** Shares of Emyria Ltd EMD.AX rise 32% to A$0.033, their highest since May 22

** The early-stage drug developer announces multi-year agreement with Medibank MPL.AX wherein the latter's customers can access EMD's s Empax PTSD care program

** EMD also raises A$4 million ($2.59 million) at A$0.024, a discount of 4% to the stock's last close

** Says proceeds will be used for programs under the Medibank agreement among others

** Stock set for best day since March 7, if gains hold

** Stock sees busiest session in over two years, as 12 mln shares change hands, 18.1x the 30-day average of 663,166

** MPL up 1.2% to A$4.96 for the session

** EMD down 2.9% YTD, including moves in current session

($1 = 1.5423 Australian dollars)

(Reporting by Jasmeen Ara Shaikh in Bengaluru)

((JasmeenAraIslam.Shaikh@thomsonreuters.com;))