper understanding of patients first, NetraMark is in a position to significantly de-risk drug development.
Founded in 2016 by Dr. Joseph Geraci, PhD, and Richard M. Brooks, LLB, NetraMark was built to address current gaps in the pharmaceutical market. Utilizing a new paradigm of unsupervised machine learning, NetraMark provides powerful insights into how to treat patients at the individual level, instead of a 'one size fits all' model. NetraMark was built to accelerate the path towards new medications and nutraceuticals through leveraging their AI and pharma expertise.
About Nurosene
Nurosene provides individuals with tools and technology that empower them to take control of their mental wellness. Our mission is to build the next generation of better, healthier brains by leveraging technological advancements in AI. With our team of experts and partners, Nurosene is positioned at the leading edge of critical research and innovations, striving to disrupt traditional mental wellness treatments.
For more information, visit www.nurosene.com.
Forward-Looking Statements
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation which is based upon Nurosene's current internal expectations, estimates, projections, assumptions and beliefs, and views of future events. Forward-looking information can be identified by the use of forward-looking terminology such as "expect", "likely", "may", "will", "should", "intend", "anticipate", "potential", "proposed", "estimate" and other similar words, including negative and grammatical variations thereof, or statements that certain events or conditions "may", "would" or "will" happen, or by discussions of strategy. Forward-looking information includes estimates, plans, expectations, opinions, forecasts, projections, targets, guidance, or other statements that are not statements of fact. Specifically, this news release contains forward looking statements relating to, among others, activities of the Company's acquisition of NetraMark, growth and other initiatives thereto.
Any forward-looking information speaks only as of the date on which it is made, and, except as required by law, Nurosene does not undertake any obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for Nurosene to predict all such factors. When considering these forward-looking statements, readers should keep in mind the risk factors and other cautionary statements in Nurosene Final Long Form Prospectus dated May 20, 2021 and filed with the applicable Canadian securities regulatory authorities on SEDAR at www.sedar.com. The risk factors and other factors noted in Nurosene Final Long Form Prospectus could cause actual events or results to differ materially from those described in any forward-looking information.
The CSE does not accept responsibility for the adequacy or accuracy of this release.
SOURCE Nurosene Health Inc.
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