Vancouver’s Filament Health Corp. (OTCQB: FLHLF) (NEO: FH) (FSE: 7QS) has licensed its patented psilocybin drug to Burnaby’s NeoLumina Bioscience to be used as a potential treatment for eating disorders.
The Vancouver-based psychedelic drug developer announced the agreement with NeoLumina on Friday in which it is granting intellectual property (IP) rights for the use of its psilocybin drug PEX010.
Filament will be receiving milestone payments and commercial royalties for providing NeoLumina with IP rights through the deal. The PEX010 drug is taken orally in capsule form and Filament says it has been approved by Health Canada and the United States Food and Drug Administration (FDA) for in-human clinical trials.
“Nearly 10 per cent of the global population suffers from an eating disorder and there are no approved drugs for most types,” said NeoLumina’s CEO Gaetano Morello.
“With current evidence indicating that psychedelics can be effective in mental health conditions with unmet medical needs, including eating disorders, we are pleased to partner with Filament, a leader in the development of pharmaceutical-grade botanical psychedelic drug candidates, to advance our clinical and commercial aspirations,” he added.
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The company announced last Thursday that it signed a supply agreement with the Canadian government as part of a new research project worth $3 million that examines psychedelic-assisted therapy for the treatment of substance use and mental health disorders.
We're proud to supply our botanical psilocybin drug candidate for this important research. https://t.co/WLoDsWSYPB
— Filament Health (@FilamentHealth) June 29, 2023
NeoLumina has joined a list of several others researching the drug including Cybin Inc (NEO: CYBN) (NYSE AMERICAN: CYBN), which studied PEX010 for the treatment of depression in Q1 this year; Psyence Group Inc. (CSE: PSYG) (OTCQB: PSYGF), a company that has been examining the drug for palliative care applications; and EntheoTech Bioscience, which has studied its efficacy for the treatment of chronic pain and assisting with opioid tapering dose reduction strategies.
NeoLumina raised approximately $5 million in a seed funding round this year and primarily focuses on developing novel therapeutic drugs inspired by psychedelics. The company says it has a partnership with Sao Paulo University in Brazil through which 18,000 novel molecules have been created.
Filament Health shares stayed flat at $0.075 on the Neo Stock Exchange Monday.
rowan@mugglehead.com
