Developments include $7.8 million cash position, go public transaction and financing, FDA clinical trial progress, licensing expansion, and first patent issuance
VANCOUVER, BC, Aug. 16, 2021 /CNW/ - Filament Health Corp. (NEO: FH) ("Filament" or the "Company"), a leading exclusively-natural psychedelic drug development company, today released its second quarter unaudited financial results and business highlights for the period ended June 30, 2021. Filament announced an active quarter punctuated by industry-leading developments, including the issuance of a patent for the extraction of natural psilocybin and the advancement of its proprietary natural psychedelic extracts through FDA clinical trials. A copy of the Company's unaudited condensed interim consolidated financial statements, and management's discussion and analysis for the three and six months ended June 30, 2021, can be found under the Company's profile on SEDAR at www.sedar.com.
Second Quarter and Post Period Business Highlights
- Completed go public transaction and pre-IPO financing round in advance of June 24th NEO Exchange listing. Use of proceeds includes clinical trials, research and development, intellectual property initiatives, and working capital.
- Granted industry-first patent from the Canadian Intellectual Property Office related to the extraction and standardization of natural psilocybin and associated psychoactive compounds.
- Patent filings portfolio expanded to over one dozen, covering extraction, standardization, purification, and delivery of APIs (Active Pharmaceutical Ingredients).
- Received amendment to Health Canada Dealer's License allowing for broad activities with all controlled natural psychedelic substances. Obtained IRB approval to conduct industry-first FDA clinical trial featuring a GMP-grade natural mushroom compound, in partnership with the Translational Psychedelic Research (TrPR) program at University of California, San Francisco (UCSF).
- Completed three batches of proprietary mushroom extracts, including leading drug candidates PEX010, PEX020, and PEX030 for upcoming FDA clinical trials.
Second Quarter Financial Highlights
- Well capitalized with cash and cash equivalents of $7.8 million as of June 30, 2021.
- Closed on $5 million private placement.
Commentary and Outlook
"This has been a period of significant growth and development for Filament Health," said Benjamin Lightburn, Chief Executive Officer. "We spent the past year focused on establishing fundamentals and building a scalable platform. Our rapid progress in these areas allowed us to list on a senior exchange, confident in our ability to drive shareholder value. Since listing, we have continued to innovate, with recent accomplishments in intellectual property, licensing, and drug development positioning Filament at the forefront of natural psychedelic research and manufacturing. We are committed to maintaining this pace of innovation in order to support the treatment of mental health conditions with safe, natural psychedelics as soon as possible."
Filament also announced that as of September 1, 2021, Tom Kineshanko will be transitioning to a new position as Founding Advisor from his role as President. He will maintain an active role in operational oversight, shareholder communications, and strategy. Mr. Kineshanko is one of the Company's co-founders and has been paramount in developing its vision and strategy.
"Having founded Filament and seeing it achieve a public listing and advanced operating platform, it is the ideal time for me to transition to an advisory position," said Mr. Kineshanko. "Filament is led by both an exceptional management team and committed Board of Directors and I look forward to contributing to Filament's future strategic roadmap and operational focus."
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, 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).
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 compliance with extensive government regulation; general business, economic, competitive, political and social uncertainties; Filament's expectations concerning its ability conduct clinical trials; the timing and results of such clinical trials; the nature, timing, and possible success of Filament's Health Canada Dealer's License amendment on Filament's business and controlled natural psychedelic substances; 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.