Discipline Journey Well being Ltd. Stories Third Fiscal Quarter 2021 Monetary Outcomes

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  • Q3 2021 affected person providers revenues of $316,329 signify a 235% improve over the earlier quarter 
  • Discipline Journey continues to advance growth of FT-104, a novel psychedelic molecule with pending patents by accelerating actions in manufacturing and preclinical toxicology to accumulate the information required for Section 1 research. 
  • 5 Discipline Journey Well being facilities are in operation, with Amsterdam, Houston and San Diego beneath development 
  • Digital instrument, Journey, will increase variety of energetic customers by 144% from the second fiscal quarter
  • Closing of the $12.7 million going public transaction and subsequent $20 million purchased deal providing in January 2021 strengthens Discipline Journey’s capacity to additional advance growth of FT-104 and proceed enlargement of Discipline Journey Well being Facilities in North America and Europe

TORONTO, Feb. 16, 2021 (GLOBE NEWSWIRE) — Discipline Journey Well being Ltd. (CSE: FTRP, FTRP.WT, OTCQX: FTRPF) (“Discipline Journey”), a frontrunner within the growth and supply of psychedelic therapies, reported its third fiscal quarter outcomes for the three and 9 months ended December 31, 2020. All outcomes are reported beneath Worldwide Monetary Reporting Requirements (“IFRS”) and in Canadian {dollars}, except in any other case specified.

Key Highlights and Developments Throughout Fiscal Q3

On October 1, 2020, Discipline Journey accomplished its beforehand introduced going public transaction by way of a reverse takeover and on October 6, 2020 started buying and selling on the Canadian Securities Trade (the “CSE”) beneath the inventory image “FTRP”, in addition to the OTCQX beneath the image FTRPF (see Reverse Takeover Transaction part, beneath, for particulars).

On October 8, 2020, Discipline Journey added Andrew Weil, M.D., a pioneer within the discipline of integrative medication, to its medical advisory board. Dr. Weil will present Discipline Journey with medical recommendation and experience on healing-oriented approaches to healthcare, in addition to steerage on extending the affect and attain of psychedelic therapies. Dr. Weil is the founder and director of the Andrew Weil Middle for Integrative Medication on the College of Arizona, which is main the hassle to develop a complete curriculum in integrative medication.

On October 14, 2020, Discipline Journey entered right into a strategic partnership with the Heroic Hearts Mission (“HHP”), a world non-profit group that connects navy veterans combating psychological trauma to psychedelic therapies, to extend entry to, and consciousness of, psychedelic therapies for veterans struggling from psychological well being issues similar to PTSD. Underneath the phrases of the connection, HHP will probably be conducting energetic outreach and teaching programs for navy veterans in regards to the therapeutic potential of ketamine-assisted psychotherapy.

On October 22, 2020, Discipline Journey accomplished development at its Chicago location, its third in the US, and commenced offering therapies to individuals in December.

On November 27, 2020, Discipline Journey introduced entry right into a lease to ascertain a Discipline Journey Well being location in Amsterdam, The Netherlands. The Amsterdam location is Discipline Journey’s first clinic in Europe and is slated to be the primary Discipline Journey Well being location that treats individuals with applications utilizing truffles containing psilocybin. 

Through the month of December 2020, Discipline Journey efficiently supported an software by a Canadian navy veteran for reimbursement for Discipline Journey’s “Core+” program from the Medavie Blue Cross/Veterans Affairs Canada insurance coverage program. This marks a major milestone for navy veterans wishing to discover psychedelic therapies to assist deal with the post-traumatic stress and different psychological well being challenges skilled by navy veterans, as insurance coverage protection will make Discipline Journey’s therapy applications extra reasonably priced and accessible.

Joseph del Ethical, Discipline Journey’s CEO, stated, “We’re making speedy progress maximizing worth for shareholders by constructing out Discipline Journey’s complementary enterprise traces that concentrate on each the event and the supply of psychedelic therapies. Our deeply built-in platform combines drug and product developments, psychedelic-enhanced remedy and technology-enabled digital care options. All of the elements work in live performance with one another to extend our understanding of the therapeutic worth of psychedelics and to ship them to sufferers that want them most. With our early-mover benefit, a robust money place, and a robust and rising fame as thought leaders within the trade, we’re well-positioned to propel our progress within the rising market of psychedelic remedy.” 

