Andrew Forrest’s new venture capital fund sees potential to patent variations of psychedelic drug MDMA for the treatment of mental health problems.
Andrew Forrest will use a new $250 million venture capital business to further back a Perth-based company looking at using variations of MDMA – known on the street as Molly or ecstasy – to treat psychological disorders.
Emyria is advancing several MDMA-based programs, including an MDMA-assisted therapy trial for post-traumatic stress disorder as well as evaluating a library of novel MDMA analogues in partnership with the University of Western Australia. “So we’re going to need options. Emyria is very interesting company because of the way it uses and generates what I call real world data.
“It is a hugely exciting area. If you look overseas in the US at the moment at a few venture backed and funded companies that have got psychedelic portfolios, their valuations are enormous even still after some of the correction that’s happened in the last few months,” he said.to have MDMA and psilocybin rescheduled from Schedule 9 prohibited substances to Schedule 8 controlled substances.
Dr Burnell said Tenmile planned to make a series of investments and, although not binding prerequisites, would look favourably on businesses led by women and those with strong intellectual property.
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