- Acquired the assets of SIBI Medical Inc., operating as the London Spine Institute, adding back, neck and spine specialists to enhance our care options for patients
- Located in, and adds to, our presence in London, Ontario
TORONTO, ONTARIO, January 15, 2024 – NeuPath Health Inc. (TSXV:NPTH), (“NeuPath” or the “Company”), owner and operator of a network of clinics delivering category-leading chronic pain treatment, today announced the closing of the acquisition of the assets of SIBI Medical Inc., operating as the London Spine Institute in London, Ontario effective January 12, 2024.
The London Spine Institute has an interdisciplinary group of providers that use evidence-based care to help treat back, neck and other spinal conditions. These physicians have extensive experience in treating and diagnosing spinal conditions, and their affiliate therapists focus on treating the physical and mental aspects of acute and chronic pain using best practice, with an emphasis on functional recovery and return to work. Under the agreement, NeuPath has acquired the assets of the London Spine Institute and will initially continue the operations under the same name and will be rebranded at a future date. The current roster of physicians will continue to serve patients from the existing location and there will be no changes in operations for our patients, physicians and staff.
“We are thrilled to welcome the London Spine physicians to the NeuPath team, expanding our presence and our roster of specialists in our core London market,” said Joe Walewicz, NeuPath’s CEO. “Our improved balance sheet and better cash flows will allow us to continue investing in selected growth opportunities and we are evaluating multiple potential expansion options across the country.”
The purchase price will be funded from NeuPath’s existing cash on hand. This acquisition is not expected to have a significant impact on NeuPath’s 2024 financial results.
About NeuPath
NeuPath operates a network of healthcare clinics and related businesses focused on improved access to care and outcomes for patients by leveraging best-in-class treatments and delivering patient-centered multidisciplinary care. We operate a network of medical clinics in Ontario and Alberta that provide comprehensive assessments and rehabilitation services to clients with chronic pain, musculoskeletal/back injuries, sports related injuries and concussions. In addition, NeuPath provides workplace health services and independent medical assessments to employers and disability insurers through a national network of healthcare providers, as well as contract research services to pharmaceutical and biotechnology companies. NeuPath is focused on enabling each individual we treat to live their best life.
Forward-Looking Statements
This news release contains forward-looking statements. All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future including, without limitation, the Company’s expectation of continued operational improvements in 2024 and the benefits from the closing of the acquisition described herein are forward-looking statements. These forward-looking statements reflect the current expectations or beliefs of the Company based on information currently available to the Company. Forward-looking statements are subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, the Company. Factors that could cause actual results or events to differ materially from current expectations included in this news release include, among other things, adverse market conditions, risks associated with obtaining and maintaining the necessary governmental permits and licenses related to the business of the Company, increasing competition in the market and other risks generally inherent in the chronic pain, sports medicine, concussion and workplace health services markets. A comprehensive discussion of these and other risks and uncertainties can be found in the Company’s annual information form dated March 29, 2023 filed on SEDAR+ under the Company’s profile at www.sedarplus.ca.
Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions underlying the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to their inherent uncertainty.
For more information, please contact:
Jeff Zygouras
Chief Financial Officer
info@neupath.com
(905) 858-1368