Subsequent Developments

On January 5, 2021, Discipline Journey closed its beforehand introduced purchased deal providing and issued 4,448,200 Items (together with the complete train of the over-allotment possibility) for gross proceeds of $20,016,900. Every Unit is comprised of 1 widespread share within the capital of the Firm (a “Frequent Share”) and one-half of 1 Frequent Share buy warrant (every entire Frequent Share buy warrant, a “Warrant”). Every Warrant is exercisable to accumulate one Frequent Share (a “Warrant Share”) at an train value of $5.60 per Warrant Share till July 5, 2022. Within the occasion that the quantity weighted common buying and selling value of the Frequent Shares exceeds $9.00 for ten (10) consecutive buying and selling days, the Firm shall have the proper to speed up the expiry date of the Warrants upon not lower than fifteen (15) buying and selling days’ discover. The Warrants commenced buying and selling on the CSE beneath the image “FTRP.WT on January 5, 2021. In consideration of the providers rendered by the underwriters in reference to the providing, Discipline Journey paid a money fee equal to $763,046 and issued 169,565 compensation warrants (the “Compensation Warrants”). Every Compensation Warrant is exercisable to accumulate one Frequent Share at an train value of $4.50 per Compensation Share till January 5, 2023. The Firm plans to make use of the web proceeds from the providing for working capital and common company necessities.

On January 7, 2021, the Firm introduced, topic to completion of a closing website inspection, that its Toronto clinic has been chosen as a trial location for a MAPS-sponsored examine on the security, feasibility and preliminary outcomes of MDMA-assisted remedy to deal with consuming issues (the “Consuming Dysfunction Examine”), together with Anorexia Nervosa. Discipline Journey will probably be internet hosting MAPS-trained therapists who will probably be offering MDMA-assisted remedy to an preliminary cohort of people affected by Anorexia Nervosa, and accumulating security, feasibility and preliminary consequence information. Discipline Journey additionally introduced that it’s changing into a monetary supporter of MAPS, committing to creating an annual contribution of $50,000, which will probably be matched by a collective contribution from the founders of Discipline Journey on a dollar-for-dollar foundation. Website choice is performed independently by MAPS Public Profit Company and is unaffected by charitable contributions to MAPS.

On January 26, 2021, Discipline Journey introduced the opening of a location in Atlanta, GA. The opening of the Atlanta clinic represents Discipline Journey’s 5th working location and the primary in 2021.

On January 28, 2021, the Firm introduced that its widespread shares have been accepted for buying and selling on the OTCQX® Finest Market retaining its present image FTRPF. Discipline Journey’s shares and warrants proceed to commerce on the Canadian Securities Trade beneath the tickers FTRP and FTRP.WT, respectively. The Firm is within the means of securing Depository Belief Firm eligibility for its widespread shares to facilitate settlement of US buying and selling.

On February 9, 2021, Discipline Journey introduced the official opening of the Discipline Journey Pure Merchandise Restricted Analysis and Improvement Laboratory for Psychedelic Fungi in Mona, Jamaica (the “Jamaica Facility”). The Jamaica Facility, which is opening as a part of Discipline Journey’s beforehand introduced strategic partnership with the College of West Indies, is the world’s first authorized analysis and cultivation facility devoted completely to psilocybin-producing mushrooms and different plant-based psychedelics. The work on the new facility will leverage the analysis and growth efforts which were performed by Discipline Journey at a short lived facility at UWI since January 2020, and will probably be broad-ranging, from genetics, breeding and cultivation work on most of the 180+ plus recorded species of psilocybin-producing mushrooms, to growing analytical strategies for high quality management, identification of novel molecules, in addition to extractions and formulations for drug growth functions.

Extra Operational Updates

FT-104 Drug Improvement

FT-104 is a next-generation, artificial psychedelic molecule whose design is, partly, based mostly on classical serotonin 2A psychedelics. Patents are pending on FT-104’s construction, formulation and use in treating a wide range of central nervous system issues. FT-104 is concurrently present process optimization and cGMP scale-up, in addition to furtherance of the pre-clinical information package deal wanted for human medical research. Drug product formulation will start in calendar Q1-2021 to develop dosage types for administration of FT-104. CMC (chemistry manufacturing and controls) of the drug substance and the drug product, in addition to all preclinical research are anticipated to be accomplished by September 2021. We anticipate that FT-104 will enter into Section 1 medical trials earlier than the top of the calendar yr 2021.

