REG - Seed Innovations Ltd - Investee Company Update: Little Green Pharma Ltd

Seed InnovationsAnnouncement

22/03/2023 10:30

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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
(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
(http://www.seedinnovations.com/)    or contact:

 

 Ed McDermott       SEED Innovations Ltd         E: info@seedinnovations.co

 Lance de Jersey
 James Biddle       Beaumont Cornish Limited,    T: (0)20 7628 3396

 Roland Cornish     Nomad
 Isabella Pierre    Shard Capital Partners LLP   T: (0)20 7186 9927

 Damon Heath        Broker
 Catherine Leftley  St Brides Partners Ltd,      E: info@stbridespartners.co.uk

 Isabelle Morris    Financial PR

 Max Bennett

 

 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 (http://www.littlegreenpharma.com/)

 

 

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