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Andrew Forrest doubles as therapeutic ecstasy biotech Emyria

ASX-listed biotech Emyria (ASX:EMD), which is developing psychotherapy treatments using MDMA (aka ecstasy) and psilocybin (aka magic mushrooms), has raised $2.5 million in equity offering backed by existing investor Andrew Forrest through the healthtech company. fund Tenmile, part of its private investment group, Tattarang.

The $2.5 million placement was jointly led by Perth’s Sixty Two Capital and Sydney-based investment firm Taylor Collison, with Tenmile’s successor. The shares were offered for $0.15, an 11.76% discount from the last traded price of $0.17 on April 21.

Dr. Michael Winlo, general manager of Emyria, said the money will be used starting July 1 to support the delivery of MDMA-assisted and psilocybin-assisted therapies; clinical trials for the company’s cannabinoid products and for preclinical screening for Emyria’s new MDMA-inspired drug discovery program being developed with the University of Western Australia.

“This $2.5 million placement demonstrates our strategic investors’ confidence in Emyria’s vision and potential,” he said.

“This investment enables us to advance multiple, innovative treatment development programs and deliver scalable, evidence-generating psychedelic-assisted therapy with our specialty partners. We are well positioned to deliver on our vision to improve the lives of patients with mental health issues and neuroscience challenges while generating lasting value for our shareholders.”

The Phase 3 clinical trial of a potent cannabinoid product called EMD-RX9 is currently underway. It will be an over-the-counter treatment for anxiety and stress and the company has signed a commercialization Term Sheet with Aspen Pharmacare Australia to generate royalties once the treatment is registered.

Earlier last month, the biotech company announced collaborations between psychiatrist and MDMA researcher Dr Ben Sessa and the PAX Center to treat depression and PTSD symptoms using MDMA and psilocybin through a network of trained therapists and psychiatrists. The project will begin July 1 through ethically approved clinical trials, with Emyria’s care protocol currently under review by the ethics committee.

The company’s goal is to establish an evidence-based, licensable model of care for both MDMA and psilocybin-assisted therapy that can be scaled up through partner sites.

Emyria’s share price fell nearly 9% today on news of its listing at the $0.15 cent price.

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