VANCOUVER, British Columbia, May 01, 2023 (GLOBE NEWSWIRE) — PharmAla Biotech Holdings Inc. (“PharmAla”)(CSE: MDMA) is pleased to announce the establishment of a 50:50 joint venture, “Cortexa”, with Australian-based Vitura Health Limited (ASX: VIT) (“Vitura”). Following the execution of a letter of intent between Vitura and PharmAla in late February, the parties have executed definitive agreements (the “Agreements“), including for the establishment of an incorporated joint venture vehicle, Cortexa Pty Ltd (“Cortexa“), which is owned equally by Vitura and PharmAla, pursuant to the terms of a joint venture agreement (the “JV Agreement“) entered into among Cortexa, Vitura and PharmAla.
Cortexa is an Australian company, jointly owned by Vitura and PharmAla and with equal board representation. Supported by exceptional domestic distribution provided by the Vitura group, Cortexa will be able to provide MDMA and Psilocybin products (the “Products“) for clinical use to be prescribed by Authorised Prescribers 1 and for use in clinical trials undertaken by academic and commercial researchers.
PharmAla’s MDMA and Psilocybin Products are already being supplied to numerous Australian clinical trials. Under the terms of the Agreements, the benefit of any sale orders for the Products received by PharmAla from the date of signing the letter of intent in February have been transferred to Cortexa, ensuring that the joint venture will generate revenues from the outset.
As PharmAla has already completed manufacturing a batch of the Products, Products are now available to Cortexa for import into Australia for supply to medical practitioners under the TGA’s Authorised Prescriber 2 scheme once the changes come into effect on 1 July 2023. Furthermore, it is anticipated that Cortexa will receive a licence to PharmAla’s manufacturing technology and intellectual property, allowing for the efficient manufacturing of MDMA and Psilocybin in Australia under GMP conditions.
