ASX Health Stocks: Emyria surges 19pc after granting of ‘Authorised Prescriber’ status by TGA

Emyria’s psychiatry specialist granted “Authorised Prescriber” status by the TGA
This allows it to prescribe MDMA for treatment of PTSD
The company says MDMA-assisted therapy is booming

Neurological conditions specialist, Emyria (ASX:EMD), surged by 19% this morning after revealing that its distinguished psychiatry specialist (unnamed) has been granted “Authorised Prescriber” status by the Therapeutic Goods Administration (TGA).

The authorisation enables the prescribing of MDMA by the specialist for the treatment of Post-Traumatic Stress Disorder (PTSD).

This prescription will be in accordance with an ethics committee-endorsed model developed by Emyria, and within the strict regulatory framework established by the TGA.

Emyria says that achieving this Authorised Prescriber status signifies a strategic step towards expanding Emyria’s service offerings.

“This authorisation demonstrates Emyria’s commitment to evaluating emerging treatments within the strict regulatory framework set by the TGA,” said Emyria CEO, Dr. Michael Winlo.

“Achieving Authorised Prescriber status showcases Emyria’s capacity for impactful and responsible growth in the field of mental health treatments.”

According to data, PTSD affects approximately 1 million Australians.

With up to one third of patients failing to benefit from conventional therapies, Emyria believes there is a growing need for more effective treatments.

MDMA therapy is booming

Separately, Emyria has released a company overview and strategic update presentation following the TGA’s approval today.

With the approved Authorised Prescribers, Emyria said it is advancing from trials to treatment, focusing on new treatments to improve mental health.

The company has outlined its three-step strategy: deliver innovative care via its clinics, create revenue growth, and then scale nationally and internationally.

Emyria said MDMA-assisted therapy is attracting significant global investment after MAPS (Multidisciplinary Association for Psychedelic Studies) raised US$100m to pursue the FDA registration and commercialisation of their MDMA product.