As news of billionaire (and controversial) business magnate Elon Musk taking “microdoses of ketamine (a dissociative drug)” to manage depression started doing the rounds, a bunch of divisive arguments popped up—is that just an excuse to justify the use of drugs or is there some hidden potential there?

Biotech company Emyria (ASX: EMD) makes a case for the latter.

The Company has reached a key stage in its mission to expand therapy options for challenging mental health conditions. In that spirit, it has successfully recruited the first patient for its Phase 2B MDMA-assisted therapy trial, targeting Post-Traumatic Stress Disorder (PTSD). This development signifies progress in Emyria’s efforts to develop MDMA-assisted and psilocybin-assisted therapies for individuals facing significant mental health challenges. The trial aims to contribute to advancements in the field of mental health treatment.

Psychedelic-assisted therapy has emerged as a promising treatment approach for conditions like PTSD and treatment-resistant depression. The recent rescheduling of MDMA and psilocybin as controlled medicines by the Therapeutic Goods Administration (TGA)—that is, medicines that can be prescribed but have to be strictly regulated—from July 1, 2023, has opened up exciting opportunities to expand the clinical application of these new therapies.

Emyria is conducting the EMDMA-001 trial, a meticulously designed study to assess the safety, efficacy, and cost-effectiveness of MDMA-assisted therapy for PTSD. This trial aims to generate important data that can support Emyria’s leadership in delivering comprehensive psychedelic-assisted therapy within a multidisciplinary clinical service. Patient recruitment will be carefully staggered to ensure meticulous supportive care and monitoring.

Plus, the Company’s recent acquisition of The Pax Centre (a psychological trauma care service) strengthens its presence in the mental health sector. This move expands Emyria’s capacity to offer high-quality mental healthcare facilities and augment its team of 20 mental health professionals, including experts in psychiatry, mental health nursing, clinical psychology, counseling, social work, occupational therapy, and chiropractic care.

Additionally, Emyria has obtained an importation licence from the Office of Drug Control (ODC) to acquire MDMA for use in the EMDMA-001 trial. This accomplishment underscores Emyria’s commitment to regulatory compliance and its ability to navigate complex regulatory environments. By adhering to stringent Australian regulations governing the import and export of controlled substances, Emyria demonstrates its dedication to delivering innovative mental health treatments within the bounds of the law.

Emyria’s prior initiatives, including Emerald Clinics, have contributed to the Company’s expertise in the field. Through Emerald Clinics, Emyria has successfully treated patients with pharmaceutical-grade cannabinoids and harnessed its advanced data platform, Palantir Foundry, to gather comprehensive clinical data. This platform, which leverages data capture, analysis, and machine learning capabilities, has informed personalised care plans and facilitated the launch and commercialisation of various drug development programs.

Treading through risky waters, using psychedelics to treat PTSD, the Company is hoping to develop breakthrough therapies. As the EMDMA-001 trial progresses, Emyria seeks to establish a commercial delivery model that ensures specialised and well-trained clinical services make psychedelic-assisted therapy available to those in need, perhaps even putting the arguments about  Musk’s ketamine use to rest?