Emyria’s Empax Network Moves to National Roll-Out –Perth, Brisbane, Mornington Peninsula - Mental Health Business - #SamsoDYOR
- Noel Ong
- 3 days ago
- 8 min read
Announcement
Institutional Placement Accelerates EMD National Expansion 20 November 2025 (click here to view the announcement)
Emyria Limited (ASX: EMD) has taken another step toward building a national network of intensive, evidence-based mental health services in Australia. The Company has secured funding through an $8 million institutional placement and exercised a key option with Avive Health, paving the way for its first Empax Clinic in Victoria. At the same time, insurer-funded treatments have commenced at the Brisbane Empax Clinic, adding a second reimbursed site to the existing Empax Centre in Perth.
These developments mark a transition from early validation to multi-state execution for Emyria’s capital-light Empax clinic model, underpinned by growing private and government reimbursement frameworks.
The Business of the Company: Focus – Mental Health Projects
Emyria develops and delivers new treatments for mental health and select neurological conditions using an integrated model that combines direct clinical services with treatment development:
Emyria Healthcare provides evidence-based treatment for patients who have not found relief from conventional care, including assisted therapy for PTSD and treatment-resistant depression.
Emyria Data captures robust, ethically sourced real-world data from patients to refine therapy programs and support drug-development activities.
Emyria’s Pipeline focuses on new psychedelic-assisted therapies and drug treatments for mental health and selected neurological diseases.
The Empax Clinics sit at the centre of this model, delivering psychiatrist-supervised, therapist-assisted care while continuously generating clinical data to inform future programs.
Highlights – Institutional Placement and Avive Partnership Accelerate National Expansion
1. Mornington Option Exercised – First Empax Clinic in Victoria
Emyria has exercised the “Mornington Option”.
Secures a six-month exclusive right to negotiate an Empax Clinic within Avive Health’s flagship mental-health hospital on the Mornington Peninsula.
Mornington is expected to become Emyria’s first Empax Clinic in Victoria.
The site is intended to be a cornerstone East Coast hub, expanding reimbursed treatment beyond Western Australia and Queensland.
2. Exclusive Rights to Roll Out Empax Clinics Across Avive Health
Agreement with Avive Health expanded to provide Emyria exclusive rights to negotiate Empax Clinics across:
All existing Avive-operated hospital sites; and
All future Avive-operated hospital sites.
Avive currently operates four clinics nationally, with two more under construction.
This framework offers a scalable, capital-efficient pathway for national deployment of Empax services.
3. Brisbane Empax Clinic Commences Insurer-Funded Treatments
Insurer-funded treatments have commenced at the Brisbane Empax Clinic.
The clinic is located within Avive Health’s licensed private hospital in Queensland.
Now generating reimbursed revenue and validating the scalability and repeatability of Emyria’s treatment model across jurisdictions.
Psychiatrists and therapists have shown “overwhelming” interest, reinforcing Emyria’s position as a clinical leader in medication-assisted psychotherapy.
4. DVA Creates World-First Government Funding Framework
On 3 November 2025, the Department of Veterans’ Affairs (DVA) began funding medication-assisted psychotherapy for eligible veterans.
Establishes the world’s first government-payer reimbursement framework for this treatment class.
Around 17% of veterans experience PTSD, and 11% have treatment-resistant depression, underscoring the scale of need.
DVA funding complements Emyria’s existing Medibank agreement.
Together, they create Australia’s first combined private and government-funded pathway for medication-assisted psychotherapy (Figure 1)
Figure 1: Federal Minister for Veterans’ Affairs Hon. Matt Keogh MP (l) with Emyria
Executive Chairman Greg Hutchinson (r) at the Empax Centre in Perth (source: EMD).
5. Strong Support for $8m Institutional Placement
Emyria has completed an $8 million institutional placement at $0.06 per share.
Approximately 133.3 million new shares issued under existing placement capacities.
Issue price represents:
9.09% discount to the last closing price of $0.066; and
9.49% discount to the 15-day VWAP.
Placement strongly supported by:
Specialist life sciences and healthcare-aligned institutional investors;
Existing shareholders; and
New strategic investors, with bids scaled due to demand.
Use of funds will include:
East Coast clinic expansion through CY2026;
Workforce and infrastructure growth across the Empax network.
Preparatory work for community-based programs for DVA veterans and workers’ compensation patients;
General working capital.
Leadership Commentary
Emyria Executive Chairman, Greg Hutchinson, commented:
“We’re pleased to exercise the Mornington Option and expand our agreement with Avive Health, enabling the establishment of new funded Empax Clinics across additional states, strengthening our national rollout pathway. These developments increase our access to aligned clinical infrastructure and support our mission to make high-quality, evidence-based mental-health care more accessible to Australians with unmet mental health needs.”
“With insurer-funded programs now operating in Western Australia and Queensland, and with the DVA now actively supporting treatment for eligible veterans, we are demonstrating that our model of care can scale nationally. The strong backing for our $8 million Placement positions us to accelerate site development, grow our clinical workforce and expand treatment availability for patients living with complex mental-health conditions.”
