VANCOUVER, BC, March 31, 2023 /CNW/ -Filament Health Corp. (OTCQB: FLHLF) (NEO: FH) (FSE: 7QS) ("Filament" or the "Company"), a clinical-stage natural psychedelic drug development company, released its fourth quarter financial results and operational highlights for the period ended December 31, 2022.

"During the fourth quarter, Filament expanded its revenue-generating partnership network, and announced a worldwide licensing agreement within the treatment of palliative care while continuing to expand both our drug development and intellectual property platforms," said Benjamin Lightburn, Co-Founder and CEO at Filament Health.

Mr. Lightburn continued: "Since the quarter ended, Filament has continued to execute on our growth plans, including forming joint venture Magdalena Biosciences with Jaguar Health supported by funding from One Small Planet. We also advanced Filament's internal drug development program through FDA approval of a phase II clinical trial studying our psilocybin for methamphetamine use disorder in partnership with the University of California San Francisco."

Operational Highlights During Q4 2022:

• Announced the successful dosing of 14 subjects in a Health-Canada approved psilocybin trial run by ATMA Journey Centers.
• Announced an academic supply agreement with The Center for Addictions and Mental Health (CAMH).
• Announced two new patent issuances from the United States Patent and Trademark Office, bringing the Company's total number of patents to ten.
• Entered into a worldwide licensing agreement with Psyence Group to provide PEX010 (25mg) for Psyence Group's clinical trials in palliative care.
• Announced a change to its Board of Directors, with Greg Mills resigning and being replaced as Chair by CEO Ben Lightburn. Dr. Kostia Adamsky joined the Audit Committee, Compensation Committee, and Corporate Governance and Nominating Committee.

Financial and Capital Market Highlights During Q4 2022: 

• Cash and cash equivalents of $2.8 million and working capital of $2.8 million as of December 31, 2022;
• Cash used in operating activities of $3.9 million during the twelve months ended December 31, 2022; and
• Licensing revenues of $364,500 during the twelve months ended December 31, 2022

Other Corporate Activities Subsequent to Q4 2022

• Entered a transaction to form a joint venture to create Magdalena Biosciences Inc., a development company specializing in novel, natural prescription medicines derived from plants for mental health indications, with Jaguar Health Inc. with US$1,000,000 in committed funding from One Small PLant Capital LLC.
• Announced an academic clinical trial approval at Psychiatric Centre Copenhagen focused on the efficacy of PEX010 for alcohol use disorder
• Announced a second academic supply agreement CAMH studying the efficacy of Filament's PEX010 psilocybin candidate for mild cognitive impairment.
• Announced approval from the US FDA for an investigator-initiated clinical trial at the UCSF's Translational Psychedelic Research Program studying the effects of PEX010 for the treatment of methamphetamine use disorder.

ABOUT FILAMENT HEALTH (OTCQB:FLHLF) (NEO: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 atwww.filament.health and onTwitter, Instagram andLinkedIn.

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. Forward-looking statements herein include, but are not limited to, statements regarding the benefits of psilocin as compared to psilocybin. 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. 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 results of the clinical trial. 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.