That was my concern, we were working on compounds inspired by...

That was my concern, we were working on compounds inspired by (or like) MDMA but that reduced the duration of action of MDMA to make it better suited to a therapeutic environment. I have posted on it before about how you would dose someone with MDMA and what duty of care providers would then have until it wore off - practically meaning in clinic would be a day admission or potentially overnight (not ideal cost or bed wise).

In my head we weren't waiting for the TGA to give the green light to pure MDMA, we were working around it by creating and patenting MDMA like compounds. Notwithstanding, I still didn't think we would see it enter the clinic in Australia for years, if ever, and that we were sending our compounds to the US for that reason.

That led me to the sell the news sentiment, as we now have clinical grade suppliers of MDMA ready to move into the territory of what I would probably now call a Tier 1 jurisdiction with a green light. I am watching closely but until that is made clearer in time, I wasn't prepared to increase the valuation of EMD that way the market did in a panic to get on the MDMA train. I thought it more likely valuations would increase on offers from a collaborator or an outright sale.

Despite all that, after reading widely throughout the last week or so, I am still bullish on EMD's push to Phase 3 with the RX5 and RX7 compounds and will watch from the sidelines for a while as things become clearer there - main issue is the cash burn of pursuing both concurrently.