First Medibank patients start psychedelic treatment with EMD

Published 26-AUG-2025 14:29 P.M.

2 min read

Shares Held: 15,679,998

Options Held: 5,822,221

Today, our psychedelic and mental health Investment Emyria (ASX: EMD) published a broad update on its clinical scale up efforts.

EMD is the first (and only) company in Australia to have the regulatory approval AND the backing of a major health insurer to deliver psychedelic-assisted therapies.

Medibank will cover the cost of EMD's psychiatrist-led PTSD therapies for any of its eligible ~4 million members.

The news today was that the Perth Clinic is “nearing capacity for 2025” and that “in August EMD expects to conduct more dosing sessions than the previous four months combined”.

Here is the quickfire update:

First Medibank-funded patients start their care
Record monthly patient dosing activity
Perth Clinic expanding its capacity to keep up with demand (“nearing capacity for 2025”)
Avive Health clinic in Brisbane on track to open this year

Earlier this month the company signed a deal with Avive Heath, this marked the next stage of EMD’s scale up efforts:

Read our full coverage of this news: EMD secures first east coast site in Queensland to service Medibank members for psychedelic treatments

Because EMD is in the fortunate position of securing a “payer” for its services, its main focus is on scaling up its operations.

Here is how we see EMD’s “franchise” model playing out:

We have Invested in EMD to see it not only become the market leader in the Australian psychedelics care, but build a monopoly on delivering these services.

At the same time, we recognise that there is no guarantee of success here, this is small cap investing and there are risks involved.

We think EMD has a very defensible market position because it has:

Authorisation from the TGA to deliver MDMA-assisted care to patients (this is not easy to get)
A Payer Agreement with Medibank to cover the cost of these therapies to its members (years in the making).
Data that shows it works and continues to work months after the patient is treated.
A means to deliver therapies through physical clinics that it owns and operates (EMD is now looking to expand its footprint by licensing hospital space).
Scale potential with an approved protocol from the TGA that it can “franchise” out to other clinics looking to deliver assisted therapies.

What’s next for EMD?

First revenues from Medibank deal

According to EMD’s announcement today, firstN revenues from the Medibank deal will be booked in the quarter.

More new sites opened

Now that EMD has signed on with Avive Health we want to see other potential sites that it can scale up its clinics to.

Expand care offering to new indications and/or new drug therapies

We want to see EMD expand its assisted therapy programs to psilocybin and ketamine, also for different mental health conditions like anxiety, treatment resistant depression etc...