- PharmAla Biotech Holdings (CSE:MDMA) has completed its first shipment of MDMA and psilocybin to Cortexa, its joint venture with Vitura Health Ltd. (ASX:VIT)
- The shipment is the first time any molecules rescheduled under the Authorized Prescriber Scheme have been brought into Australia
- The shipment includes psilocybin and MDMA and includes an API and finished drug product capsule
- PharmAla Biotech shares are down 10.71 per cent to C$0.12 as of 12:12 pm ET
PharmAla Biotech Holdings (CSE:MDMA) has completed its first shipment of MDMA and psilocybin to Cortexa, its joint venture with Vitura Health Ltd. (ASX:VIT).
In a news release, the Vancouver-based biotechnology company said this shipment is the first time any molecules recently rescheduled under the Authorized Prescriber Scheme have been sent to Australia used under that scheme instead of clinical trial purposes.
The shipment includes psilocybin and MDMA and includes an API and finished drug product capsules.
“As the Australian market continues to develop we are seeing significant interest among both clinical trial practitioners and clinic operators who are racing to establish themselves as the most capable actors in the provision of treatments to patients,” Nick Kadysh, CEO of PharmAla Biotech, said in a statement.
The products will enable Cortex to rely on domestic manufacturing within Australia rather than imports, resulting in lower cost-of-goods and shorter time to market for the products.
Rodney Cocks, CEO of Vitura Health, said in a statement that Cortex will also soon be able to scale domestic manufacture of GMP-grade psilocybin and MDMA to fulfill local demand.
PharmAla Biotech Holdings is focused on researching, developing and manufacturing MDXX class molecules including MDMA.
Cortexa aims to be the leading supplier of psychedelics, GMP MDMA and GMP psilocybin, for research and therapeutic use in Australia.
PharmAla Biotech shares are down 10.71 per cent to C$0.12 as of 12:12 pm ET.
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