Emyria has cited recent media coverage as a possible explanation for a near-30% increase in its share price last Thursday (March 7, 2024).
Responding to a price query from the ASX, the Perth-based firm said it was not aware of any information not announced to the market which could explain the recent trading.
However, it added: “Emyria has attracted increased media attention. In particular, on 7 March 2024, the ABC ran a feature article and news story on Emyria’s innovative research programs focused on developing potential treatments for post-traumatic stress disorder.
“The coverage highlighted Emyria’s unique status as one of the few organisations in Australia approved by the Therapeutic Goods Administration to use MDMA for therapeutic purposes.
“Emyria believes the attention garnered by the coverage contributed to the price and volume increase.”
The company said it did not disclose a non-binding memorandum of understanding (MOU) with Reach Wellness to conduct a study of first responders using Emyria’s MDMA-assisted therapy, referenced in the coverage, as it did not believe it was “material”.
It told the ASX: “While Emyria regards the collaboration to date to reflect a strong commitment towards a meaningful partnership, Emyria formed the view that the MOU under discussion was not material in consideration of section 7.10 of Guidance Note 8, which cautions against disclosing non-binding heads of agreements with material contractual terms that have yet to be agreed.”
MedReleaf
Aurora Cannabis and MedReleaf Australia have launched a range of pastilles for the local market, including 5mg THC, 10mg CBD and balanced products.
Last month, Aurora acquired MedReleaf for A$50 million in a cash and share deal. The Canadian giant already owned 10% of the Australian firm.
