VANCOUVER, BC, Nov. 14,
2023 /CNW/ - Filament Health Corp. (OTCQB:FLHLF)
(NEO:FH) (FSE:7QS) ("Filament" or the "Company"), a clinical-stage
natural psychedelic drug development company, released its third
quarter financial results and operational highlights for the period
ended September 30, 2023.
"This quarter we have made significant strides towards our
proposed Business Combination with Jupiter Acquisition Corporation,
and anticipated uplisting to Nasdaq," said Benjamin Lightburn, CEO and Co-Founder of
Filament Health. "Earlier today we announced that the U.S.
Securities and Exchange Commission declared effective the F-4
registration statement related to the Business Combination, a
crucial step towards completing the transaction which is expected
to offer us access to a broader capital markets audience and
advance our drug development platform."
2023 Q3 Financial and Capital Markets Highlights:
- On September 29, 2023, the
Company announced that it intends to complete a non-brokered
private placement for gross proceeds of up to C$2,000,000. This private placement has not
closed.
- On August 15, 2023, the Company
and Jupiter Acquisition Corporation (NASDAQ:JAQC) ("Jupiter"), a
special purpose acquisition company, announced the filing of a
registration statement on Form F-4 (as amended, the "Registration
Statement") by 1427702 B.C. Ltd.
("TopCo") related to the previously announced business combination
among Filament, Jupiter and TopCo (the "Business Combination"). On
November 14, 2023 and subsequent to
quarter-end, Filament and Jupiter announced that the U.S.
Securities and Exchange Commission (the "SEC") has declared
effective the Registration Statement.
- On July 24, 2023, the Company
announced it had upsized and closed on the private placement
financing announced July 19, 2023 for
gross proceeds of C$2,500,000.
- On July 19, 2023, the Company and
Jupiter announced they had entered into a definitive agreement,
dated July 18, 2023, for the Business
Combination pursuant to which TopCo, representing the combined
business, is expected to be listed on Nasdaq upon closing.
- On July 19, 2023, the Company
announced that it intended to complete a non-brokered private
placement for gross proceeds of up to C$2,000,000.
- On July 14, 2023, the Company
announced a change of auditor from Crowe MacKay LLP to MNP
LLP.
2023 Q3 Operational Highlights:
- On September 21, 2023, the
Company announced that Magdalena Biosciences, a joint venture
formed by Filament and Jaguar Health (NASDAQ:JAGX) successfully
completed an import of coca leaf to Filament's research and
development facility.
- On August 31, 2023, the Company
announced it had entered into a licensing agreement with Reset
Pharmaceuticals Inc. to license PEX010 and its associated IP for
use in a phase 2 clinical trial for the treatment of demoralization
syndrome.
- On August 8, 2023, the Company
announced approval from the United States Food and Drug
Administration for two clinical trials using PEX010, at Washington
School of Medicine for the treatment of cancer-related anxiety and
at the University of California, Los
Angeles studying effects of joining psilocybin treatment
with cognitive-behavioural therapy for patients with
depression.
- On July 6, 2023, the Company
announced that it will supply psilocybin for two clinical trials
that received The Canadian Institutes of Health Research Operating
Grants for Psilocybin-assisted Psychotherapy for Mental Health and
Substance Use Disorders. The clinical trials will study the effects
of Filament's botanical psilocybin drug candidate, PEX010, for
alcohol use disorder and treatment-resistant depression.
ABOUT FILAMENT HEALTH CORP
(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. 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.
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 risks associated with the closing of the non-brokered
private placement that was announced on September 29, 2023, obtaining securityholder
approval of the Business Combination, and the completion of the
Business Combination (including, in each case, risks associated
with adverse market conditions). 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.