PanGenomic Health Subsidiary Signs Master Services Agreement with Psy Integrated and Announces Repricing of Outstanding Warrants
VANCOUVER, BC, April 21, 2023 /CNW/ - PanGenomic Health Inc. ("PanGenomic Health" or the "Company") (CSE: NARA) (AQSE: NARA), is pleased to announce that, further to the announcement made on January 26, 2023, its subsidiary, MUJN Diagnostics Inc. ("MUJN Diagnostics"), has signed a definitive master services agreement ("MSA") with Psy Integrated Health, Inc. ("Psyi"), a management services organization.
MUJN Diagnostics' brain health prognostic system tracks the impact of integrative medicine treatments on patient biomarkers and correlates them with other symptomatic data. Under the initial statement of work in the MSA, the trial biomarker testing program will collect patient biomarker data to assist practitioners and therapists in optimizing treatment plans that are personalized and specific based on the objective data obtained. MUJN Diagnostics will pay Psyi a total fee of $45,000 during the initial statement of work project, which is estimated to be completed by September 2023. Either party may terminate the MSA on 30 days prior written notice.
"We are very excited to initiate the collaboration between MUJN and Psyi and look forward to improving health outcomes for patients suffering from anxiety, depression and other brain health concerns", said Vincent Lum, CEO of MUJN Diagnostics and Co-Founder of PanGenomic Health. "MUJN Diagnostics believe that alternative therapies for a variety of brain disorders have great promise and the need for objective data for clinicians and their patients to track the efficacy of their treatment is a vital component to improve patient health."
Patrick Callas, Director of Integrated Health for Psyi, added: "We are excited to be working with MUJN Diagnostics on a new generation of health diagnostics. Our combined expertise in leading edge alternative healthcare therapies and disease specific biomarker treatment monitoring is expected to provide health care professionals in the field of integrative medicine with tools to improve patient outcomes."
The Company also announced that its board of directors has approved a reduction of the exercise price of an aggregate of outstanding 45,472,751 share purchase warrants of the Company (the "Warrants") from $0.30 per Class A Common Share of the Company (a "Share") to $0.20 per Share.
The Warrants to be repriced consist of 20,743,417 outstanding Warrants issued pursuant to private placements and debt settlements completed by the Company on April 22, 2021, September 16, 2021, June 28, 2022, December 23, 2022 and January 19, 2023; and 18,000,000 outstanding Warrants issued in connection with the acquisition of Mindleap Health Inc. on December 9, 2022. In accordance with the requirements of the Canadian Securities Exchange ("CSE"), the repricing of an additional 6,729,334 outstanding Warrants issued in a private placement completed by the Company on July 23, 2021 will be subject to the consent of certain holders of those Warrants. If the required consents are not provided, the exercise price of these Warrants will remain at $0.30 per Share.
In accordance with the requirements of the CSE, the exercise price of any warrants issued as compensation warrants or as finder warrants are not eligible for repricing. The expiration date of the Warrants is not being amended.
Related persons to the Company hold less than 10% of the outstanding Warrants to be repriced as described above. The repricing of the Warrants is exempt from the valuation and minority shareholder approval requirements of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions as the fair market value of the amendments does not exceed 25% of the Company's capitalization.
Psy Integrated Health, Inc., with its flagship wellness centre Empower Health located in the heart of Vancouver, BC. Canada, is a clinic management services BC benefit company created to accelerate the development of psychedelic assisted therapeutic treatments and integrated health. Psyi provides innovative treatment modalities for clients with a variety of indications. More information can be found at www.psyintegrated.com and www.empowerhealth.ca.
MUJN Diagnostics Inc. is a wholly-owned subsidiary of PanGenomic Health Inc. and is focused on developing a decision support system for alternative healthcare providers. MUJN's Decision Support System includes biomarker diagnostics, symptom and treatment tracking, and personalized health analytics, with the goal of empowering healthcare providers and their patients towards better outcomes.
PanGenomic Health is a precision health company that has developed a self-care digital platform to deliver personalized, evidence-based information about natural treatments. The Company's initial focus is to support mental health. Registered as a British Columbia benefit company, PanGenomic Health's mission is to promote and improve the health and wellness of people and society by providing a technology platform that identifies plant-based solutions tailored to the health profile of each individual.
This news release includes certain statements that may be deemed "forward-looking statements", including statements respecting the services to be provided by PanGenomic and the consideration to be paid to PanGenomic. The use of any of the words "anticipate", "continue", "estimate", "expect", "may", "will", "would", "project", "should", "believe" and similar expressions are intended to identify forward looking statements. Although PanGenomic believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because PanGenomic can give no assurance that they will prove to be correct. In particular, there is no assurance that MUJN Diagnostics and/or Psy Integrated will be able to complete trial biomarker testing program within the timeframes expected, or at all. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These statements speak only as of the date of this News Release. Actual results could differ materially from those currently anticipated due to a number of factors and risks including various risk factors discussed in PanGenomic's disclosure documents which can be found under PanGenomic's profile on www.sedar.com.
The Canadian Securities Exchange has neither approved nor disapproved the information contained herein and does not accept responsibility for the adequacy or accuracy of this news release.
SOURCE PanGenomic Health Inc.
Jerry Lai, Investor Relations, PanGenomic Health Inc., 778 743 4642, [email protected]; Maryam Marissen, President & CEO, PanGenomic Health Inc.,778 743 4642, [email protected]; Patrick Callas, ND, Psy Integrated Health Inc., 604 336 2844, [email protected]
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