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April 25, 2024

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Filament Health (FH.NE) secures yet another patent

Filament Health (FH.NE) secures yet another patent

Counting to Four

Filament graphic

  • $25.537M Market Capitalization 

Filament Health Corp. (FH.NE) announced today that it has been issued a fourth patent for the extraction and standardization of natural psilocybin and associated psychedelic compounds. The Company’s latest patent was issued by the Canadian Intellectual Property Office (CIPO). Filament’s latest news comes shortly after the Company announced an exclusive licensing agreement with Psyence Group Inc.

“Adding a fourth patent to our portfolio demonstrates the caliber of Filament’s intellectual property strategy and drug development platform…Our ability to transform valuable natural substances into IP-protected pharmaceutical-grade drug candidates sets us apart as industry leaders,” said Ryan Moss, Chief Science Officer at Filament Health.

Similar to Filament’s previous patents, this patent describes essential technology for transforming variable psychedelic raw materials into pharmaceutical-grade, standardized drug candidates. The Company received its first patent on August 3, 2021, subsequently receiving two additional patents from the CIPO and one from the United States Patent and Trademark Office.

It is worth noting that Filament was the first public company to be issued a patent by the CIPO for the extraction and standardization of natural psilocybin and associated psychoactive compounds. Filament’s numerous patents are a testament to the Company’s proprietary technologies, including its innovative technology to extract and standardize a stable dose of natural psilocybin.

 

What’s so great about this technology, anyway? Through its wholly-owned subsidiary Psilo Scientific, Filament’s proprietary technology is able to overcome many of the boundaries associated with the traditional methods of natural extractions, such as crop-to-crop and flush-to-flush variability, poor yields, stability, and repeatability. Speaking of Psilo Scientific, Filament’s subsidiary recently completed a third-party audit.

“Since Filament’s founding, we have endeavored to identify the most efficient means to extract naturally sourced fungal APIs…We are proud to add a patent that covers yet another novel process that we use to produce drug candidates,” said Taran Grey, Director of Intellectual Property.

The audit was conducted by Eurofins against the Canadian European Union Good Manufacturing Practices (GMP). In summary, Good Manufacturing Practices ensure that drugs are consistently produced and controlled, therefore, meeting quality standards for their intended use. Furthermore, Psilo Scientific represents one of the first GMP facilities in the world to also have a Health Canada Dealer’s License.

With a Health Canada Dealer’s License, Psilo Scientific is able to supply in-house trials as well as distribute Intellectual Property (IP) and drug candidates to drug developers, researchers, and other licensed parties. Following the audit, Filament received a letter of compliance from the auditor demonstrating that the Company’s facility meets the requirements for the GMP manufacturing of natural psychedelic drug candidates.

Filament chart

Filament’s share price opened at $0.155 today, up from a previous close of $0.15. The Company’s shares were up 3.333% and were trading at $0.155 as of $9:35 AM EST.

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