VANCOUVER, BC, Aug. 14, 2024 /CNW/ - Filament Health Corp. (OTCQB: FLHLF) (Cboe CA: FH) (FSE: 7QS) ("Filament" or the "Company"), a clinical-stage natural psychedelic drug development company, released its second quarter financial results and operational highlights for the period ended June 30, 2024.

"This quarter we were proud to announce a significant milestone - Health Canada and US FDA authorization of a Phase II clinical trial studying PEX010 for methamphetamine use disorder," said Benjamin Lightburn, Chief Executive Officer and Co-Founder at Filament Health. "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. "

Q2 2024 Financial Highlights:

• On June 12, 2024, the Company completed a private placement for gross proceeds of $135,000, received proceeds from the exercise of warrants for $864,222, and issued common shares pursuant to the conversion of a $1,250,000 convertible debenture.
• Cash and cash equivalents of $1,335,641 and a working capital of $579,519;
• Cash used in operating activities of $1,432,141; and total revenues of $407,640.

 Q2 2024 Operational Highlights:

• On June 3, 2024, the Company announced that it had received authorization from Health Canada and the United States Food and Drug Administration for a Phase II clinical trial of PEX010 for the treatment of methamphetamine use disorder.

Changes to Management

Filament also announced that as of July 30, 2024, Chief Financial Officer (CFO) Warren Duncan has resigned for medical reasons. This is further to an announcement on March 28, 2024 that he had taken a medical leave of absence. Filament would like to thank Warren for his invaluable contributions to the Company's success and wish him all the best. Steven Nguyen continues to serve as Interim CFO.

ABOUT FILAMENT HEALTH (OTCQB:FLHLF) (CBOE CA: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 for clinical development. We are paving the way with 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. The forward-looking statements discussed in this press release may include, but are not limited to, information concerning the impact of the patent on the Company's business and the ability of the Company to secure future patents. 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 status of patent applications and the ability to secure patents. 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.