Jaguar Health, Inc. (NASDAQ: JAGX) and Filament Health Corp. (NEO: FH) (OTCQB: FLHLF) are joining forces to create a botanical pharmaceutical to develop drugs to treat mental health illnesses.
On Tuesday, the companies announced the joint venture Magdalena Biosciences, Inc. which will be funded by One Small Planet, LLC and will focus on developing natural prescription medicines derived from plants for mental health disorders such as attention-deficit and hyperactivity disorder (ADHD) in adults.
One Small Planet will initially give US$1 million which will be payable in quarterly installments based on the achievement of defined milestones of Magdalena Biosciences.
Jaguar’s CEO Lisa Conte said in a statement that the formation of Magdalena Biosciences allows for the mobilization of a medicinal plant library that the company has generated over 30 years.
The library contains 2,300 medicinal plants and 3,500 plant extracts from a botanical investigation by Jaguar said to “bridge the knowledge of traditional healers and Western medicine.”
Filament Health CEO Benjamin Lightburn said that the company has developed novel manufacturing and standardization techniques that have been applied to botanical medicines that could be possible treatments for depression or post-traumatic stress disorder.
“We are pleased to have partnered with Jaguar to form Magdalena Biosciences and look forward to working with their team to identify and standardize new botanical drugs for indications such as ADHD,” Lightburn said.
Madgalena Biosciences is named after a river with great cultural significance to Indigenous peoples. It is the great arterial river of Colombia which flows northward from its headwaters in the south more than 900 miles to the Caribbean Sea.