{"id":5482,"date":"2024-02-06T23:53:34","date_gmt":"2024-02-06T23:53:34","guid":{"rendered":"https:\/\/economicherald.net\/?p=5482"},"modified":"2024-02-06T23:53:34","modified_gmt":"2024-02-06T23:53:34","slug":"monumental-bioxyne-subsidiary-awarded-australias-first-gmp-licence-to-manufacture-psilocybin-and-mdma","status":"publish","type":"post","link":"https:\/\/economicherald.net\/?p=5482","title":{"rendered":"\u2018Monumental\u2019\u2013 Bioxyne subsidiary awarded Australia\u2019s first GMP licence to manufacture psilocybin and MDMA"},"content":{"rendered":"

\u00a0<\/p>\n

Bioxyne subsidiary Breathe Life Sciences awarded Australia\u2019s first GMP licence to manufacture psilocybin and MDMA<\/strong>
\nBioxyne also awarded GMP medicinal cannabis manufacturing licence<\/strong>
\nCompany to register the psilocybin and MDMA capsules on the Australian Register of Therapeutic Goods for export in 2024 <\/strong><\/p>\n

\u00a0<\/strong><\/p>\n

Special Report<\/em>:\u00a0 Bioxyne subsidiary says its Breathe Life Sciences (BLS) subsidiary has been awarded Australia\u2019s first Good Manufacturing Practice (GMP) licence to manufacture psilocybin and MDMA along with one to produce medicinal cannabis. <\/strong><\/p>\n

Bioxyne (ASX Code: BXN<\/strong><\/a>)<\/a> has announced that its wholly-owned subsidiary BLS has been granted a GMP licence to manufacture medicinal cannabis along with Australia\u2019s first GMP licence for psilocybin and MDMA (3,4-methylenedioxy-methamphetamine).<\/p>\n

BXN says its Therapeutic Goods Administration (TGA) GMP licence covers parts 1 and\u00a0 2, allowing\u00a0 it\u00a0 to\u00a0 manufacture\u00a0 MDMA and\u00a0 psilocybin\u00a0 active\u00a0 pharmaceutical\u00a0 ingredients\u00a0 (APIs)\u00a0 as\u00a0 well\u00a0 as\u00a0 final\u00a0 dose\u00a0 form\u00a0 capsules\u00a0 for\u00a0 supply\u00a0 to\u00a0 authorised prescribers and clinical trials.<\/p>\n

The TGA has also granted BXN a GMP licence to produce medicinal cannabis with the Australian market valued at $500 million.<\/p>\n

BLS has been building its medicinal cannabis brand and distribution in Australia since 2022 to capitalise on the growing sector.<\/p>\n

The company says its medical cannabis manufacturing licence is the largest issued to date in Australia in terms of scope covering final product dose forms.<\/p>\n

\u00a0<\/p>\n

Australia first country to recognise psychedelics as medicine<\/strong><\/h2>\n

Australia become the first country in the world to recognise psychedelics as medicine, after the\u00a0TGA approved psychedelic substances<\/a> used in magic mushrooms and MDMA last year.<\/p>\n

From July 1, 2023, medicines containing the psychedelic substances psilocybin and MDMA can be prescribed by authorised psychiatrists in Australia for treating certain mental health conditions.<\/p>\n

Under the new guidance, the TGA permitted the prescribing of MDMA for the treatment of post-traumatic stress disorder (PTSD), and psilocybin for the treatment-resistant depression.<\/p>\n

BXN says clinical use of MDMA is showing promising results for dealing with PTSD, while results from early-phase trials of psilocybin have suggested that a single or few sessions of psilocybin-assisted therapy can lead to significant and sustained reductions in depressive symptoms.<\/p>\n

\u00a0<\/strong><\/p>\n

Goal to be leading supplier of psilocybin and MDMA\u00a0 <\/strong><\/h2>\n

BXN CEO Sam Watson says the GMP licence demonstrates BLS commitment to the responsible manufacture of alternative medicines which can provide solutions to mental health disorders resistant to current treatments.<\/p>\n

\u201cBXN says it intends to be the leading supplier of psilocybin and MDMA for clinical trials and\u00a0 authorised prescribers by 2025,\u201d Watson says.<\/p>\n

\u201cThe company is focusing on partnerships with veteran groups, universities in Australia and internationally, trial sponsors and authorised prescribers in Australia.\u201d<\/p>\n

BXN plans to register the psilocybin and MDMA capsules on the Australian Register of Therapeutic Goods for export in 2024 to supply companies, universities, and clinical trials globally.<\/p>\n

\u201cThis is a monumental achievement for our wholly owned subsidiary, Breath Life Sciences and Bioxyne, something the company has been working towards for the last three years,\u201d head of production Macdarragh O\u2019Neill says.<\/p>\n

\u201cNot only will we now be able to significantly scale up our pharmaceutical operations in Australia, but our manufacturing licence will also give us the ability to extend rapidly into international markets in which we are already well established.\u201d<\/p>\n

\u00a0<\/p>\n

Strong growth across company<\/strong><\/h2>\n

BXN recently announced it is experiencing rapid growth<\/a> in the wholesale distribution of medicinal cannabis starting materials in Australia, along with its trademarked Dr. Watson products and final dose form products from its BLS.<\/p>\n

\u201cBXN reported revenue growth\u00a0in Q2 FY24 of +100% on the previous quarter for its medical cannabis business, and an annualized revenue run rate of +$10m .\u201d<\/p>\n

To capitalise on growth, BXN in January launched CanXChange<\/a>, an AI-powered B2B therapeutic goods platform.<\/p>\n

The platform provides a portal to facilitate wholesale trading between licensed buyers, sellers, cultivators, and accredited manufacturers in the country with more than $10 million in sales interest during its first week.<\/p>\n

\u00a0<\/em><\/p>\n

This article was developed in collaboration with Bioxyne, a Stockhead advertiser at the time of publishing. <\/em><\/p>\n

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.<\/em><\/p>\n

<\/span><\/p>\n

The post \u2018Monumental\u2019\u2013 Bioxyne subsidiary awarded Australia\u2019s first GMP licence to manufacture psilocybin and MDMA<\/a> appeared first on Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

\u00a0 Bioxyne subsidiary Breathe Life Sciences awarded Australia\u2019s first GMP licence to manufacture psilocybin and MDMA Bioxyne also awarded GMP medicinal cannabis manufacturing licence Company [more…]<\/a><\/p>\n","protected":false},"author":0,"featured_media":5483,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-5482","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"\n\u2018Monumental\u2019\u2013 Bioxyne subsidiary awarded Australia\u2019s first GMP licence to manufacture psilocybin and MDMA - Economic Herald<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/economicherald.net\/?p=5482\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"\u2018Monumental\u2019\u2013 Bioxyne subsidiary awarded Australia\u2019s first GMP licence to manufacture psilocybin and MDMA - 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