Filament Health Corp. (FH.NE) announced today that it has entered into a co-development and exclusive licensing agreement with EntheoTech Bioscience Inc.
“Our partnership with EntheoTech showcases our commitment to advancing botanical psychedelic therapies for the treatment of a range of disorders and medical conditions…We believe in enabling a thriving ecosystem of natural psychedelic clinical research. This agreement will provide near-term revenue and allows EntheoTech to leverage Filament’s powerful platform,” said Filament Chief Executive Officer, Benjamin Lightburn.
EntheoTech is a Canadian bioscience company focused on innovative psychedelic solutions for chronic pain and mental health. The company provides interventional pain treatments and ketamine-assisted therapies. Additionally, EntheoTech is engaged in the research and development of natural psilocybin formulas with their own unique strain library to promote optimal brain health while reducing chronic pain, mental health conditions, and opioid overuse.
The company offers a wide range of therapies, including Dextrose Prolotherapy, Botox, Viscosupplementation, and Barbotage. If you’re just as confused to see Botox on that list as I was, let me explain. Botox is a purified protein that has been approved by Health Canada for treating chronic migraines for more than a decade. Yes, we are talking about the same botox responsible for making some peoples’ lips look faker than Kim Kardashian’s…you get the point. Long story short, botox has a calming effect and has been used to treat a variety of medical conditions including muscle spasticity, excessive sweating, and migraines. Who would have thought?
“We are delighted to announce our formal partnership with Filament Health…Our mission is to develop clinically-validated treatments for opioid use tapering, chronic pain, and depressive disorders. With 20% of Canadians suffering from chronic pain, and considering the pandemic’s negative effects on mental health and addictions, this novel approach is very timely. Partnering with Filament allows us to rapidly advance our goals with innovative, IP-protected drug candidates,” said Fraser Johnston, Chief Executive Officer of EntheoTech.
Getting back to the point, under the terms of this agreement, Filament will exclusively license its botanical psilocybin drug candidate, PEX010, to EntheoTech for two upcoming clinical trials addressing opioid use for chronic pain and depression. Separately, Filament will c0-develop psychedelic drug candidates derived from mushrooms grown from EntheoTech’s proprietary spore library. As part of the agreement, EntheoTech will pay Filament a total consideration of $525,000 based on the achievement of certain milestones.
Filament’s share price opened at $0.32, up from a previous close of $0.29. The Company’s shares are up 8.62% and were trading at $0.315 as of 11:26 AM ET.
