• Little Green Pharma’s subsidiary Reset sealed a deal with non-profit insurance, HIF
  • The two companies will look into a treatment facility that could deliver psychedelic assisted psychotherapy
  • CleanSpace Holdings announces new CEO


Little Green Pharma’s foray into psychedelic

Reset Mind Sciences, a subsidiary of cannabis stock Little Green Pharma (ASX:LGP), will partner with HIF to establish a proof-of-concept mental health treatment facility that could deliver psychedelic assisted psychotherapy to patients.

Under the ‘strategic alliance’, both parties will also undertake a health economics study to provide HIF (Health Insurance Fund of Australia) with the real-world data necessary to inform potential member coverage for this treatment.

Ultimately, HIF wants to be able to offer its members coverage for psychedelic assisted psychotherapy, as well as having direct access to mental health facilities that can provide treatment using psychedelics.

The agreement follows the recent announcement by the TGA to allow psychiatrists, under strictly defined parameters, to prescribe psilocybin for treatment resistant depression, as well as MDMA for PTSD starting from July 1.

Under these new rules, medicines containing psychedelic substances psilocybin and MDMA (3,4-methylenedioxy-methamphetamine) can be prescribed by authorised psychiatrists in Australia for treating certain mental health conditions.

The rules also said that psychiatrists seeking the Authorised Prescriber status will first be required to obtain approval from a Human Research Ethics Committee (HREC).

Reset has recently obtained this HREC approval for its clinical trial that will study the use of psychedelics in treating resistant major depressive disorder.

The company believes that it’s vitally important that any treatment undertaken in Australia under the new TGA regime to be done to the highest standards of ethics and professionalism.

“As an industry, we have to think ahead as to how psychedelic treatment will integrate into the broader healthcare system,” said Reset CEO, Shaun Duffy.

“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.”


Cleanspace has new CEO

Meanwhile, respiratory protection specialist CleanSpace Holdings (ASX:CSX) has just announced a new CEO.

The company said that following an extensive search process, it has appointed Graham McLean as CEO, effective immediately.

McLean joined the CleanSpace board in February 2022, and has been acting as interim CEO since 10 January this year.

Cleanspace says McLean is a very experienced senior executive, having worked with NYSE-listed Stryker for 16 years, and brings significant operational and healthcare experience.

Stryker is a global company offering a range of products and services, including healthcare PPE, sold via distributors and direct sales.

At Stryker, McLean held several senior positions, including president (Japan), president (Australia/New Zealand) and president (Asia Pacific), based in Singapore and Hong Kong.

“The board has been impressed by Graham’s leadership of the business,” said CleanSpace’s chair, Bruce Rathie.

“We are confident in his ability to lead the company through the current challenges and return the company to growth.”


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