- $20.677M Market Capitalization
Optimi Health Corp. (OPTI.C) announced today that it has entered into a supply agreement with SABI Mind. According to the terms of the agreement, Optimi will supply SABI with GMP psilocybin. Optimi will also supply SABI with 3,4-Methylenedioxymethamphetamine (MDMA), however, the Company is still awaiting approval for its previously announced licensing amendment.
“This agreement is an important step forward for both parties…SABI Mind’s initiation of this agreement demonstrates a commitment to safe supply for the development and implementation of therapeutic modalities using psilocybin and MDMA,” said Optimi Health CEO, Bill Ciprick.
Previously, on June 20, 2022, Optimi announced that it had submitted a request with Health Canada. The request outlined an amendment to the Company’s existing Controlled Substances Dealer’s license. This amendment would enable Optimi to synthesize, process, and distribute pharmaceutical-grade MDMA, among other substances, at its Princeton, British Columbia (BC) facility.
This amendment is consistent with Optimi’s plans for expanding the Company’s offering to include a variety of synthetic psychedelics. With this in mind, Optimi believes it is on track to maximize revenue-generating opportunities through a “year of commercialization.” Given SABI’s plans to expand into Edmonton, Alberta, and Victoria, this supply agreement represents a significant milestone for Optimi.
To provide some background, as of January 5, 2022, emergency access to restricted drugs has been restored following regulatory amendments to Health Canada’s Special Access Program (SAP) With this in mind, Optimi has requested an amendment to its licensing agreement to include MDMA under the SAP. This would allow the Company to supply practitioners with MDMA for psychedelic-assisted therapy.
Now, let’s talk about SABI, a client-centered organization offering ketamine-assisted therapies. Currently, SABI has a Healing Clinic in Sunalta, a neighborhood in Calgary, Alberta. Here, SABI offers ketamine-based psychedelic therapy. Through its latest agreement with Optimi, SABI will be able to expand its offering to include psilocybin-based and, potentially, MDMA-based therapies.
“There’s growing evidence that MDMA and psilocybin-assisted therapies can help treat PTSD, depression, and other chronic mental health conditions…We’re very pleased to be working with Optimi to ensure a safe, consistent supply of psilocybin and MDMA to SABI patients qualifying under Health Canada’s Special Access Program,” said Philippe Lucas Ph.D., SABI Mind President.
Optimi believes that demand for substances like MDMA will begin to see substantial gains. Ongoing, large-scale studies, including Phase III clinical trials investigating MDMA by the Multidisciplinary Association for Psychedelic Studies (MAPS), paired with decriminalization efforts in BC are expected to fuel this growth.
Speaking of which, the FDA has granted Breakthrough Therapy Designation for MDMA-assisted therapy for PTSD. With this in mind, MAPS’ Phase III clinical trial has demonstrated statistically significant improvements in PTSD symptoms after three sessions. Moreover, of an estimated 1,700 human subjects administered with MDMA, there was only one serious adverse reaction.
Optimi’s share price opened at $0.28 today, down from a previous close of $0.295. The Company’s shares were trading at $0.295 as of 12:51 PM EDT.
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