Discipline Journey Well being Facilities

Discipline Journey Well being facilities are primarily devoted to the therapy of despair and different psychological well being circumstances utilizing proprietary protocols and settings inside a framework of ketamine-assisted therapies however will supply therapies utilizing different psychedelic molecules the place and when permitted. 

Through the third fiscal quarter, we started clinic development in Amsterdam, Houston and Atlanta. Subsequent to quarter finish, Discipline Journey accomplished development and opened its Atlanta location in January 2021. The Firm additionally entered right into a lease in San Diego, California, bringing the entire variety of Discipline Journey Well being facilities to a complete of eight.

Digital Instruments: Journey and Portal

Discipline Journey has developed two digital instruments:

  1. “Journey”, a cellular software program software that gives customers with a framework and instruments to benefit from self-directed consciousness-expanding actions similar to meditation and breathwork; and
  2. “Portal”, a proprietary digital instrument designed to enhance its in-person therapeutic expertise. Portal offers customers with content material, data, meditations, and synchronous and asynchronous communication instruments for individuals in its psychedelic therapies and applications.

In October 2020, we launched Portal, together with an up to date model of our Journey app on Apple and Android platforms. Our Journey app’s person base grew by 144% from the second fiscal quarter. We anticipate a Journey premium model will probably be launched within the second half of calendar 2021, together with additional enhancements to Portal.

Results of COVID-19 Pandemic on Operations

Through the third fiscal quarter, Discipline Journey was not considerably affected by the COVID-19 pandemic. California’s regional coronavirus stay-at-home order for the months of December 2020 and January 2021 briefly impacted the affected person circulate at our Santa Monica clinic, which remained open in the course of the seven weeks the order was in impact. We count on affected person progress to speed up in Santa Monica over the following two quarters as COVID-19 restrictions proceed to abate. Through the preliminary outbreak of the pandemic, the Toronto clinic was briefly closed from March to Might 2020; nevertheless, the variety of accomplished affected person classes in Toronto continues to be according to administration’s expectations. Since June 2020, the Clinics haven’t been topic to any “lock-down” restrictions as they’re medical clinics and deemed an “important service.” Because the COVID-19 pandemic has resulted in an estimated three-fold improve within the incidence of despair signs within the US, we anticipate that we’ll see a rise in long-term demand for our despair associated psychedelic therapies as case counts begin to diminish sooner or later. We anticipate that the long-term targets of the Firm would require extra capital contributions by way of debt or fairness financings. Within the occasion that the impression of COVID-19 worsens and negatively impacts capital markets typically, there’s a threat that the Firm could not be capable to safe funding for these long-term goals.

Reverse Takeover Transaction

On October 1, 2020, Discipline Journey accomplished its beforehand introduced going public transaction (the “Transaction”) pursuant to the phrases of an settlement entered into on August 21, 2020 between Discipline Journey Psychedelics Inc. (“FTP”), Newton Power Company (“Newton”) and Newton’s wholly-owned subsidiary. The Transaction constituted a Reverse Takeover by the use of a three-cornered amalgamation beneath relevant securities legislation, with FTP because the reverse takeover acquirer and Newton because the reverse takeover acquiree.

The Transaction doesn’t represent a enterprise mixture as Newton doesn’t meet the definition of a enterprise beneath IFRS 3 – Enterprise Combos. Instantly after the Transaction, shareholders of FTP owned 100% of the voting rights of Newton. Because of this, the Transaction has been accounted for as a capital transaction with FTP being recognized because the accounting acquirer and the fairness consideration being measured at honest worth, utilizing the acquisition methodology of accounting. The Transaction has been accounted for within the consolidated monetary statements as a continuation of the monetary statements of FTP. Instantly previous to the Transaction, Newton modified its title to Discipline Journey Well being Ltd.

In reference to the completion of the Transaction, Newton widespread shares listed on the NEX board of the TSXV have been delisted on September 30, 2020. Discipline Journey Well being Ltd. shares commenced buying and selling on the CSE on October 6, 2020, beneath the inventory image FTRP.

