- Champignon Brands’ CRTCE Clinic is the First Multidisciplinary Community Clinic in Canada to Offer Rapid-Onset Treatments for Depression and Expects to Be the First of its Kind to Provide the Esketamine Treatment for Depression in Canada
- The Company Also Provided an Update on Continuous Disclosure Review and Interim Financial Statements
Champignon Brands (CSE: SHRM) (OTCQB: SHRMF) (FRA: 496) announced Thursday that the company has expanded its rapid-onset treatment service to include Major Depressive Disorder (MDD). Champignon’s flagship clinic, the Canadian Rapid Treatment Centre of Excellence (CRTCE), will now offer esketamine treatment for adults with MDD.
The U.S. Food and Drug Administration (FDA) has labelled Ketamine a breakthrough treatment for depression. In March 2019, the FDA approved Spravato (esketamine) nasal spray for adults with treatment-resistant depression. Earlier this year, it was announced that Health Canada approved esketamine for Major Depressive Disorder. Spravato (esketamine) nasal spray is a product of Johnson & Johnson (NYSE: JNJ) owned Janssen Pharmaceutical.
The Champignon Brands owned CRTCE clinic is the first multidisciplinary community clinic in Canada to offer rapid-onset treatments for depression. The company expects to be the first of its kind to provide the Esketamine treatment for depression in Canada.
“The availability of esketamine at the CRTCE provides tremendous opportunity for adults across Canada affected by treatment-resistant depression to receive an effective, well-tolerated treatment. Moreover, this novel treatment works relatively faster than most conventional treatments for depression. Esketamine has also been observed to help people with MDD when conventional treatments have been insufficient. This provides hope for people affected by MDD to have their symptoms improved and begin to function better again in their lives,” stated Dr. Roger McIntyre, CEO of Champignon Brands.
Depression is a leading cause of reduced income in Canada due to workplace disability: adults with MDD lose almost one month of work per year.1 Furthermore, depression, when co-occurring with heart disease, diabetes and other major chronic conditions, can worsen the course of these conditions and raise the risk for premature death
For more information on the Mississauga, Ontario based Canadian Rapid Treatment Centre of Excellence, please visit the clinic’s website here.
Update on Continuous Disclosure Review & Interim Financial Statements
In the same press release, Champignon Brands stated that the continues to work with the British Columbia Securities Commission (BCSC) to complete its continuous disclosure review in regards to the disclosure surrounding certain acquisitions completed by the company in 2020. Champignon informed investors that it continues to fully cooperate and assist the BCSC with its review to facilitate its completion in a timely fashion.
In connection with the August 26, 2020 review, the BCSC revoked the previously issued cease trade order against Champignon on June 19, 2020, after the company filed the required business acquisition reports (BAR) concerning the Artisan Growers, Novo Formulations and Tassili Life Sciences acquisitions.
At the same time of the revocation, the BCSC issued a replacement order which will remain in effect until an amended material change report in connection with the acquisition of AltMed Capital filed.
Champignon also reported that in respect to the filing of its interim financial statements for the period ending June 30, 2020, including the accompanying management’s discussion and analysis and related CEO and CFO certifications (Required Filings), the company will rely on the blanket relief granted by the Alberta Securities Commission Blanket Order 51-517, Temporary Exemption from Certain Corporate Finance Requirements (BO 51-517), BC Instrument 51-515, Temporary Exemption from Certain Corporate Finance Requirements (BCI 51-515), and Ontario Instrument 51-502, Temporary Exemption from Certain Corporate Finance Requirements (OI 51-502).
The company is currently working on completing the Required Filings within the time period of the extension as well as addressed the comments raised by the BCSC in its disclosure review. For the time being, all shareholders, Champignon’s management and company insiders, are subject to a cease trade order issued by the BCSC. The company confirms that since the filing of its interim consolidated financial statements for the period ended March 31, 2020, there have been no material developments other than those disclosed through news releases or through disclosure filings completed by the Company on SEDAR.
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