Exclusively natural psychedelics drug discovery and extraction company Filament Health Corp. (NEO: FE) (OTCQB: FLHLF) announced having entered into a co-development and exclusive licensing agreement with EntheoTech Bioscience Inc.
EntheoTech is a biotechnology company specializing on research and development of protocols and products to promote brain health and performance through psychoactive substances such as psilocybin, medical mushrooms among other natural herbs and medicines.
According to the agreement, Filament Health will exclusively license its botanical psilocybin drug candidate, PEX010, to EntheoTech for use in two upcoming clinical trials. These clinical trials will be focusing on usage of opioid for depression and chronic pain.
In another project, Filament health will also co-develop psychedelic drug candidates extracted from magic mushrooms grown from EntheoTech’s proprietary spore library.
According to the agreement also, EntheoTech will be paying Filament Health a total consideration of $525,000 which will be determined by achievement of certain milestones.
The chief executive of Filament Health, Benjamin Lightburn, says this partnership will lay the foundation for many more to come and will grant EntheoTech an opportunity to leverage on Filament Health’s great platform.
“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 the CEO.