Curated News
By: NewsRamp Editorial Staff
April 23, 2024
PharmAla Biotech Achieves Milestones in Global MDMA Production and Research
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GithubTLDR
- PharmAla Biotech's joint venture in Australia has achieved a significant milestone by commencing batch manufacturing of GMP LaNeo MDMA 40mg capsules, marking an Australian first.
- The capsules will support clinical trials and clinical use under the TGA's Authorised Prescriber pathway, addressing the global shortage of clinical-grade MDMA
- PharmAla's mission is to provide clinical-grade MDMA for patient treatments, develop novel drugs, and strengthen Cortexa's leadership position in the local psychedelic landscape by establishing a reliable local supply.
- PharmAla has successfully closed a non-brokered private placement, raising gross proceeds of $750,000, and plans to allocate the net proceeds towards securing global patent rights and funding clinical trials for its patented drug candidates.
Impact - Why it Matters
The advancements made by PharmAla Biotech and Cortexa Pty. in Australia have significant implications for the global pharmaceutical landscape. The domestic manufacturing of GMP LaNeo MDMA capsules in Australia not only supports clinical trials and clinical use, but also strengthens the local psychedelic landscape. Additionally, the successful private placement funding will enable PharmAla to further develop and commercialize novel drugs, addressing the global shortage of clinical-grade MDMA and impacting patient treatments outside of clinical trials.
Summary
PharmAla Biotech has achieved significant milestones in Australia through its joint venture, Cortexa Pty., including the commencement of batch manufacturing of GMP LaNeo MDMA 40mg capsules, marking an Australian first. These capsules will support clinical trials and clinical use under the TGA's Authorised Prescriber pathway. Additionally, PharmAla has successfully closed a non-brokered private placement, raising $750,000 to fund global patent rights, manufacturing products for sale, and clinical trials for its patented drug candidates.
Source Statement
This curated news summary relied on this press release disributed by News Direct. Read the source press release here, PharmAla Biotech Achieves Milestones in Global MDMA Production and Research
