Press Release

Filament Health And Psyence Announce Worldwide Licensing Agreement Of Psilocybin Capsule For Palliative Care

December 15, 2022
Mushrooms grow in a forest

The agreement expands on an existing partnership and grants Psyence the right to commercialize Filament’s natural psilocybin drug candidate PEX010 25mg within palliative care

Vancouver, British Columbia, December 15, 2022  Filament Health Corp. (OTCQB:FLHLF) (NEO:FH) (FSE:7QS) (“Filament”), a clinical-stage natural psychedelic drug development company, and Psyence Group Inc (CSE:PSYG | OTCQB: PSYGF) (“Psyence” and, together with Filament, the “Companies”), a life science biotechnology company pioneering the use of natural psilocybin in mental health and well-being, today announced the conclusion of a royalty-bearing, worldwide commercial licensing agreement. The agreement grants Psyence the worldwide right to commercialize Filament’s natural psilocybin drug candidate, PEX010 (25mg), within the context of palliative care.

“We are pleased to further develop our partnership with Filament Health, a leader in the development of natural psychedelic drug candidates,” said Dr. Neil Maresky, Chief Executive Officer of Psyence. “Our ability to deliver these much-needed substances to patients around the world is enhanced by Filament’s support.”

Psyence is designing market-leading clinical trials in the field of palliative care.The licensing agreement with Filament grants Psyence exclusivity in the UnitedKingdom, the United States, and the European Union within palliative care, and designates Filament as Psyence’s exclusive supplier of drug products within this context. Filament will receive milestone payments of up to $3 million over the course of Psyence’s clinical development and marketing authorizations achieved by Psyence, as well as a percentage of future net sales in the low double digits.

“Palliative care is a complex and under-examined area of study, and Psyence is leading the way with their use of natural psilocybin to treat associated indications,” said Benjamin Lightburn, ChiefExecutive Officer of Filament. “We are thrilled to expand our partnership with Psyence and look forward to the advancement of our drug candidate in this important field.”

Filament's growing technology licensing network now consists of partners using PEX010 to study indications including opioid tapering, palliative care, and alcohol use disorder.

ABOUT FILAMENT HEALTH (OTCQB:FLHLF) (NEO:FH) (FSE:7QS)

Filament Health is a clinical-stage natural psychedelic drug development company. We believe that safe, standardized, naturally-derived psychedelic medicines can improve the lives of many, and our mission is to see them in the hands of everyone who needs them as soon as possible. Filament’s platform of proprietary intellectual property enables the discovery, development, and delivery of natural psychedelic medicines. We are paving the way with the first-ever natural psychedelic drug candidates.

Learn more at www.filament.health and on Twitter, Instagram, andLinkedIn.

ABOUT PSYENCE GROUP (CSE: PSYG | OTCQB: PSYGF)

Psyence is a life science biotechnology company listed on the Canadian Securities Exchange (CSE: PSYG) and quoted on the OTCQB (OTCQB: PSYGF), with a focus on natural psychedelics. Psyence works with natural psilocybin products for the healing of psychological trauma and its mental health consequences in the context of palliative care.Our name “Psyence” combines the words psychedelic and science to affirm our commitment to producing psychedelic medicines developed through evidence-based research. Informed by nature and guided by science, we built and operate one of the world’s first federally licensed commercial psilocybin mushroom cultivation and production facilities in Southern Africa. Our team brings international experience in both business and science and includes experts in mycology, neurology, palliative care, and drug development.  We work to develop advanced natural psilocybin products for clinical research and development. Our key divisions, Psyence Production, Psyence Therapeutics and Psyence Function, anchor an international collaboration, with operations in Canada, the United Kingdom,Southern Africa, and a presence in the United States and Australia.

Learn more at www.psyence.com and on Twitter, Instagram and LinkedIn.

FILAMENT HEALTH

MEDIA RELATIONS

Anna Cordon, Director of Communications

778.245.9067

anna@filament.health

INVESTOR RELATIONS

ir@filament.health

PSYENCE GROUP

Katherine Murphy

ir@psyence.com

Media Inquiries: media@psyence.com

General Information: info@psyence.com

FORWARD LOOKING INFORMATION

Certain statements and information contained herein may constitute “forward-looking statements” and “forward-looking information,” respectively, under Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as, “expect”,“anticipate”, “continue”, “estimate”, “may”, “will”, “should”, “believe”,“intends”, “forecast”, “plans”, “guidance” and similar expressions are intended to identify forward-looking statements or information. Forward-looking statements herein include, but are not limited to, statements regarding the benefits of the agreement between the Companies and the commercialization ofFilament’s natural psilocybin drug candidate, PEX010 (25 mg). There are numerous risks and uncertainties that could cause actual results and theCompanies’ plans and objectives to differ materially from those expressed in the forward-looking information. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice.. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. TheCompanies will not update any forward-looking statements or forward-looking information that are incorporated by reference herein, except as required by applicable securities laws.