- Champignon Brands (SHRM) is set to offer esketamine as a treatment for adults with major depressive disorder (MDD) at its clinic in Ontario
- From September this year, the company will facilitate the treatment out of its Canadian Rapid Treatment Centre of Excellence, which was acquired in mid April
- Esketamine was approved by Health Canada as a treatment for the disorder in May this year
- The company is expected to be the first in Canada to offer this kind of treatment
- Champignon Brands (SHRM) is currently suspended from trading and was last valued at C$0.89 per share on Friday, June 19
Champignon Brands (SHRM) is set to offer esketamine as a treatment for adults with major depressive disorder (MDD) at its clinic in Ontario.
Esketamine was approved by Health Canada as a treatment for the disorder in May this year, and was recently declared a breakthrough treatment for depression by the US Food and Drug Administration.
Champignon intends to offer the treatment out of its Canadian Rapid Treatment Centre of Excellence (CRTCE), located in Mississauga. The clinic is Canada’s first multidisciplinary facility that provides rapid-onset treatments for a number of disorders, and is expected to be the first in the country to offer esketamine as a treatment for depression.
The company acquired the clinic in mid April this year through its purchase of AltMed Capital , which was made through the issuance of 55,124,000 common shares.
The clinic is also the country’s only centre with Health Canada licensing for the use of psilocybin-based treatments in eligible patients.
Dr. Roger McIntyre, CEO of Champignon Brands, said the availability of esketamine at the CRTCE provides tremendous opportunity for adults across Canada affected by treatment-resistant depression to receive an effective 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,” he added.
Depression is a significant cause of reduced income in Canada due to workplace disability, with adults suffering from MDD losing an average of almost one month’s worth of work each year.
In addition, when occurring with existing health concerns such as heart disease, diabetes and other chronic conditions, depression can exacerbate the deterioration of health and lead to an increased risk of premature death.
Champignon Brands is currently suspended from trading while the company works with the British Columbia Securities Commission to complete a continuous disclosure review.
Champignon Brands (SHRM) last traded at C$0.89 per share on Friday, June 19.