Filament Will License its Proprietary Botanical Psilocybin Drug Candidate, PEX010, to EntheoTech for Use in Clinical Trials Seeking Health Canada Approval
VANCOUVER, BC, Nov. 18, 2021 /CNW/ – Filament Health Corp. (OTCQB: FLHLF) (NEO: FH) (FSE: 7QS) (“Filament” or the “Company”), a clinical-stage natural psychedelic drug development company, today announced that it has entered into a co-development and exclusive licensing agreement with EntheoTech Bioscience Inc. (“EntheoTech” or “ET”), a bioscience company focused on the research and development of formulas and protocols to support opioid tapering and treat chronic pain, depression and other mental health conditions. Under the agreement, Filament will exclusively license its botanical psilocybin drug candidate, PEX010, to EntheoTech for two upcoming clinical trials addressing opioid use for chronic pain and depression. Separately, Filament will co-develop psychedelic drug candidates derived from mushrooms grown from EntheoTech’s proprietary spore library. As part of the agreement, EntheoTech will pay Filament a total consideration of $525,000 based on the achievement of certain milestones.
“Our partnership with EntheoTech showcases our commitment to advancing botanical psychedelic therapies for the treatment of a range of disorders and medical conditions,” said Filament Chief Executive Officer, Benjamin Lightburn. “We believe in enabling a thriving ecosystem of natural psychedelic clinical research. This agreement will provide near-term revenue and allows EntheoTech to leverage Filament’s powerful platform.”
“We are delighted to announce our formal partnership with Filament Health,” said Fraser Johnston, Chief Executive Officer of EntheoTech. “Our mission is to develop clinically-validated treatments for opioid use tapering, chronic pain, and depressive disorders. With 20% of Canadians suffering from chronic pain, and considering the pandemic’s negative effects on mental health and addictions, this novel approach is very timely. Partnering with Filament allows us to rapidly advance our goals with innovative, IP-protected drug candidates.”
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.
ABOUT ENTHEOTECH BIOSCIENCE
EntheoTech is a Canadian bioscience company focused on innovative psychedelic solutions for chronic pain and mental health. ET is providing interventional pain treatments, Ketamine-assisted therapies and is engaged in the research and development of natural psilocybin formulas with their own unique strain library to promote optimal brain health and the reduction of chronic pain, mental health conditions, and opioid overuse.
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 anticipated benefits of the partnership with ET, the clinical trials, the co-development of psychedelic drug candidates and the achievement of milestones and timing of payments to Filament pursuant to the partnership agreements with ET. 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. 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 results of the clinical trials and achievement of milestones pursuant to the partnership agreements with ET. 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.
SOURCE Filament Health Corp.