Filament Health Corp (OTCQB:FLHLF, NEO:FH) told investors that Health Canada has approved a phase 2 clinical trial of its botanical psilocybin drug candidate.
The trial, to be held at the University of British Columbia (UBC), will study the effects of PEX010 for the treatment of opioid use disorder (OUD), the company said in a statement.
"Opioid use disorder is one of the most challenging public health issues and a major contributor to the escalating overdose crisis in Canada," commented Dr Christian Schütz, Professor of Psychiatry at UBC and principal investigator for the trial.
"This trial will assess the safety and feasibility of delivering psilocybin in the treatment of OUD, and evaluate potential changes in participants' opioid use. We are grateful to Filament Health for funding and facilitating this trial.”
Filament Health noted that the standard treatment for OUD is opioid agonist therapy (OAT) but less than half of those who start the therapy remain for six months, and approximately one in 10 patients receiving professional help due to an overdose were receiving OAT.
There is a critical need for research into new interventions to support those with OUD, and research indicates that psychedelic-assisted therapy may be a promising approach, it added.
"This is a landmark moment in Filament's mission to support the treatment of substance use disorders with naturally-derived psychedelics," the company’s co-founder and CEO Benjamin Lightburn added.
"As a Vancouver-based company, we are quite aware of the ongoing toxic drug crisis fuelled by OUD. We are proud to sponsor this much-needed research by Dr Schütz and his team."
Filament Health is a clinical-stage natural psychedelic drug development company. The company’s platform of proprietary intellectual property enables the discovery, development, and delivery of natural psychedelic medicines.
Contact the author at stephen.gunnion@proactiveinvestors.com