Investee Company Update: Little Green Pharma Ltd

RNS Number : 8772T

Seed Innovations Limited

22 March 2023

 

22 March 2023

SEED Innovations Limited

("SEED" or the "Company")

Investee Company Update: Little Green Pharma Ltd

  SEED Innovations Ltd, the AIM-quoted company investing in fast-growing and industry-leading businesses with a focus on the medical cannabis, health, and wellness space, is pleased to note an announcement released on the ASX by its portfolio company, Little Green Pharma Ltd ('LGP').

The Company owns 7,324,796 ordinary shares in LGP representing 2.8% of LGP's issued share capital.

The following extract from the announcement is set out without material changes or adjustments and the announcement in full can be accessed from the following link:       https://investor.littlegreenpharma.com/site/investor-centre/asx-announcements

Start of Little Green Pharma Ltd announcement:

21 March 2023

Reset Mind Sciences and HIF enter Strategic Alliance

Highlights:

· Proof-of-concept mental health care facility offering psychedelic assisted psychotherapy to be established

· Health economics study to inform future health insurance coverage

· Exclusivity period to negotiate joint development of further treatment centres

Little Green Pharma is pleased to announce its psychedelics focused subsidiary Reset Mind Sciences Ltd ("Reset") has entered into a Strategic Alliance with Health Insurance Fund of Australia Pty Ltd ("HIF") to establish a proof-of concept mental health treatment facility with capability to deliver psychedelic assisted psychotherapy to eligible patients. The parties will also undertake a concurrent health economics study to provide HIF with the realworld data necessary to inform potential member coverage for this treatment. In addition, the parties have agreed to a period of exclusivity to negotiate joint development of further treatment centres based on the initial concept.

The agreement follows the recent announcement by the TGA to allow psychiatrists, under strictly defined parameters, to prescribe psilocybin for treatment resistant depression and MDMA for PTSD under the Authorised Prescriber scheme from 1 July 2023. Psychiatrists seeking Authorised Prescriber status will first be required to obtain approval from a Human Research Ethics Committee ("HREC") which will require fully documented treatment protocols.

Reset has recently obtained HREC approval for its clinical trial into the use of psilocybin assisted therapy for patients with treatment resistant major depressive disorder. The Strategic Alliance will draw heavily on Reset's clinical protocols and other key aspects of the trial in the development of the proof-of-concept clinic. The clinic is intended to support psychiatrists that hold Authorised Prescriber designation, with Reset in advanced negotiations for the site of its proof-of-concept mental health treatment facility.

Reset CEO Mr Shaun Duffy said "It is vitally important that any treatment undertaken in Australia under the regime announced by the TGA is done to the highest standards of ethics and professionalism. We believe the significant body of work we have undertaken over the last 18 months, particularly in respect of our clinical trial, is now an important resource to facilitate real world treatment. "As an industry, we have to think ahead as to how psychedelic treatment will integrate into the broader healthcare system and this agreement with HIF could play a pivotal role in that regard. We commend HIF for their foresight and look forward to a long and productive relationship with them."

HIF CEO Mr Justin James said "The recent announcement by the TGA has brought into focus the issues of access and affordability of psychedelic treatments. We believe it is vitally important that the health insurance industry is involved from the outset and HIF has always intended to be a first mover in this regard. "Ultimately, we would like to be able to offer our members coverage for this type of treatment and also have a direct interest in mental health facilities that can provide treatment using psychedelics. We believe Reset is the best placed company in Australia to start this journey with."

Reset will own and operate the proof-of-concept clinic and HIF will contribute $250,000 towards its initial set up. Reset and HIF will use best endeavours to agree the terms for a subsequent business venture under which they will own and operate one or more mental health care facilities offering psychedelic treatments to patients. Reset will not enter into similar arrangements with another private health insurance provider before the earlier of 31 December 2024 or 18 months after the first HIF member is treated at the initial facility. Reset is not restricted from developing similar facilities on its own or in conjunction with parties outside of the private health insurance industry.

End of Little Green Pharma Ltd announcement

- Ends -

For further information on the Company please visit:  www.seedinnovations.co   or contact:

Ed McDermott Lance de Jersey	SEED Innovations Ltd	E: [e-mail]
James Biddle Roland Cornish	Beaumont Cornish Limited, Nomad	T: (0)20 7628 3396
Isabella Pierre Damon Heath	Shard Capital Partners LLP Broker	T: (0)20 7186 9927
Catherine Leftley Isabelle Morris Max Bennett	St Brides Partners Ltd, Financial PR	E: [e-mail]

 Notes

Seed Innovations Ltd

SEED Innovations is an AIM quoted investment company focused primarily on disruptive high growth life sciences and technology businesses particularly within the medical cannabis arena. The Company's strategy is to identify early-stage opportunities that have an upcoming investment catalyst and grow its portfolio in terms of value whilst limiting the number of investee companies to a level where relevant time can be devoted to each.

About Little Green Pharma

Little Green Pharma is a global, vertically integrated and geographically diverse medicinal cannabis business with operations from cultivation and production through to manufacturing and distribution.

The Company has two global production sites for the manufacture of its own-branded and white-label ranges of GMP-grade medicinal cannabis products, being a 21,500m2 cultivation and 4,000m2 GMP manufacturing facility capable of producing over 30 tonnes of medicinal cannabis biomass per annum located in Denmark (EU) and an indoor cultivation and manufacturing facility located in Western Australia capable of producing ~3 tonnes of medicinal cannabis biomass per annum.

Little Green Pharma products comply with all required Danish Medicines Agency and Therapeutic Goods Administration regulations and testing requirements. With a growing range of products containing differing ratios of active ingredients, Little Green Pharma supplies medical-grade cannabis products to Australian, European and overseas markets.

The Company has a strong focus on patient access in the emerging global medicinal cannabis market and is actively engaged in promoting education and outreach programs, as well as participating in clinical investigations and research projects to develop innovative new delivery systems.

For more information about Little Green Pharma go to:  www.littlegreenpharma.com

 

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