Vancouver, British Columbia, August 15, 2023 – Filament Health Corp. (OTCQB:FLHLF) (NEO:FH) (FSE:7QS) (“Filament” or the “Company”), a clinical-stage natural psychedelic drug development company, released its second quarter financial results and operational highlights for the period ended June 30, 2023.
“I’m proud to report on another highly productive quarter,” said Benjamin Lightburn, CEO and Co-Founder of Filament Health. “The Filament team has achieved a number of industry-first milestones and continued to grow our revenue-generating supply network. Shortly after the period ended, we announced our intention to list on the Nasdaq through a business combination with Jupiter Acquisition Corporation. This transaction will accelerate the progression of our botanical psychedelic drug development platform, and facilitate our mission to see safe, standardized natural psychedelics in the hands of everyone who needs them.”
Q2 2023 Financial and Operational Highlights:
● Cash and cash equivalents of approximately $1.2 million as of June 30, 2023 (which excludes $2.5 million private placement completed by Filament in July 2023).
● On June 30, 2023, the Company announced an exclusive global licensing agreement with NeoLumina Bioscience Inc. to license its proprietary botanical psilocybin drug candidate, PEX010, and associated intellectual property, to NeoLumina for clinical and commercial development related to eating disorders.
● On May 30, 2023, the Company announced interim safety reporting from its Phase I clinical trial in partnership with the University of California, San Francisco’s Translational Psychedelic Research Program, noting fifteen doses of Filament’s PEX010, PEX020 and PEX030 psilocybin drug candidates have been given, and all were reported to be well tolerated with no serious or unexpected adverse events.
● On May 17, 2023, the Company announced the completion of the first-ever Nagoya Protocol-compliant import of Tabernanthe iboga root from Gabon to Filament’s research and development facility.
Q1 2023 Refilings:
The Company has revised and refiled the following documents:
● Unaudited condensed interim consolidated financial statements, together with the notes thereto, for the three months ended March 31, 2023 (the “Q1 FS”); and
● Management’s Discussion and Analysis for the three months ended March 31, 2023 (the “Q1 MD&A”);
The Q1 FS, originally filed on SEDAR on May 12, 2023, have been revised and refiled to reflect revisions in the accounting treatment applied to and recognized for the acquisition of the joint venture included in the original condensed interim consolidated financial statements.
The Q1 MD&A, originally filed on SEDAR on May 12, 2023, was revised to reflect the effects of the restatement in the Q1 FS and is being refiled with the Q1 FS.
The Company considered these revisions to be material. The Amended Statements replace and supersede those previously filed and are available under the Company's profile on SEDAR at www.sedar.com.
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 for clinical development. We are paving the way with the first-ever natural psychedelic drug candidates.
Learn more at www.filament.health and on Twitter, Instagram and LinkedIn.
Anna Cordon, Director of Communications
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. The forward-looking statements are not historical facts, but reflect the current expectations of management of Filament regarding future results or events and are based on information currently available to them. Certain material factors and assumptions were applied in providing these forward-looking statements. The forward-looking statements discussed in this press release may include, but are not limited to, information concerning the impact of the patent on the Company’s business and the ability of the Company to secure future patents. Forward-looking statements regarding the Company are based on the Company’s estimates and are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, levels of activity, performance or achievements of Filament to be materially different from those expressed or implied by such forward-looking statements or forward-looking information, including status of patent applications and the ability to secure patents. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Filament will not update any forward-looking statements or forward-looking information that are incorporated by reference herein, except as required by applicable securities laws.