Braxia Scientific Corp., (CSE: BRAXO | TC: BRAXF | FWB: 4960) announced today that the Supreme Court of British Columbia has approved a settlement of a class action lawsuit that was filed in May 2021 against Braxia Scientific, its CEO, certain of its former officers, a shareholder, and underwriters. The Canadian Settlement contemplates a cash payment of CDN $1.9 million, of which the Company will be paying CDN $1.6 million.
The court approval of an agreement in principle (the “US Settlement”) to settle claims alleged in a securities class action (the “US Class Action”) against the Company and certain of its former officers filed in the United States District Court for the Central District of California in April, 2021, remains pending. The US Settlement contemplates a cash payment by the Company of USD $1 million to settle the US Class Action.
After available insurance, and assuming the court approval of the US Settlement is obtained, the total cost to the Company to settle both class actions will be approximately CDN $1.36 million.
About Braxia Scientific Corp.
Braxia Scientific is a medical research and telemedicine company with clinics that provide innovative ketamine treatments for persons with depression and related disorders. Braxia also launched its U.S. based end-to-end telemedicine platform KetaMD, that utilizes leading technology to provide access to safe, affordable, and potentially life-changing at-home ketamine treatments for people living with depression and related mental health conditions. Through its medical solutions, Braxia aims to reduce the illness burden of brain-based disorders, such as major depressive disorder among others. Braxia is primarily focused on (i) owning and operating multidisciplinary clinics, providing treatments in-person and virtually for mental health disorders, and (ii) research activities related to discovering and commercializing novel drugs and delivery methods. Braxia seeks to develop ketamine and derivatives and other psychedelic products from its IP development platform. Through its wholly owned subsidiary, Braxia Health (formerly the Canadian Rapid Treatment Center of Excellence Inc.), operates multidisciplinary community-based clinics offering rapid-acting treatments for depression located in Mississauga, Toronto, Kitchener-Waterloo, Ottawa, and Montreal.