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Innovative mental health specialist Emyria (ASX:EMD) has this week started a significant growth program with a targeted clinical workforce recruitment campaign underway in New South Wales.
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Executive chairman, Greg Hutchinson, said that with Australia’s largest addressable patient population, NSW is a strategic priority for the company’s national expansion.
The Emyria chief pointed to the mental health burden in New South Wales, with substantial psychological injury claims in the state increasing by 64% between 2019-20 and 2023-24, with NSW Police alone incurring ~$1.75 billion in psychological injury compensation costs over the five years to June CY24.
Mr Hutchinson said Emyria’s targeted recruitment campaign is expected to fast-track the timeline to establishing a clinical presence in the state, building on a growing national workforce of more than 90 contracted and trained therapists across Western Australia, Queensland and Victoria.
“The commencement of this targeted recruitment campaign in NSW reflects the accelerating pace of Emyria’s national expansion,” Mr Hutchinson said.
“NSW is Australia’s largest domestic market, and establishing a clinical presence in the state is an important step as we continue to broaden access to our services, scale our evidence-based care model and create meaningful long-term value for patients, clinicians and shareholders.”
Mr Hutchinson told shareholders the global momentum in psychedelic and next-generation mental health therapies is accelerating towards a commercial inflection point, with multiple programs advancing into late-stage trials, increasing regulatory alignment with significant strategic capital inflows.
This is highlighted by Otsuka Pharmaceutical’s acquisition of Transcend Therapeutics for up to US$1.225 billion.
“This aligns Emyria’s clinical workforce, payer-funded, national footprint scaling with rapidly emerging global interest as the sector transitions toward a transformative clinical inflection point,” he said.
Emyria develops and delivers new treatments for mental health and select neurological conditions through an integrated model of direct clinical services and treatment development, and has a reputation for treating the toughest cases, such as PTSD and depression.
EMD is up +4% to 5.2¢. Mkt cap $40.32M.
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