Filament Health Corp (NEO:FH, OTCQB:FLHLF) has announced its financial results for the second quarter, a pivotal quarter for the company as it was given the green light from both Health Canada and the US Food and Drug Administration to advance trials for its botanical psilocybin drug candidate PEX010.
"This quarter we were proud to announce a significant milestone - Health Canada and US FDA authorization of a Phase 2 clinical trial studying PEX010 for methamphetamine use disorder," Filament Health CEO Benjamin Lightburn said.
"This is an important step to advancing our drug development efforts in substance use disorders, an area of significant unmet need for millions of people in North America, and globally."
Filament Health achieved revenue of $407,640 for the second quarter and cash used in operating activities was $1.4 million.
It reported cash and cash equivalents of $1.3 million and working capital of about $580,000.
Additionally, the company announced that its chief financial officer Warren Duncan has left the company due to medical reasons, after taking a medical leave of absence earlier this year. The company thanked Duncan for his “invaluable contributions” and wished him the best.
Steven Nguyen continues in the role of interim CFO, Filament Health said.