Braxia Scientific Corp has reported a near 50% increase in revenue in its fiscal year to end-March 2022 as it looks to "significantly" scale its offerings across North America.
The medical research company, which provides ketamine treatments for depression and related disorders, said revenue came in at C$1.49 million for fiscal 2022 compared to revenue of C$1.008 million in the year to March 31, 2021, an increase of 47.5% year-on-year.
The company also significantly narrowed its net loss, which was C$12.1 million for fiscal 2022 compared to a net loss of C$88.8 million for fiscal 2021.
"We have established Braxia as a trusted and advanced clinic group and research platform," said Dr Roger McIntyre, the CEO of Braxia said in a statement.
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"We have also expanded our clinic footprint and launched several research initiatives to provide access to novel treatments such as psilocybin. Our team's research capabilities enabled us to be the first in Canada to receive approval and dose patients in a multi-dose psilocybin trial. Braxia was also the first in Ontario to receive Health Canada Special Access approval for patients to receive psilocybin for depression.
"We will continue to expand Braxia's clinical footprint and technology infrastructure as we look to significantly scale our program offerings across North America," he added.
Among recent highlights, in July this year, Braxia started accepting first patients at its fifth and newest clinic in a growing suburb near the Greater Toronto Area in Kitchener-Waterloo, Ontario.
To date, the firm has steadily grown its ketamine program referral network across five cities and administered more than 6,000 intravenous ketamine infusions, it noted.
In addition, Braxia Health, the company's wholly-owned subsidiary, started the first Health Canada-approved multi-dose psilocybin-assisted therapy clinical trial in July 2021 and dosed its first participant in November 2021.
The company has also unveiled positive preliminary results, which showed the feasibility of Braxia's proprietary psilocybin-assisted therapy protocol with high rates of recruitment and retention with adequate tolerability and safety.
In the fourth quarter, the company saw revenue of C$369,654 compared with C$246,673 in the fourth quarter of 2021, an increase of 49.9% year-over-year, mainly due to the increase in the number of treatments from the administering of ketamine at the Braxia Health clinics in Ontario.
Contact the writer at giles@proactiveinvestors.com