Filament’s patent describes the extraction of stable, standardized doses of psychoactive compounds at its wholly-owned subsidiary Psilo Scientific's Health Canada-licensed, GMP-certified facility
Vancouver, British Columbia, August 3, 2021 – Filament Health Corp. NEO:FH. (“Filament” or the “Company”), a leading exclusively-natural psychedelic drug development company, today announced that it is the first public company to be issued a patent by the Canadian Intellectual Property Office for the extraction and standardization of natural psilocybin and associated psychoactive compounds. The patent describes essential technology for transforming variable psychedelic raw materials into pharmaceutical-grade standardized extracts.
This successful issuance validates Filament’s intellectual property strategy and sets the Company in good stead for allowances of pending patents covering additional elements of its proprietary technologies.
“We are proud to lead the industry with this first issued natural extraction patent. This approval represents important progress in the development of our intellectual property,” said Benjamin Lightburn, Chief Executive Officer. “At Filament Health, we know that nature is a valuable source of medicine, but that certain technologies are necessary to bring natural products up to a pharmaceutical grade—most importantly, through standardization.”
Filament’s wholly-owned subsidiary Psilo Scientific has developed innovative technology to extract and standardize a stable dose of natural psilocybin in order to overcome crop-to-crop and flush-to-flush variability. Previous methods of natural extraction have experienced challenges relating to poor yields, stability, and repeatability. As a result, synthetic preparations of psilocybin have become the industry standard. Leveraging decades of natural extraction expertise, Psilo Scientific has overcome these issues to produce a superior product at a lower cost.
“This achievement affirms Filament’s talent for innovation and demonstrates that we recognize the importance of protecting shareholder value,” said Taran Grey, Director of Intellectual Property (IP). “The concern that a third party could irreparably interfere with our operations by asserting IP against us is no longer the same threat as it is for others.”
The issuance of Filament’s patent comes soon after the Company’s wholly-owned subsidiary Psilo Scientific was granted an amendment to its Health Canada Dealer’s License on July 28, 2021, which allows for broad operations with all controlled natural psychedelic substances.
ABOUT FILAMENT HEALTH
Filament Health is an exclusively-natural psychedelic drug discovery and extraction technology company. Its mission is to see safe, approved, natural psychedelics in the hands of everyone who needs them as soon as possible. Filament believes measurable and efficacious medicines will be a catalyst to addressing many of the world’s mental health problems and that natural psychedelics provide an optimal option for widespread adoption of these substances. Filament engages in natural extraction technology commercialization, utilizing its intellectual property portfolio, and its wholly owned subsidiary Psilo Scientific’s in-house GMP facility and Health Canada Dealer’s License for all natural psychedelics. Filament is headquartered in Vancouver, British Columbia and trades on Canada’s NEO Exchange (NEO:FH).
Anna Cordon, Director of Communications
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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 Filament’s and TrPR’s ability to conduct clinical trials; the results of the partnership; the nature, timing, and possible success of Filament’s leading drug candidates and the impact and accessibility of psychedelic treatments. 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 capital expenditures and other costs. 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.