Avive Health’s Co-CEO, Mark Sweeney, commented:
“By integrating Empax Clinics into both our Brisbane and Mornington Peninsula hospitals – Queensland and Victoria’s first hospital-based services of its kind – we offer patients the reassurance of hospital-level care throughout their medication-assisted psychotherapy journey. Avive is focused on carefully scaling a national network of clinician-led mental health hospitals and clinics, beginning with Brisbane and the Mornington Peninsula and extending to Adelaide and additional sites over time.”
About the Project – Empax Clinics and the Avive Health Network
The Empax clinic model is designed to deliver structured, psychiatrist-supervised, therapist-assisted care in a capital-light format. Under the expanded Avive Health agreement:
Emyria holds a six-month exclusive right to negotiate an Empax Clinic at the Mornington hospital under its operational protocols.
A nationwide negotiation option extends first-refusal rights across all current Avive sites and future Avive hospitals, subject to commercial terms and approvals.
The capital-light structure means no material up-front capital expenditure is required to exercise negotiation options, with commitments triggered only upon site conversion and commencement of operations.
The Brisbane Empax Clinic, now treating insurer-funded patients, serves as a blueprint for East Coast deployment. It demonstrates operational efficiency and portability, and provides an additional reimbursed revenue stream alongside the Perth Empax Centre.
The dual-payer framework – private insurer support through Medibank and government funding through DVA – strengthens demand visibility, clinic economics and revenue diversity as the network scales.
Near-Term Milestones to Watch
Finalising Mornington Peninsula Empax Clinic: Negotiation of detailed commercial terms and operational readiness for the first Victorian Empax Clinic within Avive’s flagship mental-health hospital.
Further Avive Site Conversions: Progress on deploying Empax Clinics across existing and new Avive hospitals, including Adelaide and additional sites flagged by Avive Health’s growth plans.
Expansion Through CY2026: East Coast footprint growth supported by placement proceeds, with new clinics expected to add reimbursed treatment capacity.
Community-Based Programs: Preparatory work during CY2026 for community-based treatment programs targeting DVA veterans and workers’ compensation cohorts.
Scaling Clinical Workforce and Data Systems: Recruitment and training of clinicians and therapists, and ongoing integration of real-world data to refine and support therapy and drug-development programs.
How Samso Understands the Investment Memo for the Company
From an investment memo perspective, this announcement frames Emyria as entering a new execution phase:
Defensible First-Mover Position: The Company now operates insurer-funded Empax programs in both Western Australia and Queensland and is preparing for Victoria, backed by exclusive rollout rights across Avive’s network. This structure supports a defensible first-mover advantage in medication-assisted psychotherapy delivered within hospital environments.
Capital-Light National Rollout: The Avive agreement and the negotiation options allow Emyria to expand without material upfront capital expenditure at the option stage. Capital is deployed at the point of site conversion, which may offer improved capital efficiency as the network grows.
Dual-Payer Revenue Model: The combined Medibank and DVA reimbursement pathways create diversified, recurring revenue streams and may improve clinic-level economics as patient throughput increases.
Institutional Support and Balance Sheet Strength: The strongly supported $8 million placement, led by specialist life-science and healthcare investors, provides the funding platform for near-term expansion and signals market interest in the Company’s strategy.
Samso Concluding Comments
Emyria’s latest announcement is about rolling out the plan to scale. With insurer-funded treatments now operating in both Perth and Brisbane, the model is proving it can scale across jurisdictions.
The Mornington Option introduces a meaningful foothold in Victoria, supported by exclusive negotiation rights across all Avive Health hospitals. This creates a structured pathway for national expansion without heavy upfront capital.
The introduction of DVA funding is particularly significant. A government-backed reimbursement framework places medication-assisted psychotherapy on firmer ground and expands the addressable patient base beyond private insurer cohorts.
With an $8 million placement secured and demand from clinical partners rising, the focus now will be on converting these opportunities into operational clinics that can deliver consistent, reimbursed treatment at scale.
What Does All This Mean To the Retail Investor
EMD currently has a market capitalisation of just over AUD $40M and the recent share price movements have all been supportive (Figure 2). The recent ASX releases have been good news for shareholders, and the rise from the middle of 2025 is a very encouraging sign for the company.
Figure 2: The share price chart for Emyria Limited as of 21st November 2025 (source: CommSec).
The uplift in shareholder support is more clearly appreciated in Figure 3, as we can see the changing mood of investors in regards to the Company's journey to creating scale and getting the business model forward.
Figure 3: The share price chart for Emyria Limited between 2024 and as of 21st November 2025 (source: CommSec).
The share appreciation between May 2025 and 21st November 2025 has seen a more than doubling of the share price, which, as I have mentioned, is a great endorsement of management.
The EMD business is one that I feel has a lot of potential, as the diagnosis of mental health has been increasing globally. Australia is not immune, and if one is on social media, one would have been inundated with all forms of mental health information. At a market cap of AUD $40M, this is far from a horse that has bolted. In fact, I think this is ripe for a good old DYOR and almost a certain #SamsoDYOR.
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