Depression, suicidality and related mental health conditions are the focus of the company. The company is buying KetaMD in order to expand its tech-facilitated treatments from its current local market of Florida into the broader U.S.
Access to affordable at- home treatments for people suffering from anxiety, depression and related mental health conditions is provided by KetaMD. The company's treatments are supported by psychiatrists and depression researchers. Best practices and treatment guidance are what guide the integration of ketaMD.
The acquisition of KetaMD provides a compelling value proposition. The innovative technology capabilities of KetaMD give Braxia the ability to offer both in-person and digital treatments.
Dr. Roger McIntyre, CEO of Braxia Scientific, said in a statement that today marks a notable step forward in bringing awareness and accessibility to the benefits of ketamine and other drugs for those suffering from depression and other mood disorders. In our clinics and clinical trials, we have seen improved outcomes from treatment with the drug. Adding digital telehealth capabilities through KetaMD's highly anticipated online and mobile platform strengthens our position to lead the medical use of evidence-based psychedelics, while speeding our ability to get treatment to those in need, safely and quickly across the U.S.
A roll-out to other key states is planned for KetaMD, which is currently available in Florida. The company will be launching in California, New York, Texas, Colorado and Washington this year. Under the Braxia umbrella, the KetaMD brand will be a separate brand.
Braxia acquired 100% of the common stock of KetaMD in exchange for 42 million Braxia common shares. The deal is worth $2 million, plus an additional $1 million or so worth of "earning shares" in five years, based on certain performance targets. The deal is worth a maximum of $6.3 million.
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