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PharmAla Biotech Holdings, Inc. ( (TSE:MDMA) ) has shared an update.
PharmAla Biotech Holdings Inc. has partnered with Veridion Group to act as the exclusive distributor of its LaNeo MDMA in New Zealand. This agreement follows the approval of the first Authorized Prescriber for Psilocybin by Medsafe, signaling a growing interest in MDMA treatments among clinicians. The partnership is expected to ensure safe and controlled access to MDMA treatments in New Zealand, leveraging Veridion’s expertise in handling complex pharmaceuticals. Additionally, PharmAla has appointed Dr. Kiyan Afzali to its Australian board, bringing his extensive experience in medicine and pharmacology to enhance the company’s research and development efforts in Australia.
Spark’s Take on TSE:MDMA Stock
According to Spark, TipRanks’ AI Analyst, TSE:MDMA is a Neutral.
PharmAla Biotech Holdings, Inc.’s stock score reflects strong revenue growth and strategic corporate advancements, tempered by challenges in profitability, technical indicators, and valuation concerns. The company’s expansion into new markets and partnerships are positive but necessitate improvements in cost and cash flow management for sustainable success.
To see Spark’s full report on TSE:MDMA stock, click here.
More about PharmAla Biotech Holdings, Inc.
PharmAla Biotech Holdings Inc. is a biotechnology company focused on the research, development, and manufacturing of MDXX class molecules, including MDMA. The company aims to alleviate the global backlog of generic, clinical-grade MDMA for clinical trials and commercial sales, while also developing novel drugs in the same class. PharmAla is unique in provisioning clinical-grade MDMA for patient treatments outside of clinical trials and is committed to regulatory excellence in the psychedelics industry.
Average Trading Volume: 186,941
Technical Sentiment Signal: Hold
Current Market Cap: C$12.15M
For a thorough assessment of MDMA stock, go to TipRanks’ Stock Analysis page.