TORONTO, Oct. 18, 2021 /CNW/ - Nurosene Health Inc. ("Nurosene" or the "Company") (CSE: MEND) (Frankfurt: 8TV) (OTC: MNNDF), a healthtech company focused on building a generation of better brains, today announced that it has appointed Dr. Joseph Geraci, PhD as the company's Chief Scientific Officer. In this newly created leadership role at Nurosene, Dr. Geraci will bring his extensive knowledge base to assist in the integration of NetraMark's proprietary AI technology to advance the development of Nurosene's platform to formulate precision solutions for mental health and wellness.
Further to the Company's press release dated October 12, 2021, the Company has completed its acquisition ("Acquisition") of NetraMark Corp. ("NetraMark"). NetraMark utilizes AI and machine learning to optimize the path to new drug development, accelerate clinical trials and redefine the landscape of how disorders are treated. Accordingly, NetraMark is now a wholly-owned subsidiary of Nurosene.
"We are thrilled to officially welcome Dr. Geraci to the Nurosene executive leadership team as we move toward ambitiously designing the future of healthcare using data and precision insights. Dr. Geraci possesses an incredible wealth of both technical and medical experience that will help the company create new precision solutions that will empower end-users to own their brain health and overall healthcare path forward."
Dr. Geraci is a mathematician, computer scientist, and medical scientist with over 12 years of experience with mathematical medicine and artificial intelligence for medical applications. His academic work spans quantum computation, oncology, neuropsychiatry, and AI. His work in quantum computation was originally focused on how this next generation of computation could impact problems that classical computers have trouble with. He holds post doctorates in machine learning, oncology and neuropsychiatry.
Dr. Geraci is also the co-founder of NetraMark, a pharmatech company that utilizes AI and novel mathematical methods and quantum computing to optimize the path to new drug development, accelerate clinical trials, and redefine the landscape of how disorders are treated. Specifically, he created a novel paradigm of machine intelligence that is capable of providing extraordinary insights into complex data sets, like those found in clinical trials. This technology, known as NetraAI, was created to help medical scientists not only understand the underlying causes of disease, but to also redefine the way we think about and classify disease.
"I am excited to be a key part of Nurosene's journey and working towards improving the future of healthcare and mental health using the power of technology. AI holds a lot of promise, but there are critical issues with using it for complex data sets like you find within patient populations, or data that you get from apps. My work over the last 5 years has been focused on using a new kind of machine intelligence that helps all the great machine learning algorithms to learn more effectively from complex disease data sets. It's like having a big brother for your AI. These next generation data science capabilities, coupled with Nurosene's platform, will allow us to gather the most complete perspective on human health, and these insights can drive innovation in various disease states, especially mental health."
Nurosene acquired all of the issued and outstanding securities of NetraMark for a purchase price of CAD$15,000,000 payable as follows to shareholders of NetraMark: (i) 6,148,325 common shares of the Nurosene at a price of approximately $2.09 ("Purchase Shares") representing an amount of CAD$12,850,000 and (ii) CAD$2,150,000 in cash subject to a $200,000 holdback. The Purchase Shares are subject to a contractual escrow ranging from 12 to 36 months
Finder's fees were paid in connection with the Acquisition to arm's length finder that consisted of an aggregate of 215,311 common shares in the capital of the Company (the "Finder Shares"). The Finder Shares are subject to a four (4) month and one (1) day hold period from the date of issuance.
NetraMark Corp., an AI and pharma-tech company, has developed proprietary solutions for pharmaceutical and biotechnology companies. These solutions allow them to leverage small to large data in order to optimize clinical trials and drug development. This is accomplished by providing a superior understanding of their patient populations and these insights are also used to develop new drugs and nutraceuticals.
Founded in 2016 by Dr. Joseph Geraci, PhD, and Richard M. Brooks, LLB, NetraMark was built to address current gaps in the pharmaceutical market. Utilizing AI and machine learning, NetraMark provides powerful insights into how to treat patients at the individual level, instead of a 'one size fits all' model. NetraMark was built to accelerate the path towards new medications and nutraceuticals through leveraging the full extent of AI and machine learning.
For more information, visit www.netramark.com
Nurosene provides individuals with tools and technology that empower them to take control of their mental wellness. Our mission is to build the next generation of better, healthier brains by leveraging technological advancements in AI and machine learning. With our team of experts and partners, Nurosene is positioned at the leading edge of critical research and innovations, striving to disrupt traditional mental wellness treatments.
For more information, visit www.nurosene.com.
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation which is based upon Nurosene's current internal expectations, estimates, projections, assumptions and beliefs, and views of future events. Forward-looking information can be identified by the use of forward-looking terminology such as "expect", "likely", "may", "will", "should", "intend", "anticipate", "potential", "proposed", "estimate" and other similar words, including negative and grammatical variations thereof, or statements that certain events or conditions "may", "would" or "will" happen, or by discussions of strategy. Forward-looking information includes estimates, plans, expectations, opinions, forecasts, projections, targets, guidance, or other statements that are not statements of fact. Specifically, this news release contains forward looking statements relating to, among others, activities of the Company's proposed acquisition of NetraMark, growth and other initiatives thereto.
Any forward-looking information speaks only as of the date on which it is made, and, except as required by law, Nurosene does not undertake any obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for Nurosene to predict all such factors. When considering these forward-looking statements, readers should keep in mind the risk factors and other cautionary statements in Nurosene Final Long Form Prospectus dated May 20, 2021 and filed with the applicable Canadian securities regulatory authorities on SEDAR at www.sedar.com. The risk factors and other factors noted in Nurosene Final Long Form Prospectus could cause actual events or results to differ materially from those described in any forward-looking information.
The CSE does not accept responsibility for the adequacy or accuracy of this release.
SOURCE Nurosene Health Inc.
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