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Saturday, Apr 20, 2024
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.

Psychedelics

PharmAla Biotech lists on the OTCQB middle-tier venture market

The MDMA producer is now trading under the symbol PMBHF, which is intended to attract more investors in the U.S.

PharmAla Biotech lists on the OTCQB middle-tier venture market
LaNeo MDMA produced by the company. Photo via PharmAla Biotech

PharmAla Biotech Holdings Inc. (CSE: MDMA) (OTCQB: PMBHF) has begun trading its shares on the OTCQB venture market, a move intended to increase trading volume in the United States.

The GMP-certified MDMA producer announced the development on Wednesday and says it marks the end of a long process involved in meeting the exchange’s criteria. Listing involves being subject to a yearly verification and management certification procedure.

The OTCQB market is a step above the OTC Pink exchange and a tier below the OTCQX (best) market operated by OTC Markets Group Inc (OTCMKTS: OTCM).

“We believe that this move will open the doors to greater access and trading capability in our shares for both institutional and retail investors; this is just one part of our continued efforts to grow the PharmAla story,” said PharmAla’s CEO Nick Kadysh.

It is notable that the company received authorization from the U.S. Food and Drug Administration in June permitting the use of PharmAla’s LaNeo MDMA in clinical trials within the country.

Read more: Otsuka Pharmaceutical seals $80M all-cash deal to acquire Mindset Pharma

Read more: Silo Wellness to acquire NUGL/Kaya Group in a $43.3M deal

The company recently sent a shipment of its MDMA overseas to Mind Medicine Australia, an Australian non-profit/charity that has been securing a steady supply of MDMA and psilocybin from Canadian companies like PharmAla and Optimi Health Corp. (CSE: OPTI). MMA initiated supply agreements earlier this year and the country began permitting the use of psychedelics for the treatment of mental health conditions in July through its Authorized Prescriber Scheme.

PharmAla sent a shipment of MDMA capsules to the University of Melbourne’s Orygen Institute last month that will be utilized in a clinical trial. The company also delivered a package of MDMA capsules and a quantity of the drug’s raw active pharmaceutical ingredient to Vitura Health (ASX: VIT) in July valued at US$300,000, which is engaged in the joint venture “Cortexa” with the company.

In Canada, PharmAla was the first to receive Special Access Program authorization from Health Canada permitting the use of its MDMA for therapeutic purposes in May.

PharmAla Biotech shares rose by 11.6 per cent Wednesday to $0.24 on the Canadian Securities Exchange and have shot up by 700 per cent since January when they were only worth $0.03. On May 1 this year the stock’s value peaked at $0.49 before steadily declining.

The stock currently has the equivalent value in U.S. dollars on the OTCQB market.

 

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