Emyria Ltd (ASX:EMD) and the University of Western Australia (UWA) have signed off on a licence agreement to secure global rights to a library of patented serotonin-releasing agents inspired by MDMA targeting various mental health and neurological conditions.

The company and university have been involved in a research partnership since 2021 which helped to discover these compounds, which they are now seeking to commercialise. Among the achievements of their collective research has been the creation of compounds which induce serotonin release without releasing dopamine or noradrenaline.

This aids in reducing side effects of MDMA, including euphoria and elevated bloodpressure/heart rate, which means the compounds are better suited for clinical applications such as assisted psychotherapy and other neurological conditions.

Studies done so far point to the possibility of reducing the half-life of these novel compounds, which allows for shorter therapeutic windows suited to psychotherapy.

With the licence agreement finalised, two lead compounds, MX-100 and MX-200 – which target PTSD and Parkinson’s – are being prepared for advanced screening.

Both are to be fast-tracked through preclinical testing – with this supported by a $499,411 WA government grant – and results are expected in early 2025.

Emyria CEO Dr Michael Winlo said the licence finalisation was an important milestone.

“This licence agreement formalises an important research partnership with UWA, allowingEmyria to unlock the commercial value of a growing portfolio of potential new treatmentsto address significant unmet needs in psychiatry and neurology, while we simultaneouslystrengthen our clinical services to address serious mental health challenges,” he said.

Emyria shares rose on the news, and at 11:10 AEDT, they were trading at 3 cents – a rise of 1.67% since the market opened.

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