Biotech Emyria (ASX: EMD) has raised $2.5 million to support the development of its MDMA-assisted therapy program in a tranche led by Sixty Two Capital and Taylor Collison.

Tenmile Ventures – a branch of Australian billionaire Andrew ‘Twiggy’ Forrest’s Tattarang investment vehicle – also returned to back the bioetch which will use the funds to deliver MDMA-assisted therapy with trauma specialist centre The Pax Centre from 1 July 2023.

Emyria will also use the funds to advance clinical trials and support US Food and Drug Administration (FDA) registration preparations for its over-the-counter CBD treatment known as EMD-RX9 for anxiety and stress.

Managing director Dr Michael Winlo says the placement – conducted at an offer price of 15c per share – demonstrates the confidence Emyria’s strategic directors have in the company’s vision and potential.

“This investment enables us to advance multiple, innovative treatment development programs as well as deliver scalable, evidence-generating psychedelic-assisted therapy with our specialist partners,” Winlo says.

“We are well set to deliver on our vision of improving the lives of patients with mental health and neuroscience challenges while generating enduring value for our shareholders.”

Sean Hocking

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