- Canadian psychedelic stock PharmAla Biotech (CSE:MDMA) is up after signing a contract to supply MDMA for a clinical trial at Yale University
- The company is actively expanding its roster of research partners
- PharmAla focuses on the research, development and manufacturing of MDXX-class molecules, including MDMA, for clinical trials and commercial sales
- PharmAla Biotech stock is up by 8.11 per cent on the news trading at C$0.20 per share as of 10:01 am ET, increasing its return to 100 per cent since inception in January 2022
Canadian psychedelic stock PharmAla Biotech (CSE:MDMA) is up after signing a contract to supply MDMA for a clinical trial at Yale University.
The news follows recent supply agreements with tier-1 clients including Mt. Sinai Hospital, Harvard Medical School and Johns Hopkins.
PharmAla offers researchers an online application to access drug product quality information and convert clinical trial registrations and institutional review board approvals to its MDMA platform.
According to the company’s latest investor presentation, it has identified an approximately US$136 billion global addressable market for its LaNeo-branded MDMA.
Leadership insights
“Requests for clinical trial material – LaNeo MDMA – for research purposes continues to occupy the company at this time,” Nicholas Kadysh, PharmAla’s chief executive officer, said in a statement. “We are happy to be well thought of in academic circles and continue to work with a number of our research partners to deliver drug product for clinical trials in a timely fashion.”
About PharmAla Biotech
PharmAla focuses on the research, development and manufacturing of MDXX-class molecules, including MDMA, for clinical trials and commercial sales. The company is the world’s sole provider of clinical-grade MDMA for patient treatments outside of clinical trials.
PharmAla Biotech stock (CSE:MDMA) is up by 8.11 per cent trading at C$0.20 per share as of 10:01 am ET. The stock has added 66.67 per cent year-over-year and 100 per cent since inception in January 2022.
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