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VANCOUVER, BC, April 2, 2024 /CNW/ - Filament Health Corp. (OTCQB: FLHLF) (NEO: FH) (FSE: 7QS) ("Filament" or the "Company"), a clinical-stage natural psychedelic drug development company, released its fourth quarter financial results and operational highlights for the period ended December 31, 2023.

"During the fourth quarter, we continued to lay the foundation for the advancement of our lead program, PEX010, into meaningful Phase 2 clinical trials. This included the difficult, but thoughtful strategic decisions to terminate the proposed business combination with Jupiter Acquisition Corporation, and to refocus our efforts on more traditional methods of financing the Company," said Benjamin Lightburn, Co-Founder and Chief Executive Officer at Filament Health.

Mr. Lightburn continued: "Since the quarter ended, the team at Filament has worked diligently to expand our position as a leading psychedelic drug developer as well as the premier global supplier of cGMP botanical psilocybin. We shipped PEX010, our most advanced botanical drug candidate, to six countries for clinical research, and opened another IND with the FDA for the study of PEX010 as a treatment of substance use disorders."

Operational Highlights During Q4 2023:

  • Announced that Magdalena Biosciences, a joint venture formed by Filament and Jaguar Health, Inc., successfully completed an import of coca leaf to Filament's Metro Vancouver research and development facility.
  • Announced Health Canada approval for a Phase 2 clinical trial at the University of British Columbia studying the effects of PEX010 for the treatment of opioid use disorder.

Financial and Capital Market Highlights During Q4 2023: 

  • Cash and cash equivalents of $1.8 million and working capital of $1.1 million as of December 31, 2023;
  • Cash used in operating activities of $4.2 million during the twelve months ended December 31, 2023; and
  • Total revenues of $2.1 million during the twelve months ended December 31, 2022

Other Corporate Activities Subsequent to Q4 2023

  • Announced the completion of an export of PEX010 to Perth, Western Australia. The shipment is believed to be the first botanical psilocybin to be legally exported to Australia and was received by Reset Mind Sciences Ltd.
  • Announced that the U.S. Food and Drug Administration has accepted the Investigational New Drug application for PEX010, Filament's botanical psilocybin drug candidate, for the treatment of substance use disorders.
  • Announced the completion of an export of PEX010 to Hadassah University Hospital in Israel which will study Filament's drug candidate in a clinical trial examining the effects of psilocybin for treatment-resistant obsessive-compulsive disorder and treatment-resistant post-traumatic stress disorder.
  • Announced the shipment of PEX010 to four countries for clinical trials at leading research institutions including Johns Hopkins University. PEX010 will be studied in Canada, the United States, Belgium, and Israel, for mental health indications such as cannabis use disorder, depression, anxiety, and alcohol use disorder.
  • Announced that Michael Messinger has been appointed to its Board of Directors and will also serve as Chair of the Audit Committee. The Company also announced that Steven Nguyen has been appointed Interim Chief Financial Officer.

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.

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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 psilocin as compared to psilocybin. 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 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.

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