Vancouver-based biotechnology firm PharmAla Biotech Holdings Inc. (CSE: MDMA) (OTC:PMBHF) has confirmed its first purchase order for GMP LaNeo MDMA from Cortexa, its joint venture with Australian company Vitura Health (ASX:VIT). The order includes both finished capsule and raw API forms of the compound.
The company announced the USD$300,000 order purchase this week and includes an amount of GMP Psilocybin API, indicating a broadening of the product range within the venture.
“The long-term view on Cortexa is that it must – and will – stand on its own two feet in the Australian market, which we believe is more than capable of supporting manufacturing operations domestically,” said Nick Kadysh, Chief Executive Officer of PharmAla.
Kadysh added that the company transferred all of our manufacturing know-how to Cortexa as part of our Joint Venture agreement with Vitura
“However, with the launch of the TGA’s regulatory changes allowing for the use of MDMA and psilocybin by authorized prescribers as of July 1 – and demand ramping – we believe it makes sense to fulfill that demand immediately with previously-made materials in PharmAla’s Canadian inventory.”
Sean Hocking
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