Magdalena Biosciences, a joint venture created by the psychedelic drug developer Filament Health Corp. (OTCQB: FLHLF) (NEO: FH) and the plant medicine company Jaguar Health, Inc. (NASDAQ: JAGX), has imported coca leaves from Peru that will be used to research treatment options for neuropsychiatric disorders.
Filament announced that its subsidiary Psilo Scientific received the leaves on Thursday and they will be used for studies at the company’s research and development facility in Vancouver. The import was authorized by Peruvian health authorities and the leaves were obtained from Peru’s only authorized distributor — the national coca company Empresa Nacional de la Coca (ENACO).
The plant is well-known for its role in the production of cocaine and Peru is one of the world’s top producers of the drug, but it also has significant therapeutic potential when used for more wholesome purposes. Filament did not specify the quantity of coca leaves that Magdalena has obtained or how much the shipment cost.
“Magdalena was founded on a mission to develop novel, natural prescription medicines derived from plants for mental health indications including attention-deficit/hyperactivity disorder (ADHD) in adults. The coca leaf imported from Peru will be used for initial research purposes to look at these and other neuropsychiatric indications,” says Filament.
The company also says it is in the process of acquiring Nagoya Protocol compliance in Peru, which is an international agreement framework established by the Convention on Biological Diversity
“It aims to ensure countries, Indigenous peoples and local communities that provide genetic resources can fairly benefit from those important innovations that result from the study of genes,” says the Government of Canada.
“We appreciate Filament and Magdalena’s efforts to ensure that they have fully followed all of the requirements of ENACO and that they are working through the process to obtain full compliance with the Nagoya Protocol in Peru,” said the Director of Industrial Commercialization at ENACO Richard Caballero.
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Magdalena Biosciences was named after the Magdalena River in Colombia, which has great cultural significance to Indigenous peoples. The company received US$1 million for its activities when it was established from the Colorado-based limited liability company One Small Planet — founded by the environmental advocate Will Peterffy.
Jaguar Health’s flagship product is a plant-based antidiarrheal drug called Mytesi used to treat people who suffer from HIV/AIDS. The company said in January that the formation of Magdalena Biosciences would allow for the mobilization of a medicinal plant library that it has generated over three decades containing approximately 2,300 medicinal plants and 3,500 plant extracts.
Filament will soon be listed on the Nasdaq exchange through the formation of a separate combined company with Jupiter Acquisition Corporation (NASDAQ: JAQC), a publicly listed entity created solely for acquisitions and mergers with other businesses. The transaction is expected to close by the end of this year and provide the company with US$176 million in equity value.
Filament stock rose by 2.5 per cent Friday to US$0.12 on the OTCQB market.
Jaguar shares dropped by 3.8 per cent to US$0.28 on the Nasdaq stock exchange and have steadily declined by almost 98 per cent over the past year.
rowan@mugglehead.com
