The deal creates Wesana Clinics, a chain of mental health facilities focused on delivering psychedelic-assisted psychiatric care, as well as data platform Wesana Solutions.
Wesana Health is acquiring PsyTech Inc. for approximately $21 million dollars, the life sciences company announced on Tuesday.
PsyTech will become a wholly-owned subsidiary of Wesana Health, pending the approval of PsyTech’s shareholders and the fulfillment of other customary closing conditions.
Wesana Health was co-founded by former NHL hockey player and two-time Stanley Cup champion Daniel Carcillo to uncover medicines, therapies, and protocols based on psychedelics to diagnose and treat traumatic brain injuries (TBI) through clinical research and academic partnerships. PsyTech sits at the intersection of clinical therapy, software solutions, and community. The company’s goal is to mainstream the adoption of psychedelic-assisted therapies by promoting safe delivery methods, combating stigma, and facilitating innovation.
The acquisition by Wesana Health includes PsyTech’s clinical software-as-a-service platform Tovana Solutions, an integrated mental health practice network called Tovana Clinics, and PsyTech Connect, a network of psychedelic practitioners, conferences, and educational courses.
After the acquisition, Tovana Solutions will be rebranded as Wesana Solutions. The medical-grade SaaS platform can facilitate cutting-edge clinical protocols and track their efficacy including both patient and clinician adherence to protocols. It also includes applications for both provider and patient data collection, real-time tracking, and patient management and analysis both in and outside of a clinic.
Tovana Clinics, which will also be rebranded to Wesana Clinics, is a chain of psychiatrist-led integrated mental health clinics focused on delivering psychedelic-assisted psychiatric care such as ketamine therapy. It currently includes two flagship clinics with a third clinic slated to open in Q3 of 2021. It is expected that a total of 12 clinics will be operational within the next year.
PsyTech Connect is a community of 8,000 psychedelic professionals and through this, Wesana Health hopes to develop relationships with psychiatric practitioners across the United States to drive the development of the company’s data-driven therapeutic model.
Carcillo said in a statement that Wesana Health’s acquisition of PsyTech would accelerate the company’s ability to understand, analyze, and improve neurological health and performance. “Wesana Solutions enables us to rapidly track and integrate patient data from a wide range of diagnostic tools in-clinic to an array of wearable biometric technologies and that data can be incorporated and visualized in real-time. This is critical for understanding the broad range of brain and body systems that are affected in the wake of TBI, as well as in other mental health conditions,” Carcillo said.
He added that Wesana Clinics would make it possible for his company to deliver care at scale for people with TBI and a range of other mental health conditions.
PsyTech CEO Hayim Raclaw added that the partnership would allow PsyTech’s work to range from therapy development to therapy delivery and the creation of novel psychedelic care modalities. “Daniel and his team have shown a tremendous passion for bringing real change to patients suffering from TBI and related mental health conditions which perfectly complements our mission at PsyTech,” Raclaw said.