Optimi Health Will Supply Psychedelics To Canada's SAP, Secures CA$1M Private Financing

Health Canada has approved an amendment to Optimi Health’s OPTHF dealer's license, effectively allowing the company to supply MDMA and psilocybin drugs to the country’s Special Access Program (SAP.) 

Since Jan. 2022 physicians have been allowed to request lawful access to restricted substances for their patients through the program, following an amendment to the Controlled Drugs and Substances Act federal regulations.

CEO Bill Ciprick says Optimi’s “consistent dedication” over recent months has strengthened its capabilities in GMP-compliant psychedelics production. 

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"The hard work during this time ensures that our in-house formulated drug candidates will be available to healthcare professionals, addressing the therapeutic needs of their patients," he said.

"Safety, scale, and quality hold the key to our ability to cater to practitioners within Canada and Australia," added the company’s quality and commercial strategies director Karina Lahnakoski.

See Also: Australia's Psychedelics Therapy Provides Hope For Treatment-Resistant Mental Health Conditions

Second Tranche Of CA$1M Secured For Debt Financing

On Sept. 5, Optimi entered into a non-dilutive debt financing agreement and general security agreement for total proceeds of $73,000 (CA$1 million) from two arm’s length parties.

The loan is secured against the company’s assets and will bear a 7.5% annual interest rate, payable quarterly on the last business day until full repayment, dated August 29, 2026. 

Optimi may repay the amount at any time, notifying the lenders and subject to a prepayment fee. As partial consideration for the loan’s advance, the company has granted a total of 100,000 common share purchase warrants, enabling the purchase of its common shares. Warrants are exercisable for three years from the date of issuance at $0.36 (CA$0.50.)

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Photo: Benzinga edit with photo by Serrgey75 and fizkes on Shutterstock.