Numinus Wellness, a company specialising in mental healthcare, has executed a letter of intent (LOI) to acquire MedBright AI Investments, a company that uses artificial intelligence (AI) to improve healthcare delivery.  

Financial specifics of the proposed transaction have not been disclosed by the companies.  

The acquisition, set to be implemented through a statutory plan of arrangement, will involve the issuance of approximately 204.7 million Numinus shares, equating to a 39% stake in the combined entity, based on the capitalisation of MedBright AI and Numinus.  

The proposed transaction is contingent on several conditions, including due diligence, regulatory approvals, and shareholder consent from both companies.  

The LOI, while binding on exclusivity, is non-binding on other terms, in preparation for a future definitive arrangement agreement. 

MedBright AI's technology is designed to enhance access to healthcare, minimise overall healthcare costs, and improve patient outcomes.  

Following the proposed acquisition, Numinus aims to integrate this technology with its expertise in therapy, clinic management, and psychedelic-assisted therapy to create a new AI-enabled offering for US mental health care providers. 

The AI offering will also use Numinus’ experience in providing reimbursed drug-assisted therapy, addressing the challenge of building infrastructure for reimbursed revenue.  

Upon completion of the acquisition, Numinus plans to rebrand as Numinus Intelligence, reflecting its focus on expanding AI and data science in mental health services across the US. 

The company's ticker symbol on the Toronto Stock Exchange, NUMI, will remain unchanged.  

A transition team has been established to conserve cash reduce costs, and increase revenue in anticipation of the acquisition's finalisation.  

The companies stated that Eight Capital is serving as the financial adviser to Numinus for this transaction. 

Numinus CEO Payton Nyquvest said: “This acquisition is the culmination of our efforts over the past year to align Numinus with the revenue growth opportunities we see in the US mental health care sector with the delivery of high-quality care to a large population of patients in need of drug-assisted therapy and mental health services. 

“This is also a testament to the entire Numinus team who, over the past four years, has built an optimised clinic network that delivers great patient care at high levels of efficiency.”