Braxia Scientific is a Toronto-based company that focuses on depression, suicidality and related mental health conditions. The company announced the acquisition of KetaMD to expand its telehealth capabilities and specifically to expand technology-enabled ketamine treatments from its current Florida market to the broader US. .
KetaMD’s telemedicine platform offers affordable at-home ketogenic treatments for people suffering from anxiety, depression and related mental health conditions. The company’s treatments are medically supervised, led by registered nurses with mental health skills and supported by psychiatrists and depression researchers. Keta MD’s integration of Keta and telemedicine is guided by best practices and clinical guidance.
By acquiring KetaMD, Braxia offers compelling and differentiated value. KetaMD’s innovative technology capabilities provide Braxia with the logistics and know-how to deliver patient-centered treatments through in-person and digital telehealth services.
“The benefits of ketamine and psychedelics in general are a significant step forward today in bringing awareness, access and outreach to people suffering from depression and other mood disorders,” said Dr. “We’ve seen improved outcomes from ketamine treatment in our clinic and clinical trials. The addition of digital telehealth capabilities through KetaMD’s highly anticipated online and mobile platform will strengthen our position to lead the evidence-based therapeutic use of psychedelics, safely and quickly for those in need in the U.S. and Canada and internationally.”
KetaMD is currently available in the state of Florida, but plans are underway to roll out to other key states. Specifically, the company is preparing to launch its offerings in California, New York, Texas, Colorado, and Washington this year, and plans to expand throughout the United States. The KetaMD brand will remain an independent brand under the Braxia umbrella.
Under the terms of the stock purchase agreement, Braxia acquired 100% of the stock of KetaMD in exchange for 42 million shares of Braxia common stock. After the market closed, Braxia shares were trading at around $0.049 per share, so the deal was worth around $2 million, plus an additional $1 million or “earnout shares” over five years based on certain performance targets. The somewhat complicated deal is worth a maximum of $6.3 million, the company said.