Buy Value Consideration

FTP is deemed to have acquired the previous Newton as a part of the Transaction. The Transaction was accounted for utilizing the acquisition methodology of accounting whereby the belongings acquired, and liabilities assumed have been recorded at their estimated honest worth on the acquisition date. The acquisition didn’t meet the standards for a enterprise mixture and is due to this fact handled as a recapitalization beneath the scope of IFRS 2 – Share Based mostly Funds. The consideration consisted fully of shares of Discipline Journey Well being Ltd. which have been measured on the estimated honest worth on the date of acquisition (795,106 shares at $2.00 per share). The honest worth of the Frequent Shares issued to the previous Newton shareholders was decided to be $1,590,212 based mostly on the honest worth of the shares issued. In reference to the acquisition of Newton, the Firm incurred acquisition prices of $573,435.

Consideration: Newton Commons Shares 1,590,212
Consideration: Newton Choices 74,982
Whole consideration 1,665,194
Transaction prices paid 573,435
2,238,629
Identifiable belongings acquired: MJO Money 107,520
Itemizing Expense 2,131,109

Monetary Highlights

For our third fiscal quarter ended December 31, 2020, we earned affected person providers revenues of $316,329 from our Toronto, New York and Santa Monica clinics, a 235% improve over our second fiscal quarter affected person providers revenues of $94,532. Web loss for our third fiscal quarter of $8,275,669 was primarily as a consequence of common and administration bills of $2,989,160, itemizing bills of $2,131,109 referring to the Transaction, analysis and growth bills of $1,064,744, affected person providers bills of $668,911, gross sales & advertising bills of $534,848, depreciation and amortization of $375,745, occupancy prices of $288,452 and realized overseas trade lack of $454,475. Web loss for our prior yr’s third fiscal quarter of $1,055,666 was primarily as a consequence of common and administration bills of $683,604, occupancy prices of $149,380, gross sales and advertising bills of $96,391 and analysis and growth prices of $81,113.

For the 9 months ended December 31, 2020, we earned affected person providers revenues of $434,220 from our Toronto, New York and Santa Monica clinics, regardless of a short lived closure in Toronto from March to Might and New York and Santa Monica contributing revenues solely starting in August and September 2020 respectively. We count on to scale our income because the variety of sufferers handled at our places will increase, and with the addition of our Chicago location which simply started treating sufferers in late December and the opening of our Atlanta location in January 2021. We are going to proceed our rollout of clinics throughout North America and Europe, with goal openings in Amsterdam and Houston in April 2021.

Web lack of $15,167,017 was primarily as a consequence of common and administration bills of $6,525,224, analysis and growth bills of $2,545,735, itemizing bills of $2,131,109 referring to the Transaction, overseas trade lack of $1,045,486, affected person providers bills of $958,000, gross sales & advertising bills of $955,155, depreciation and amortization of $855,083 and occupancy prices of $464,112. Web loss for the interval ended December 31, 2019 of $1,737,084 was primarily as a consequence of common and administration bills of $1,247,935, occupancy prices of $222,852, gross sales and advertising bills of $139,973 and analysis and growth prices of $81,113.

Chosen Consolidated Monetary Data

The next desk units forth chosen monetary data derived from the Firm’s unaudited condensed interim monetary statements for the three and 9 months ended December 31, 2020 and intervals ended December 31, 2019, ready in accordance with IAS 34 in a fashion in line with the Firm’s annual audited monetary statements. The next data ought to be learn along with the monetary statements and administration’s dialogue and evaluation, which can be found on the Firm’s web site at www.fieldtriphealth.com and beneath the Firm’s SEDAR profile at www.sedar.com.

Three months ended  Three months ended 9 months ended  Interval from April 2, 2019 (Date of Incorporation) to
(unaudited) December 30, 2020 December 30, 2019 December 30, 2020 December 30, 2019
$ $ $ $
Income 316,329 434,460
Working Bills
Basic and administration 2,989,160 683,604 6,525,224 1,247,935
Occupancy prices 288,452 149,380 464,112 222,852
Gross sales and advertising 534,848 96,391 955,155 139,973
Analysis and growth 1,064,744 81,113 2,545,735 81,113
Depreciation and amortization 375,745 19,239 855,083 19,272
Affected person providers 668,911  – 958,000
5,921,860 1,029,727 12,303,309 1,711,145
Different Earnings (Bills)
Finance expense (84,688) (3,547) (178,045) (3,547)
Different expense (454,341) (22,392) (989,014) (22,392)
Itemizing expense (2,131,109) (2,131,109)
Web Loss (8,275,669) (1,055,666) (15,167,017) (1,737,084)
Web Loss per Share – Fundamental and Diluted (0.22) (0.10) (0.52) (0.22)
Money (together with Restricted Money) 9,979,319 1,057,334
Different Receivables 585,236 7,297
Whole Belongings 20,066,620 1,175,561
Whole Non-Present Monetary Liabilities 5,541,331
Distributions  13,596

