Reset Pharma has licensed Filament’s botanical psilocybin drug candidate for a phase 2 clinical trial studying demoralization syndrome

VANCOUVER, BC, Aug. 31, 2023 /CNW/ – Filament Health Corp. (OTCQB: FLHLF) (NEO: FH) (FSE: 7QS) (“Filament” or “Filament Health”), a clinical-stage natural psychedelic drug development company, today announced that it has entered into a licensing agreement with Reset Pharmaceuticals Inc. (“Reset Pharma”), a privately held biotechnology company focused on the development of innovative treatments to address mental health indications related to life-altering diseases. Under the terms of the agreement, Filament will license its proprietary botanical psilocybin drug candidate, PEX010, and associated intellectual property, to Reset Pharma for a phase 2 clinical trial for the treatment of demoralization syndrome. PEX010 is formulated as a capsule for oral administration, and is currently being administered in multiple US Food and Drug Administration- and Health Canada-approved phase 1 and phase 2 human clinical trials.

“Clinical trial data indicates that psilocybin may be effective in treating demoralization syndrome, so we are pleased to partner with Filament, a leader in the development of pharmaceutical-grade botanical psilocybin, to advance our clinical trial,” said Jan-Anders Karlsson, Co-Founder and Interim Chief Executive Officer of Reset Pharma.

“Reset Pharma’s lead program focuses on developing a psilocybin-related product to treat demoralization syndrome in patients with cancer. We believe that these patients have significant levels of demoralization with a perceived lack of control, hopelessness and helplessness, an increased risk of suicide, and currently have no effective treatment options.”

The licensing agreement with Filament grants Reset Pharma use of PEX010 for a phase 2 FDA clinical trial.

“We believe that demoralization syndrome is a complex and under-examined area of study,” said Benjamin Lightburn, Chief Executive Officer of Filament. “We are thrilled to develop a partnership with Reset Pharma and look forward to the advancement of our drug candidate in this important field.”

Reset Pharma joins a growing list of Filament licensing partners using PEX010 to advance their clinical trial programs. Filament’s partners are focused on indications including opioid tapering, palliative care, and alcohol use disorder.

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 what we believe to be the first-ever natural psychedelic drug candidates.

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

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 licensing agreement with Reset Pharma and the outcome of any clinical trials. 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 Filament are based on Filament’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 trial. 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.

For further information: MEDIA RELATIONS, Anna Cordon, Director of Communications, [email protected]; INVESTOR RELATIONS, [email protected]