The Emyria Ltd (ASX: EMD) share price is climbing following a positive announcement to service its growing demand. We take a closer look.
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The Emyria Ltd (ASX: EMD) share price is climbing higher following the announcement of an additional clinic to its portfolio. During mid-morning trade, healthcare technology and services company’s shares are up 5.13% to 21 cents.
Emyria responds to growing demand
The Emyria share price is on the rise after providing investors with a positive update to respond to its growing demand.
According to its release, Emyria advised that it has expanded its subsidiary, Emerald Clinics, with the addition of a second consulting suite. Located in Perth, Western Australia, the new clinic will seek to service to the strong demand. Just last month, the company witnessed record patient appointments nationally, which it opened its second Melbourne office in response.
Additionally, the Perth office will have four consulting rooms located within the site of the West Leederville Private Hospital building. The new suite is expected to improve patient access to Emerald Clinics and help support the company’s future EMD-003 clinical trials.
Currently, EMD-003 —Emyria’s first cannabinoid-based medicine to reduce symptoms of anxiety, depression and stress — is in the planning phase. The company is hoping to achieve registration with the Australian Therapeutic Goods Administration (TGA) sometime this calendar year.
What did the managing director say?
Emyria managing director, Dr. Michael Winlo, touched on a number of the points. He said:
Western Australia was the first Emerald Clinics location. Demand for our services from both patients and referring doctors has grown every month since we opened. We anticipate this expansion will allow us to improve our waiting times and see more patients which, in turn, improves our proprietary data asset (Emyria Data).
Insights from Emyria Data is now informing the design and planning of pivotal drug registration clinical trials for our first drug program, EMD-003 – a cannabinoid medicine targeting unmet needs in mental health.
The additional clinical capacity in Perth also allows us to support a wider range of clinical trials in different indications as well as help us deliver on the recently awarded Future Health Research and Innovation Grant involving our TGA-registered remote monitoring system.
Emyria share price review
The Emyria share price has been a solid performer for the last 12 months, rising over 100%. Year-to-date, however, has seen the company’s share recorded a 110% gain, reflecting fresh positive investor sentiment. It’s worth noting that in February, its shares reached an all-time high of 27 cents.
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Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.