Business
Wellbeing Announces Definitive Agreement to Divest IRP Health
Wellbeing Announces Definitive Agreement to Divest IRP Health.
About this update from Wellbeing Digital Sciences Inc.
[{"type":"text","content":"\nWellbeing Digital Sciences Inc. (“Wellbeing” or the “Company”) (NEO: MEDI) (OTC: KONEF) (FRA: SQ2), an evidence-based mental healthcare company focused on the development and implementation of innovative clinical solutions, including psychedelic medicine and digital therapeutics as supported by clinical research, announces that it has entered into a definitive agreement (“Agreement”) under which Pathway Health Corp. (“Pathway”) will acquire all or substantially all of the operating assets of Wellbeing’s subsidiary IRP Health Ltd. (“IRP”).\n\nUnder the transaction, Pathway would acquire all of intellectual property, billing numbers, intangible assets and certain equipment associated with IRP’s multidisciplinary pain management and physical therapy programs that cater to military veterans, RCMP and first responders. Pathway will assume the lease and all of the assets in the Victoria, British Columbia location, including all intangible assets, prepaid expenses, deposits, and equipment.\n\n\"This agreement generates additional value for Wellbeing shareholders and allows Wellbeing to focus on expanding our clinical network footprint to treat mental health indications with novel medicines in conjunction with digital therapeutics. After consideration of multiple deal structures, including a range of potential buyers, we are confident that our announced transaction with Pathway maximizes value for our shareholders and positions the business and our employees for long-term success,\" stated Najla Guthrie, CEO of Wellbeing.\n\n“We're very pleased to be entering into this agreement with Wellbeing and IRP as we look to expand our pain, allied health/rehabilitation, and mental health services to our military veterans, RCMP and other first responders,\" said Ken Yoon, CEO at Pathway. \"With our experience in chronic pain management and our aim to grow our presence in mental health services, we believe Pathway is well suited to provide these valuable clinical services to this most deserving group of Canadians and IRP will be a fantastic addition to our network of clinics.\"\n\nABOUT WELLBEING DIGITAL SCIENCES\n\nWellbeing Digital Sciences Inc. is an evidence-based mental healthcare company focused on the development and implementation of innovative clinical treatme...