Pharmala Biotech (MDMA.CN) up 17% to a fresh 52-week high, said Friday it received a US patent for certain processes for preparing portions of R-MDMA and MBDB molecules.
The processes will be significant in the future economical production of R-MDMA, and the company's own ALA-002 formulations, a statement said.
"Everyone in this sector talks about molecules. Far fewer talk about how you actually make them at scale, at cost, and to GMP standard - and that is usually what decides whether a drug is commercially viable," said Chief Executive Nicholas Kadysh. "This patent protects processes we developed specifically to close that gap, for R-MDMA and for our own ALA-002. As a manufacturer as well as a developer, that is a defensible position we intend to build on."
Pharmala has also canceled the proposed licensing of of its molecule APA-01 to Restora Neurosciences, and retains full ownership of APA-01 and all associated intellectual property.
The company's shares were last seen up C$0.04 to C$0.27 on the Canadian Securities Exchange.
Price: $0.27, Change: $+0.04, Percent Change: +17.39%