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Friday, Mar 24, 2023
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.


Optimi Health submits clinical trial application after developing proprietary MDMA drug

The drug will be used to help establish a safe supply for patients in Canada and Australia

Optimi Health submits clinical trial application after developing proprietary MDMA drug
Optimi Health staff involved in the production of OPTI-MHCL. Photo via Optimi Health

Vancouver-based Optimi Health Corp. (CSE: OPTI) (OTCQX: OPTHF) (FRA: 8BN) has submitted a clinical trial application after successfully producing the first batch of a novel variety of MDMA designated as “OPTI-MHCL.”

The company said on Tuesday that it applied for the clinical trial and the proprietary new drug variation will enable it to become the number-one supplier of MDMA worldwide.

The news follows Australia announcing that it will be allowing the use of MDMA for medical purposes.

Optimi’s new drug will be used for clinical studies and treating patients authorized to access the psychedelic through Health Canada’s Special Access Program and Australia’s new Authorized Prescriber Scheme which comes into effect in July.

The upcoming study will be conducted in partnership with Calgary’s psychedelic therapy company, Atma Journey Centers

The clinical trial will also involve the study of a psilocybin extract the company has developed and Optimi has announced that it will be hosting an informative webinar about OPTI-MHCL on February 9.

Read more: Australia re-classifies MDMA and psilocybin to be prescribed as medicine

Read more: PharmAla Biotech gets Health Canada approval to export large MDMA shipment to the U.K.

Optimi’s Chief Science Officer Justin Kirkland also says the OPTI-MHCL MDMA that has been produced so far has a 99 per cent purity level.

“I am proud to say that we now have an optimized route for the delivery of MDMA using our own in-house technology which guarantees stable production and quality. We feel our proprietary MDMA is the way of the future, and this unique offering can position us as the number one supplier globally,” said Kirkland.

Optimi’s CEO Bill Ciprick says the demand for high-grade MDMA is continuing to increase as the American Food and Drug Administration gets closer to approving the use of the psychedelic for the treatment of PTSD.

The recently developed prescriber scheme coming into effect this summer in Australia is another catalyst for accelerating MDMA production as well, according to Ciprick.

Optimi’s stock price increased by 4 per cent on Tuesday to $0.26 on the Canadian Securities Exchange.

Read more: Woke Pharma and Swinburne U partner for Australia’s biggest psilocybin trial

Read more: Biomind Labs develops sublingual psychedelic drug to treat Alzheimer’s

Other Canadian companies contribute to advancement of clinical MDMA

Optimi says OPTI-MHCL was manufactured in adherence to good manufacturing practices, and therefore PharmAla Biotech (CSE: MDMA) is no longer the only publicly traded company that will be supplying GMP MDMA in North America.

PharmAla Biotech is another Canadian company that has been making strides with clinical in MDMA in recent days.

On Monday, PharmAla announced that it has become the exclusive MDMA supplier for Revive Therapeutics (CSE: RVV) (OTCQB: RVVTF).

Revive will be using PharmAla’s product to develop a microneedle patch intended to treat mental health and substance use disorders in partnership with Toronto’s pharmaceutical psychedelics company PharmaTher Holdings Ltd (CSE: PHRM) (OTCQB: PHRRF).

The company also recently shipped a large amount of its LaNeo MDMA product to the United Kingdom after receiving Health Canada approval.

Read more: Calgary’s ATMA launches psychedelic-assisted therapy training course for physicians

Read more: Colorado decriminalizes use and possession of natural psychedelics

On Tuesday, Vancouver’s Lobe Sciences Ltd. (CSE: LOBE) (OTCQB: LOBEF) issued a statement congratulating Australia for its decision to approve the medicinal use of MDMA and psilocybin.

“This is such an important step by a national government recognizing the value of these compounds in treating certain mental health conditions,” said Lobe’s CEO Philip J. Young.


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