Wesana Health

Wesana Health is a life sciences company developing treatments for neurological diseases. It leverages psychedelics, technology, and novel formulations to create personalized treatments. The company’s primary focus is to treat traumatic brain injuries (TBI) using psychedelic substances such as psilocybin, ayahuasca, and 5-MeO-DMT. It is also researching the treatment of other related neurological disorders and mental conditions such as depression, post-traumatic stress disorder (PTSD), and anxiety.

Founded in 2020, Wesana is also developing an intellectual property (IP) portfolio around digital products, AI-driven discovery and treatment, and data collection and analysis. In particular, the IP portfolio is centered around psychedelic-based therapeutics for TBI, anxiety, depression, and migraines. Two patent applications have already been filed for TBI and migraines. The company is anticipating the approval of the pre-Investigational New Drug application (pre-IND) of Sana-0013, a psilocybin-based therapy for TBI that is expected to be approved in Q1 2022. Additionally, Wesana plans to initiate clinical studies of Sana-0013 in mid-2022.  

Funding and Financials

In May 2021 the company was listed on the Canadian Securities Exchange (CSE) under the ticker symbol “WESA” after concluding a reverse takeover (RTO) of Debut Diamonds, Inc. The company subsequently up-listed on the over-the-counter (OTCQB) venture market in July 2021 under the ticker symbol “WSNAF.”

The company received an unsecured short-term loan of USD 0.25 million in December 2022 from an arm’s length lender. The new funds were used towards general expenses. 

Wesana Health signed a definitive agreement to acquire Psychedelitech Inc. (also known as PsyTech Inc.) for CAD 21 million (USD 17 million) in July 2021. The acquisition expands the company’s psychedelic operations via PsyTech’s clinical SaaS platform Tovana Solutions (to be rebranded as Wesana Solutions) and its network of two clinics in Chicago and a third under construction. All three Tovana Clinics were rebranded as Wesana Clinics.