Creso Pharma Ltd (ASX:CPH, OTCQB:COPHF) has partnered with Swiss-based pharmacy Apotheke Dr. Hysek AG for the import and distribution of authorised MDMA and psilocybin products into Australia.
The move follows the February decision by Australia's Therapeutic Goods Administration (TGA) to allow medicines containing psilocybin and MDMA to be prescribed by authorised psychiatrists for the treatment of certain mental health conditions from 1 July.
Creso will provide the infrastructure to import, warehouse and distribute the products through its wholly-owned subsidiary, Health House International (HHI), which holds the import licences for the Australian market.
Both Creso and Apotheke Dr. Hysek have signed a binding Letter of Intent (LOI) on the import and distribution in Australia, with the aim of entering a commercial agreement by 31 August.
Aiming for leading role
Creso Pharma chief executive officer and managing director William Lay said: “This Letter of Intent sets out the terms and parameters for the licensed import and distribution of approved MDMA and psilocybin products to Australia, manufactured by one of the world’s foremost practitioners in this space.
“Dr Hysek is undoubtedly a pioneer in the application of MDMA and psilocybin treatments to achieve better patient outcomes, with a product suite that has been developed in close collaboration with Swiss regulators and university researchers.
“The proposed terms of the commercial agreement position Creso and HHI to play a leading role in the expansion of these treatment solutions in Australia, in alignment with the changes set out by the TGA with respect to the prescription of approved MDMA and psilocybin products.
“We look forward to working with all stakeholders over the coming months, including registered health professionals and practicing psychiatrists who have made expressions of interest, to build further on the exciting work already carried out to-date.”
Exciting opportunity
The proposed collaboration aligns with the growing global interest in psychedelic medicine as a potential treatment for various mental health conditions, including PTSD, depression, anxiety and alcohol use disorder.
Switzerland is a leader in the research and use of psychedelics in psychiatry thanks to the country’s pragmatic approach for their use in clinical trials and in patients.
Biel-based Apotheke Dr Hysek has supplied MDMA and psilocybin in Switzerland under the country’s limited-use program for psychedelics since 2015, including in several clinical trials.
“We are pleased to enter into this LOI to establish the framework for a broader commercial agreement between Apotheke Dr. Hysek AG and Creso Pharma through its subsidiary, Health House International," its founder Dr Cedric Hysek said.
“Our products are manufactured and distributed in accordance with the highest GMP standards and the company is now uniquely positioned with an extensive manufacturing history, with long-term product development IP which has been developed in direct consultation with federal Swiss health regulators.
“With our extensive background in this field of medicine, it's exciting to have the opportunity to collaborate with Creso Pharma and set out the path forward for the growth of the industry in Australia.”