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Alternative drug developer and clinical services company Emyria (ASX: EMD) has secured the support of Medibank Private (ASX: MPL) to fund the company’s post-traumatic stress disorder (PTSD) care program it has developed through the Perth Clinic.
The agreement is the first for a major private health insurer funding a psychotherapy-led PTSD program in Australia, allowing Emyria to offer patients its Empax PTSD treatment without any out-of-pocket expenses.
Emyria, an alternative medicine company that has developed CBD treatments for seizures and which has been exploring psychedelic-assisted therapies to treat mental health issues such as PTSD, operates the PAX Centre and Empax Centre in Perth where it has undertaken clinical trials for various treatments.
The initial two-year agreement with Medibank enables eligible and screened customers to receive Empax’s psychological trauma care program once admitted to Perth Clinic, reducing a major barrier to access for those with complex mental health conditions.
Emyria says the psychotherapy program is now live and accessible by eligible customers, adding that there are no minimum or maximum patient quotas.
The agreement has also prompted Emyria to undertake a $4 million capital raising to scale its platform nationally, building on the initial program at Perth Clinic.
The placement, priced at 2.4c per share, has been supported by new and existing sophisticated and professional investors, including directors who are investing $197,000, subject to shareholder approval.
Executive chairman Greg Hutchinson says Medibank’s commitment to funding new mental health initiatives, including innovative psychotherapy programs, underscores the “huge need” for funding in this under-represented area of healthcare.
“Whilst we’ve seen great advances in many areas of medicine over the past 20 years, mental health incidence and prevalence have increased to unacceptable levels,” says Hutchinson.
“It’s clear that mental health requires not just more resources, but a multi-faceted, multi-stakeholder and more innovative approach.
“We commend Medibank for their leadership in funding new mental health initiatives, support that will expand access to promising therapies for more Australians suffering with complex and persistent mental health challenges.”
The results of the Medibank-backed program will be evaluated independently by the Australian National University’s Professor Paul Fitzgerald, who is a leading expert in mental health innovation.
The assessments will cover clinical effectiveness and health economics, which Emyria says will help build the case for broader reimbursement and systemic adoption.
“This agreement demonstrates that the private health system can play a key role in unlocking access to promising, evidence-informed therapies,” says Emyria’s executive director Dr Michael Winlo.
“We believe this is just the beginning of a wider shift in how mental health care is supported in Australia and we’re proud to be leading it.
“This milestone also reflects the dedication and passion of our clinical, research and operational teams who continue to set a new standard for mental health care.”
Today's announcement follows an update from Emyria last month that showed patients using its treatment at Perth Clinic experienced an average 55.5 per cent reduction in PTSD symptoms while five out of eight patients no longer met the criteria for PTSD diagnosis.
“These sustained outcomes provide compelling evidence that our approach can deliver durable symptom relief and genuine quality of life improvements for patients with complex trauma," Winlo said at the time.
"They also underscore Emyria’s position as a global leader in the delivery and optimisation of new treatments for PTSD.”
Shares in Emyria were trading 24 per cent higher at 3.1c each at 2.06pm (AEST).
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