Convention Name

The Firm will conduct a convention name and webcast to assessment its outcomes the next day, Wednesday, February 17, 2021 at 8:00 am ET. To entry the decision, please dial 1-877-407-9716 or 1-201-493-6779 and supply convention ID 13715986. A stay webcast of the convention name may be accessed by way of the Occasions and Displays part of the Discipline Journey Well being Investor Relations web site or by way of the next hyperlink: http://public.viavid.com/index.php?id=143376.

For these unable to attend the stay name, a telephonic replay will probably be accessible till Wednesday, March 3, 2021. To entry the replay of the decision dial 1-844-512-2921 or 1-412-317-6671 and supply convention ID 13715986. An archived copy of the webcast will probably be accessible on the Occasions and Displays part of the Discipline Journey Well being Investor Relations web site after the conclusion of the decision. 

About Discipline Journey Well being Ltd.

Discipline Journey is the worldwide chief within the growth and supply of psychedelic therapies. With our Discipline Journey Discovery division main the event of the following technology of psychedelic molecules and conducting superior analysis on plant-based psychedelics together with psilocybin-producing fungi and our Discipline Journey Well being division constructing facilities for psychedelic therapies opening throughout North America and Europe together with the digital and technological instruments that may allow huge scale we assist individuals, from these in therapy to these in search of accelerated private progress, with a easy, evidence-based method to heal and heighten engagement with the world. 

Study extra at https://www.meetfieldtrip.com, https://www.fieldtriphealth.com and https://www.fieldtriphealth.nl. 

Observe us on Twitter and Instagram: @fieldtriphealth

To obtain firm updates about Discipline Journey and to be added to the e-mail distribution listing please join right here.

For additional data, contact Ronan Levy, Government Chairman, and a Director at Discipline Journey, at 1 (833) 833-1967. 

Cautionary Observe Relating to Ahead-Trying Data

This launch consists of forward-looking data inside the which means of Canadian securities legal guidelines relating to Discipline Journey and its enterprise, which can embody, however will not be restricted to, statements with respect to the itemizing of the widespread shares of Discipline Journey on the Canadian Securities Trade, and the timing of such occasions. Typically however not at all times, forward-looking data may be recognized by means of phrases similar to “count on”, “intends”, “anticipated”, “believes” or variations (together with adverse variations) of such phrases and phrases, or state that sure actions, occasions or outcomes “could”, “may”, “would” or “will” be taken, happen or be achieved. Such statements are based mostly on the present expectations and views of future occasions of the administration of Discipline Journey and are based mostly on assumptions and topic to dangers and uncertainties. Though the administration of Discipline Journey believes that the assumptions underlying these statements are affordable, they might show to be incorrect. The forward-looking occasions and circumstances mentioned on this launch could not happen and will differ materially on account of identified and unknown threat components and uncertainties affecting the businesses, together with dangers relating to the COVID-19 epidemic, the medical clinic trade, market circumstances, financial components, administration’s capacity to handle and to function the enterprise and the fairness markets typically. Though Discipline Journey has tried to determine necessary components that might trigger precise actions, occasions or outcomes to vary materially from these described in forward-looking statements, there could also be different components that trigger actions, occasions or outcomes to vary from these anticipated, estimated or meant. Accordingly, readers shouldn’t place undue reliance on any forward-looking statements or data. No forward-looking assertion may be assured. Besides as required by relevant securities legal guidelines, forward-looking statements communicate solely as of the date on which they’re made and Discipline Journey doesn’t undertake any obligation to publicly replace or revise any forward-looking assertion, whether or not on account of new data, future occasions, or in any other case.

Neither the Canadian Securities Trade, nor its Regulation Providers Supplier, nor the OTC Markets have accepted nor disapproved the contents of this information launch or settle for duty for the adequacy or accuracy of this launch.

Media contacts:
Rachel Moskowitz
Autumn Communications
202-276-7881
[email protected]

Nick Opich / McKenna Miller
KCSA Strategic Communications
212-896-1206 / 347-487-619
[email protected]

Investor contacts:
Elizabeth Barker
KCSA Strategic Communications
212-896-1203
[email protected]

SOURCE Discipline Journey Well being Ltd.

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