08:07 AM EST, 12/17/2024 (MT Newswires) -- Numinus Wellness ( NUMIF ) on Tuesday said it has sold its five clinics in Utah to an interventional psychiatry practice, Stella, for US$3.53 million as it repositions its business to an asset-light model.

In turn, Stella will partner with Numinus to share operational data from its network of 12 mental health clinics, to help develop advanced clinic management solutions for mental health practices, including insurance reimbursement support.

"With this transaction, Numinus is re-positioning to leverage its expertise in patient care, clinic management, relationships with Insurers and now, significant access to operational data to assist clinical providers with the challenge to meet the demand of the growing number of patients seeking treatment," said Payton Nyquvest, Founder and CEO of Numinus.

Numinus is developing an AI-based SaaS solution which will redefine clinics' operations, from improving patient outcomes to optimizing efficiencies and reimbursement processes. The company estimates a target market of over 200,000 mental health care providers in the U.S.

This new offering complements Numinus' Cedar Clinical Research and practitioner training businesses. Year to date, Cedar Clinical has facilitated 24 clinical trials with almost 1,100 patients, accompanied by strong revenue growth. Numinus' practitioner training program has attracted almost 2,000 learners from 18 countries, a statement noted.