Filament Health Corp (NEO:FH, OTCQB:FLHLF) has released its results for the third quarter of 2023, highlighting a number of operational milestones it achieved during the quarter.
In a statement, CEO and co-founder Benjamin Lightburn commented: "This quarter we have made significant strides towards our proposed Business Combination with Jupiter Acquisition Corporation, and anticipated uplisting to Nasdaq.”
"Earlier today we announced that the US 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,” he added.
Among its operational highlights for the quarter, 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.
In August, Filament received approval from the US Food and Drug Administration (FDA) 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.
That was followed by a licensing agreement with Reset Pharmaceuticals Inc to license PEX010 and its associated intellectual property (IP) for use in a phase 2 clinical trial for the treatment of demoralization syndrome.
Finally, in September, the company said Magdalena Biosciences, a joint venture formed by Filament and Jaguar Health successfully completed an import of coca leaf to Filament's research and development facility.
Among its financial and capital market highlights, the company noted that it has not yet closed a non-brokered private placement for gross proceeds of up to C$2 million.
Filament Health is a clinical-stage natural psychedelic drug development company.
Contact the author at stephen.gunnion@proactiveinvestors.com