Filament Health Corp. (OTCQB: FLHLF) (NEO: FH) (FSE: 7QS), a clinical-stage natural psychedelic drug development company, today announced that it has entered into a co-development and exclusive licensing agreement with EntheoTech Bioscience Inc., a bioscience company focused on the research and development of formulas and protocols to support opioid tapering and treat chronic pain, depression and other mental health conditions. Under the agreement, Filament will exclusively license its botanical psilocybin drug candidate, PEX010, to EntheoTech for two upcoming clinical trials addressing opioid use for chronic pain and depression. Separately, Filament will co-develop psychedelic drug candidates derived from mushrooms grown from EntheoTech’s proprietary spore library. As part of the agreement, EntheoTech will pay Filament a total consideration of $525,000 based on the achievement of certain milestones.
“Our partnership with EntheoTech showcases our commitment to advancing botanical psychedelic therapies for the treatment of a range of disorders and medical conditions,” “We believe in enabling a thriving ecosystem of natural psychedelic clinical research. This agreement will provide near-term revenue and allows EntheoTech to leverage Filament’s powerful platform.”
Filament Chief Executive Officer, Benjamin Lightburn
“We are delighted to announce our formal partnership with Filament Health,” said Fraser Johnston, Chief Executive Officer of EntheoTech. “Our mission is to develop clinically-validated treatments for opioid use tapering, chronic pain, and depressive disorders. With 20% of Canadians suffering from chronic pain, and considering the pandemic’s negative effects on mental health and addictions, this novel approach is very timely. Partnering with Filament allows us to rapidly advance our goals with innovative, IP-protected drug candidates.”
ABOUT FILAMENT HEALTH
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.
ABOUT ENTHEOTECH BIOSCIENCE
EntheoTech is a Canadian bioscience company focused on innovative psychedelic solutions for chronic pain and mental health. ET is providing interventional pain treatments, Ketamine-assisted therapies and is engaged in the research and development of natural psilocybin formulas with their own unique strain library to promote optimal brain health and the reduction of chronic pain, mental health conditions, and opioid overuse.