The agreement expands on an existing partnership and grants Psyence the right to commercialize Filament’s natural psilocybin drug candidate PEX010 25mg within palliative care
VANCOUVER, British Columbia, Dec. 15, 2022 (GLOBE NEWSWIRE) — Filament Health Corp. (OTCQB:FLHLF) (NEO:FH) (FSE:7QS) (“Filament”), a clinical-stage natural psychedelic drug development company, and Psyence Group Inc (CSE:PSYG | OTCQB: PSYGF) (“Psyence” and, together with Filament, the “Companies”), a life science biotechnology company pioneering the use of natural psilocybin in mental health and well-being, today announced the conclusion of a royalty-bearing, worldwide commercial licensing agreement. The agreement grants Psyence the worldwide right to commercialize Filament’s natural psilocybin drug candidate, PEX010 (25 mg), within the context of palliative care.
“We are pleased to further develop our partnership with Filament Health, a leader in the development of natural psychedelic drug candidates,” said Dr. Neil Maresky, Chief Executive Officer of Psyence. “Our ability to deliver these much-needed substances to patients around the world is enhanced by Filament’s support.”
Psyence is designing market-leading clinical trials in the field of palliative care. The licensing agreement with Filament grants Psyence exclusivity in the United Kingdom, the United States, and the European Union within palliative care, and designates Filament as Psyence’s exclusive supplier of drug products within this context. Filament will receive milestone payments of up to $3 million over the course of Psyence’s clinical development and marketing authorizations achieved by Psyence, as well as a percentage of future net sales in the low double digits.
“Palliative care is a complex and under-examined area of study, and Psyence is leading the way with their use of natural psilocybin to treat associated indications,” said Benjamin Lightburn, Chief Executive Officer of Filament. “We are thrilled to expand our partnership with Psyence and look forward to the advancement of our drug candidate in this important field.”
Filament’s growing technology licensing network now consists of partners using PEX010 to study indications including opioid tapering, palliative care, and alcohol use disorder.