“I think it’s a huge unmet need in those areas and, from all the indicators, it’s just going to get much, much worse,” he said.
“So we’re going to need options. Emyria is very interesting company because of the way it uses and generates what I call real world data.
“They’re actually not just sort of passing out their medicinal cannabinoids. They’re – in a very structured and scientifically valid way – collecting data on the use, application, how patients are experiencing it and benefits, symptoms etc. And this is really being evidence-based and data driven in medicinal cannabinoids.”
Dr Burnell said the “cherry on top” of the work being done by Emyria was the company’s focus on a licensed portfolio of different psychedelic analogs and the potential to patent some of the analogs.
“It is a hugely exciting area. If you look overseas in the US at the moment at a few venture backed and funded companies that have got psychedelic portfolios, their valuations are enormous even still after some of the correction that’s happened in the last few months,” he said.
The Therapeutic Goods Administration (TGA) late last year rejected a bid to have MDMA and psilocybin (the active ingredient in magic mushrooms) rescheduled from Schedule 9 prohibited substances to Schedule 8 controlled substances.
The TGA said that while early trials of MDMA and psilocybin showed promise, ensuring the safe administration of the drugs would be difficult to achieve outside a clinical trial framework.
The other Australian company backed by the Forrests to date is cancer therapy-focused Carina BioTech. Tenmile also has a stake in US technology investor Rock Health.
In a statement, Dr Forrest said the intention was to focus on Australian researchers and Australian companies “to deliver life-changing products and medical treatments in a way that this country has not seen before”.
Dr Burnell said Tenmile planned to make a series of investments and, although not binding prerequisites, would look favourably on businesses led by women and those with strong intellectual property.
He said it was unfortunate that a lot Australia’s homegrown invention and innovation in health tech either withered on the vine or was acquired and ultimately developed and commercialised overseas.
“I think the sweet spot for Tenmile is to change that dynamic and really allow them (start-ups) to grow as Australian companies by giving them access and time to prove out their products for US and European and Asian markets,” he said.