Filament Well being Experiences Second Quarter 2021 Monetary Outcomes | 2021-08-16 | Press Releases

Developments embrace $ 7.8 million treasury, IPO and financing, FDA medical trial progress, license enlargement and first patent issuance

VANCOUVER, BC, August 16, 2021 / CNW / – Filament Well being Corp. (NEO: FH) (“Filament” or the “Firm”), a number one developer of completely pure psychedelic medication, right now launched its unaudited second quarter monetary outcomes and highlights of the exercise for the interval ended June 30, 2021. Filament introduced an lively quarter punctuated by cutting-edge developments, together with the issuance of a patent for the extraction of pure psilocybin and the development of its proprietary pure psychedelic extracts by way of FDA medical trials. A replica of the Firm’s unaudited condensed interim consolidated monetary statements and MD&A for the three and 6 months ended June 30, 2021, might be discovered below the Firm’s profile on SEDAR at www.sedar.com.

Highlights of Q2 and Submit-Interval Actions

  • Finalization of the general public transaction and the pre-IPO financing spherical earlier than June 24 NEO Trade itemizing. Product use contains medical trials, analysis and improvement, mental property initiatives, and dealing capital.
  • First business patent granted by the Canadian Mental Property Workplace for the extraction and standardization of pure psilocybin and related psychoactive compounds.
  • The portfolio of patent filings has grown to over a dozen, overlaying the extraction, standardization, purification and supply of APIs (lively pharmaceutical elements).
  • Modification obtained to Well being Canada’s distributor license permitting in depth actions with all managed pure psychedelics. Obtained IRB approval to conduct the FDA’s first medical trial with a GMP-grade pure mushroom compound, in partnership with the Translational Psychedelic Analysis (TrPR) program of College of California, San Francisco (UCSF).
  • Completion of three a lot of proprietary mushroom extracts, together with main drug candidates PEX010, PEX020 and PEX030 for upcoming FDA medical trials.

Second Quarter Monetary Highlights

  • Properly capitalized with money and money equivalents of $ 7.8 million from June 30, 2021.
  • Shut it $ 5 million non-public placement.

Commentary and outlook

“This has been a interval of great development and improvement for Filament Well being,” mentioned Benjamin lightburn, Chief Government Officer. “We now have spent the previous 12 months specializing in establishing the basics and constructing a scalable platform. Our fast progress in these areas has allowed us to be listed on a senior trade, assured in our capacity to generate shareholder worth. Since itemizing, we’ve got continued to innovate, with latest achievements in mental property, licensing and drug improvement positioning Filament on the forefront of analysis and manufacturing of pure psychedelics. attainable.”

Administration announcement

Filament additionally introduced that as of September 1, 2021, Tom kineshanko will transfer to a brand new place of Founding Advisor following his function as President. He’ll retain an lively function in operational oversight, communication with shareholders and technique. Mr. Kineshanko is without doubt one of the co-founders of the corporate and has been instrumental in creating its imaginative and prescient and technique.

“Having based Filament and seeing it obtain public itemizing and a complicated working platform, that is the right time for me to maneuver right into a consulting function,” Kineshanko mentioned. “Filament is led by each an distinctive administration workforce and an engaged Board of Administrators and I look ahead to contributing to the longer term strategic roadmap and operational course of Filament. “

ABOUT FILAMENT HEALTH

Filament Well being is an completely pure psychedelic drug discovery and extraction expertise firm. Its mission is to get protected, accepted pure psychedelics into the arms of everybody who wants them ASAP. Filament believes that measurable and efficient medication will probably be a catalyst for treating many psychological well being points all over the world and that pure psychedelics present an optimum possibility for the widespread uptake of those substances. Filament engages within the commercialization of pure extraction expertise, utilizing its mental property portfolio, in-house GMP amenities, and Well being Canada’s reseller license for all pure psychedelics. Filament is headquartered at Vancouver, British Columbia and negotiate on from Canada NEO trade (NEO: FH).

Study extra about www.filament.well being and on Twitter, Instagram and LinkedIn.

FORWARD-LOOKING INFORMATION

Sure statements and knowledge contained on this doc might represent “forward-looking statements” and “forward-looking info”, respectively, below Canadian securities laws. Typically, forward-looking info might be recognized by means of forward-looking phrases resembling “count on”, “anticipate”, “proceed”, “,”, “,”, “intention”, ” forecasts “,” plans “,” instructions “and comparable expressions are meant to establish forward-looking statements or info. Ahead-looking statements usually are not historic information, however replicate the present expectations of Filament administration relating to outcomes or future occasions and are based mostly on info at the moment accessible to it. Sure vital components and assumptions have been utilized in offering these forward-looking statements. The forward-looking statements mentioned on this press launch might embrace, however usually are not restricted to, info relating to compliance with in depth authorities rules ; basic enterprise, financial, aggressive, political and social uncertainties; Filament’s expectations relating to its capacity to conduct medical trials; the timing and outcomes of those medical trials; the character, timing and attainable success of the modification to Well being Canada’s Filament Distributor’s License on Filament’s Enterprise and Managed Pure Psychedelics; and the impression and accessibility of psychedelic therapies. Ahead-looking statements in regards to the Firm are based mostly on the Firm’s estimates and are topic to identified and unknown dangers, uncertainties and different components which can trigger precise outcomes, ranges of exercise, efficiency or Filament’s accomplishments are materially totally different from these expressed or implied by such forward-looking statements or forward-looking info, together with capital expenditures and different prices. There might be no assurance that such statements will show to be correct, as precise outcomes and future occasions may differ materially from these anticipated in such statements. Subsequently, readers shouldn’t place undue reliance on forward-looking statements and forward-looking info. Filament is not going to replace any forward-looking statements or forward-looking info which might be included by reference herein, besides as required by relevant securities legal guidelines.

SOURCE Filament Well being Corp.

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