11:15:22 EDT Tue 18 Jun 2024
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Optimi Health Corp
Symbol OPTI
Shares Issued 90,550,058
Close 2024-05-21 C$ 0.375
Market Cap C$ 33,956,272
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Optimi signs LOI to provide GMP psilocybin to ATMA

2024-05-22 12:16 ET - News Release

Mr. Bill Ciprick reports


Optimi Health Corp. has entered into a letter of intent (LOI) with ATMA Journey Centers (ATMA). ATMA is a pioneering Canadian firm focused on advancing innovative solutions in psychedelic-assisted therapy. The LOI outlines Optimi's commitment to supplying its GMP (good manufacturing practices) natural psilocybin extract to ATMA's phase 2 psilocybin clinical trial, featuring group and individual set and setting protocols.

The parties will work toward finalizing a definitive agreement within the next 45 days.

Under the agreement, Optimi will serve as the sole supplier of GMP psilocybin drug candidates for ATMA, with future net sales generating shared revenue. Additionally, Optimi commits to conducting any product development requirements in preparation for ATMA's phase 3 clinical trial in 2025.

ATMA will gain commercial access to Optimi's natural psilocybin drug candidate specifically for integration into its group administration protocol. This collaboration spans across significant territories, including Canada, the United States, the United Kingdom and the European Union, facilitating the treatment of major depressive disorder (MDD) within ATMA's group therapy framework. Further, the combined supply agreement and group administration protocol will enable ATMA to provide the most cost-effective and accessible psilocybin-assisted therapy across its network of clinics and practitioners in North America, known as the ATMA CENA network.

Bill Ciprick, Optimi's chief executive officer, and Vu Tran, ATMA's chief executive officer, agree the synergy between Optimi's scalable GMP manufacturing capabilities and ATMA's group therapy protocol will yield cost-effective, premium-grade psilocybin, facilitating the production of robust clinical data in both group and individual settings.

"This strategic partnership enables ATMA to advance clinical protocols towards approval, utilizing trial data while avoiding substantial overhead costs in drug development, while Optimi's Health Canada-licensed GMP psilocybin ensures trial patients access top-quality product under stringent regulatory controls," added Mr. Ciprick and Mr. Tran. "This collaboration underscores ATMA's commitment to therapeutic advancement and highlights Optimi's supply advantage, solidifying the alliance's position at the forefront of psychedelic therapy innovation."

By 2024 and 2025, Optimi's botanical psilocybin drug candidate is set to complete phase 2 and phase 3 clinical trials, positioning the company among the few GMP psychedelics pharmaceutical manufacturers worldwide to achieve this milestone.

According to Mr. Ciprick and Mr. Tran, the shared goal of this agreement is to secure breakthrough therapy status post-phase 2, aligning with the achievements of industry leaders like Compass Pathways, Mind Med and MAPS (now Lykos Therapeutics).

Benefits of group therapy

In addition to the potential psychological benefits associated with group therapy, it is widely acknowledged within the psychedelic industry that the current legalization process for psychedelic-assisted therapy may result in unequal access due to financial barriers. A research paper titled "Group psychedelic therapy: empirical estimates of cost-savings and improved access," examined outcomes of group and individual therapy, alongside clinician time, costs and patient accessibility. Findings indicated that group therapy notably reduced the demand for full-time equivalent clinicians for psilocybin-MDD therapy, resulting in significant projected savings, and enhanced accessibility and affordability. Thus, the adoption of group therapy protocols stands to not only bolster efficiency but mitigate costs and address the shortage of trained clinicians, thereby enhancing access to psychedelic-assisted therapies.

Additional executive quotes

"We recognize the significance of cost management in ensuring the accessibility of psychedelic-assisted therapy (PAT), and expresses confidence that this supply agreement with Optimi, alongside ATMA's group administration protocol, will propel the advancement of PAT in an equitable and affordable manner," said Mr. Tran, ATMA CEO.

"Optimi is committed to advancing PAT by leveraging our expertise in cultivating and analyzing GMP psychedelic drug candidates at scale," said Mr. Ciprick. "Our agreement with ATMA aligns perfectly with our goal of providing the most cost-effective solutions for PAT clinical trials, and, together, we are driving the advancement of PAT in a manner that is both equitable and affordable, ensuring accessibility for all who can benefit."

About Optimi Health Corp.

Optimi is a leading Health Canada licensed psychedelics pharmaceutical manufacturer, specializing in controlled substances such as botanical psilocybin and MDMA (3,4-methylenedioxymethamphetamine), as well as functional mushrooms that focus on the health and wellness markets. Built with the purpose of producing scalable psychedelic formulations for transformational human experiences, the company's goal is to be the No. 1 trusted, compassionate supplier of psychedelic drug candidates throughout the world. Optimi's products are grown and manufactured at its two facilities comprising a total of 20,000 square feet in Princeton, B.C.

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