Wesana Health Announces Closing of C$16.1 Million Oversubscribed Private Placement

CHICAGO, March 31, 2021 (GLOBE NEWSWIRE) -- Wesana Health Inc. (“Wesana” or the “Company”), an emerging life sciences company committed to patient empowerment and the advancement of psilocybin-based medicine to improve health and wellness, today announced the successful closing of its approximately C$16.1 million oversubscribed private placement through a special purpose financing vehicle ahead of completing its go-public transaction. The round included existing investors Ambria Capital, LLC, as well as new investors JLS Fund, K2 & Associates, Sol Global, and George Steinbrenner IV.

“We are grateful to have the strong support from new and existing institutional investors as we close this oversubscribed financing. When we set out to establish Wesana, we were personally very motivated to bring alternative treatments to market for those suffering from traumatic brain injury. To our great pleasure we were able to find investors that are equally as motivated in not only our business model, but in the importance and unmet need for the innovative treatments we are developing. Enhancing our institutional ownership through this financing is a key step to providing us with the necessary capital to continue our clinical development,” said Daniel Carcillo, Co-Founder and CEO of Wesana Health.

Proceeds from the financing will be used primarily to fund the Company’s preclinical and clinical development of psychedelic-assisted therapy to treat traumatic brain injury (TBI). The financing will also allow for the Company to scale its senior leadership team as it works to deliver on key milestones.

Board of Directors Appointment

In addition to participating in the latest financing, George Steinbrenner IV has joined the Wesana Board of Directors. A life-long racing enthusiast, Steinbrenner IV has taken the approach of learning the business of motorsport from the ground up, beginning as an intern at Bryan Herta Rallysport in the Red Bull Global Rallycross Series ahead of forming Steinbrenner Racing in 2016. While a young team, Steinbrenner Racing and George Steinbrenner IV have achieved notable successes, including a 2019 win at Circuit of The Americas where Steinbrenner IV became the youngest-ever winning team owner in NTT INDYCAR Series history. Steinbrenner IV has continued expanding his business portfolio, launching driver talent agency Steinbrenner Management, business incubator Steinbrenner Business and the George4 Foundation to extend a family practice of philanthropy.

“Tremendous advancements in science have finally given us the tools to recognize and better understand the consequences of traumatic brain injuries, especially those that occur often in professional sports. It’s critical that we continue to push forward in this field to deliver innovative treatment options that can help people recover from the neurological and psychological damage associated with that trauma. In my field, it is disheartening to see athletes struggle following traumatic injury and seek out treatment after treatment that fails to improve their life and well-being. My team and I have done our due diligence and were blown away by the roadmap that Wesana has put forth to leverage new natural therapies for TBI. I am excited to join the Wesana Board and invest in the business to further support their growth strategy through continued research and clinical trials,” commented George Steinbrenner IV.

“I’m pleased to welcome George to the Board. Together, we will focus on pursuing integrated research opportunities between Wesana and the major sports leagues to eradicate the long-term ramifications of TBI. George’s large sports network, including close ties to NTT INDYCAR Series Racing and Major League Baseball, will provide us with access to and an ability to collaborate with these leagues and organizations that are at the forefront of assessing stringent concussion protocols. We look forward to leaning on George’s knowledge and experience as we explore various research synergies,” said Chad Bronstein, Executive Chairman of Wesana Health. “Further, I’m excited to see an impressive group of investors including George support Wesana in this financing.”

About Wesana Health

Wesana Health is an emerging life sciences company championing the development and delivery of psychedelic and naturally-sourced therapies to treat traumatic brain injury (TBI). Through extensive clinical research and academic partnerships, Wesana Health is developing evidence-based formulations and protocols that empower patients to overcome neurological, psychological and mental health ailments caused by trauma.

Learn more at www.wesanahealth.com

On February 2, 2021, Wesana Health entered into a definitive agreement with Debut Diamonds Inc. (“Debut”) to complete a business combination by way of a transaction (the “Transaction”) that will constitute a reverse takeover of Debut by Wesana Health. Upon closing of the transaction, Debut will change its name to Wesana Health Holdings Inc. and all of its directors and executive officers will resign and the board of directors and executive officers of Wesana Health Holdings Inc. will be comprised of the nominees of Wesana Health. Closing of the Transaction remains subject to satisfying various customary conditions precedent, including receipt of applicable regulatory and shareholder approvals.

For more information, please contact:

Investor Contact:
Allison Soss
KCSA Strategic Communications
Email: WesanaIR@kcsa.com  
Phone: 212-896-1267

Media Contact:
Nick Opich / Brittany Tibaldi
KCSA Strategic Communications
Email: Wesana@kcsa.com
Phone: 212-896-1206 / 347-487-6794
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