Emyria has attributed a near-30% jump in its share price on Thursday, March 7, 2024, in part to a wave of media attention the Perth-based company received that day.
In response to a price query from the ASX, the company said it had no knowledge of any undisclosed information that could account for the unusual trading activity.
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 also addressed why it had not previously disclosed a non-binding memorandum of understanding (MOU) with Reach Wellness to run a study involving first responders using Emyria's MDMA-assisted therapy — an arrangement that was referenced in the ABC coverage. Emyria said it did not consider the MOU to be "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 jointly introduced a new line of pastilles to the Australian market, available in 5mg THC, 10mg CBD, and balanced formulations.
In the previous month, Aurora acquired MedReleaf for A$50 million through a cash and share deal. The Canadian company had already held a 10% stake in the Australian business prior to the acquisition.
