VANCOUVER, BC, May 8, 2025 /CNW/ - Filament Health Corp. (OTCQB: FLHLF) (CBOE: FH) (FSE: 7QS) ("Filament" or the "Company"), a clinical-stage natural psychedelic drug development company, released its first quarter financial results and operational highlights for the period ended March 31, 2025.
"This quarter we were pleased to see positive data from a clinical trial studying our botanical psilocybin drug candidate, PEX010, for alcohol use disorder at Psychiatric Centre Copenhagen, among other notable operational developments," said Benjamin Lightburn, Co-Founder and Chief Executive Officer at Filament Health. "We were also encouraged by the successful completion of a meaningful fundraising round. This progress demonstrates our team's resilience and commitment to advancing our mission."
Recent and Q1 2025 Financial and Operational Highlights:
- On April 9, 2025, the Company announced FDA authorization of a phase 2 clinical trial studying PEX010, the Company's botanical psilocybin drug candidate, for the treatment of opioid use disorder at the University of Pennsylvania.
- On April 9, 2025, the Company closed a financing of $960,000 further to the issuance of units, comprised of a secured convertible debenture of the company and a warrant.
- On March 17, 2025, the Company announced that a licensing partner studying the effects of its botanical psilocybin drug candidate, PEX010, for the treatment of alcohol use disorder ("AUD") produced positive data and results were published in the Journal of Psychopharmacology noting the safety and efficacy in reducing alcohol consumption in AUD patients.
- On January 21, 2025, the Company announced the shipment of botanical psilocybin to The University of Wisconsin-Madison for investigation in two US Food and Drug Administration-approved clinical trials studying the effects of psilocybin on neuroplasticity.
- Cash and cash equivalents of $130,441 as of March 31, 2025;
- Cash used in operating activities of $221,755 and total revenues of $103,480.
Special Shareholder Meeting
At a special shareholder meeting held on May 6, 2025, 99.625 percent of votes were cast in favour of the voluntary de-listing of the company's common shares from Cboe Canada. This strong support reflects shareholder alignment with the company's strategic direction and ongoing efforts to reduce operating costs. The Company is in active discussions with CBOE Canada regarding the de-listing and will share more information, such as when the Company's shares will be de-listed, as it becomes available.
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. 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.
SOURCE Filament Health Corp.
MEDIA RELATIONS: Anna Cordon, Vice President, Marketing & Communications, [email protected]; INVESTOR RELATIONS: [email protected]
