Vancouver, British Columbia, November 10, 2022 – 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 September 30, 2022.
“Our third quarter demonstrated Filament’s continued progress both internally and externally,” said Filament CEO Benjamin Lightburn.“The closure of a $2.5 million financing provided our drug development platform with significant runway, and the issuance of three patents by USPTO and CIPO secured further IP protection. Filament’s natural psilocybin drug candidate continues to be in high demand from our partner network, and was dosed in one of the largest ever psilocybin clinical trials, with all participants reporting positive effects. We also began the first FDA-approved clinical trial of natural psychedelics in collaboration with UCSF. Looking forward, we are excited by Filament’s growing industry profile as a supplier of pharmaceutical-grade natural psilocybin both for revenue-driving supply partnerships and for research institutions.”
2022 Q3 Financial and Operational Highlights:
● Cash and cash equivalents of $3.5 million as ofSeptember 30, 2022;
● On September 1, 2022, the Company and ATMA Journey Centers announced the dosing of 14 subjects in a Health Canada approved psilocybin trial.
● On August 24, 2022, the Company appointed new members to the Board of Directors and Advisory Council. Dr.Konstantin Adamsky joined the Board of Directors and Jeff Chilton joined theAdvisory Council.
● On August 17, 2022, the Company announced its eighth patent issuance, by the Canadian Intellectual PropertyOffice (“CIPO”), for the extraction and standardization of natural psilocybin and associated psychedelic compounds. Upon issuance, Filament holds eight patents including five in Canada and three in the United States.
● On July 28, 2022, the Company announced participation in Project Solace, the world's largest medical psilocybin access and data project, led byCanadian non-profit, Therapsil.
● On July 13, 2022, the Company announced closing of a non-brokered private placement for gross proceeds ofC$2,500,080 (the “July 2022 Financing”).
● On July 12, 2022, the Company announced that it was issued a third patent by the United States Patent andTrademark Office (“USPTO”) for the extraction and standardization of natural psilocybin and associated psychedelic compounds.
● On July 7th, 2022, the Company announced the beginning of dosing in the first United States Food and DrugAdministration (“FDA”)-approved clinical trial studying the effects of naturally derived psychedelic drug candidates.
● On July 6, 2022, the Company announced that it was issued a fourth patent by CIPO, and sixth patent overall, for the extraction and standardization of natural psilocybin and associated psychedelic compounds.
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.
Anna Cordon, Director ofCommunications
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 ofFilament 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.