eResearch | Some of the latest industry news in the health care industry during the past month from Canadian public companies.
May 1, 2020: Newtopia Announces TSX Venture Exchange Listing Date
Newtopia Inc. (TSXV: NEWU), a telehealth enabled habit change platform focused on disease prevention, announced that it received final approval from the TSX Venture Exchange for the listing of its common shares, which commenced trading on the TSXV on Monday, May 4, 2020 under the symbol “NEWU”.
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May 5, 2020: Global Health Clinics Ltd. Enters Into Definitive Agreement to Acquire Anytime Health
Global Health Clinics Ltd. (CSE: MJRX) (Frankfurt: L002) announced that the Company acquired all of the issued and outstanding shares of Anytime Health Corp., a private British Columbia corporation in exchange for the issuance of 30,000,000 Global Health shares at a deemed price of $0.05 per share or $1.5 million. The transaction is expected to close on May 8, 2020.
Anytime Health is a developmental stage, web-based application that assists with appointment scheduling and medical records management for medical clinics and offices. Global Health Clinics operates medical clinics in the cannabis industry.
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May 7, 2020: Nova Leap Health Corp. Posts Financial Results for First Quarter 2020
Nova Leap Health Corp. (TSXV: NLH) released its financial results for the first quarter ended March 31, 2020. Q1/2020 revenues of $4.6 million were 17.9% higher than Q1 2019 but 4.3% lower than Q4/2019 due to the negative impact of COVID-19 for the latter part of March 2020.
Nova Leap closed Q1/2020 with $2.56 million and full access to its unutilized revolving operating line. Nova Leap expects that it will continue with its growth plans in 2020 that include potential M&A opportunities.
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May 12, 2020: Assure Holdings Closes First Tranche of Convertible Debenture Unit Offering
Assure Holdings Corp. (TSXV: IOM; OTCQB: ARHH) announced the closing of the first tranche of a Convertible Debenture Unit Offering and issued 800 convertible debentures, each with a principal amount of US$1,000 and 800,000 share purchase warrants for aggregate gross proceeds of US$800,000.
The net proceeds of the offering will be used for working capital and to retire part of the US$700,000 obligation due on May 15, 2020 that was associated with the acquisition of Neuro-Pro Monitoring.
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May 13, 2020: CloudMD Announces an Increase to Previously Announced Bought Deal Public Offering
CloudMD Software & Services Inc. (CSE: DOC, OTCQB: DOCRF, Frankfurt: 6PH) announced an increase to its previously announced bought deal financing. The Underwriters have agreed to purchase an aggregate of 18,572,000 units at a price of C$0.70 per Unit for approximately C$13 million.
Each Unit consists of one common share and one-half of one common share purchase warrant, exercisable for a period of 24 months at an exercise price of C$1.00 per warrant. The offering is expected to close on June 2, 2020.
CloudMD intends to use the proceeds for potential M&A activities and general corporate purposes.
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May 21, 2020: Greenbrook TMS Completes C$15 Million Equity Offering
Greenbrook TMS Inc. (TSX: GTMS) announced the closing of its public offering of common shares. Greenbrook issued 9.09 million shares at C$1.65 per share for gross proceeds of approximately C$15 million. The Company intends to use the net proceeds to fund operating activities, and for other working capital and general corporate purposes.
Greenbrook is a provider of Transcranial Magnetic Stimulation (“TMS”) therapy, an FDA-cleared, non-invasive therapy for the treatment of Major Depressive Disorder and other mental health disorders, operating through 124 company-operated treatment centers in the United States.
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WELL Health Technologies Corp. (TSX: WELL)
- WELL Health a digital health company that owns & operates 21 medical clinics, is the third largest digital EMR supplier in Canada and is a national provider of telehealth services.
May 15, 2020: WELL Health Reports Record Revenue in First Quarter 2020 with 918% Increase in Digital Services Revenue
- WELL Health reported record revenue in Q1/2020 of $10.2 million, up 38% Y/Y, with digital services up 918% Y/Y to $1.7 million.
- The company benefited from the launch in January 2020 of their VirtualClinic+ telehealth service that helped mitigate the impact of the COVID-19 pandemic.
May 20, 2020: WELL Health Announces Agreement to Acquire Indivica Inc.; Increasing its EMR Footprint to More Than 10,000 Physicians Across Canada
- WELL Health announced the acquisition of Indivica Inc. for $6.2 million.
- Indivica provides fully hosted Electronic Medical Records (“EMR”) software and services to 390 clinics serving over 2,000 physicians and medical practitioners in Ontario.
May 22, 2020: WELL Health Completes $14.4 Million Bought Deal Financing
- WELL Health announced the completion of its previously announced (May 5, 2020) bought deal financing of 6.5 million common shares, at a price of $2.20 per share, for gross proceeds of approximately $14.4 million.
- The net proceeds of the Offering are expected to be used for M&A and general working capital purposes.
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