Emyria Ltd (ASX:EMD), a mental health and neurologically focused biotechnology company developing a cutting-edge MDMA-assisted therapy model, has had a busy half year.
The Therapeutic Goods Administration (TGA) rescheduled MDMA and psilocybin on July 1 last year, allowing EMD to accelerate its programs in psychedelic-assisted therapy, in particular the company’s lead MDMA-Assisted Therapy for PTSD program.
During the half-year period, Emyria acquired the Pax Centre, a leader in psychological trauma care, and secured approvals for its proprietary care models, Authorised Prescriber applications and drug importation requirements.
As a result, the company’s clinical billings grew from just $638 in the previous period to more than $2 million, a demonstration of the scalability of EMD’s treatment model.
Development highlights
Aside from its clinical and regulatory wins, EMD also made progress on its clinical ambitions.
All intellectual property claims related to the company’s first patent family of MDMA analogues were deemed both ‘novel’ and ‘inventive’ in an international review, strengthening Emyria’s position for expedited National Phase approvals and highlighting the potential of its asset library.
EMD also achieved a critical milestone in the form of the NIH's fully-funded Preclinical Screening Program for Pain with the company’s high-dose CBD capsules (RX7/9), showcasing their therapeutic potential. The program is now advanced, and fully funded, to Tier 2 screening.
The company also realigned its board to better reflect its strategic direction, supporting its mental health innovation priorities aligned with our therapeutic and research goals, which Emyria is well supported to pursue, with $1.97 million in the bank and a further $2.53 million R&D tax refund received in January 2024.