CloudPR Wire

PharmAla Biotech Advances Global MDMA Production and Research

Daniel White April 23, 2024

–News Direct–

PharmAla Biotech Nick Kadysh joined Steve Darling from Proactive to share exciting developments, announcing significant milestones achieved by the company's joint venture, Cortexa Pty., in Australia. Cortexa has commenced batch manufacturing of GMP LaNeo MDMA 40mg capsules, marking an Australian first. These capsules will support both clinical trials and clinical use under the TGA's Authorised Prescriber pathway.

PharmAla's mission is twofold: to address the global shortage of clinical-grade MDMA for clinical trials and commercial sales in selected jurisdictions, and to develop novel drugs in the same class. As the sole provider of clinical-grade MDMA for patient treatments outside of clinical trials, PharmAla is uniquely positioned in the market.

According to Kadysh, Cortexa's achievement of domestic Australian manufacturing represents a significant milestone in the local psychedelic landscape. This move strengthens Cortexa's leadership position by establishing a reliable local supply, eliminating the costly and time-consuming burden of importation, and providing seamless access to medication for clinicians and researchers.

In addition to this achievement, PharmAla has successfully closed a previously announced non-brokered private placement, raising gross proceeds of $750,000. The company plans to allocate the net proceeds towards securing global patent rights for its portfolio of novel intellectual property assets, manufacturing products for sale, and funding clinical trials for its patented drug candidates.