Braxia Scientific extends telehealth prowess with KetaMD acquisition

Toronto-based mental health specialist Braxia Scientific is reportedly planning to acquire KetaMD to expand its telehealth capabilities, especially its tech-based ketamine treatments. The deal is expected to be around USD 6 million.

For those unaware, KetaMD’s telemedicine platform is known to offer affordable access to at-home ketamine treatments for those suffering from depression, anxiety, and other mental health conditions. Apart from being medically supervised, the company’s treatments are guided virtually by professionals and backed by depression researchers as well as psychiatrists.

Braxia will now provide a unique value proposition after acquiring KetaMD. The latter’s technological capabilities could offer Braxia the required expertise to deliver patient-centric treatments which could be offered through telehealth or in-person.

The CEO of Braxia Scientific Dr. Roger McIntyre was quoted saying that the company has seen positive outcomes from ketamine treatments during the clinical trials. The acquisition will allow the company to integrate KetaMD’s telehealth capabilities as well as reinforce its position in offering evidence-based psychedelics. Braxia is looking forward to accelerating its reach to serve those in need, quickly, and safely in the U.S. as well as in Canada, the executive added.

It is worth noting that KetaMD is currently only available in Florida, with added plans to expand to other states. The company is preparing to launch its services in Texas, California, New York, Washington, and Colorado this year, with additional plans to expand throughout the country.

As per the agreement, Braxia bought 100% of KetaMD’s common stock in exchange for 42 million common shares. KetaMD brand will continue to operate as a standalone entity under the Braxia umbrella.

In other news, the Governor of Wisconsin Tony Evers recently announced plans to allocate around USD 14 million in federal funding towards mental health services. For this, the governor’s administration is working with the State Department of Health Services to bolster psychiatric capabilities for the youth population.

Source Credits –

https://techcrunch.com/2022/08/03/braxia-buys-ketamd/