Life Science company fronting the use of natural psilocybin in mental health and well-being Psyence Group Inc. (CSE: PSYG) (OTCQB: PSYGF) has entered into an exclusive licensing agreement with Filament Health Corp. (NEO: FH) (OTCQB: FLHLF) for natural psilocybin products. Both companies made this announcement in a joint statement on April 19.
Filament Health is a clinical-stage natural psychedelic drug discovery and extraction technology company. According to the terms of the agreement deal, Filament will license its proprietary botanical drug candidate PEX010 (25mg) and the associated intellectual property (IP) to Psyence which will use it in its upcoming clinical trials.
This license grants Psyence exclusivity across the United Kingdom for the indications of anxiety and depression, and associated ailments, within the context of palliative care.
The chief executive of Psyence, Dr. Neil Maresky, says the company intends to submit a clinical trial application (CTA) to the Medicines and Healthcare products Regulatory Agency (MHRA) in the UK.
“Filament is a global leader in the extraction and standardization of pharmaceutical-grade psychedelic botanical drug candidates. Partnering with Filament is a perfect complement to our expertise in both the cultivation and delivery of these substances to patients in need as we commence our palliative care clinical trial. Licensing Filament’s IP and leveraging their data and experience will allow us to expedite our UK clinical trial application,” added the CEO.
Also according to the agreement, Psyence will be exporting its mushrooms to Filament Health which will process the raw material and manufacture a dosage form which will be used in future clinical trials.
“Psyence is pioneering the use of natural psilocybin in the context of palliative care. We are thrilled to partner with them and are extremely pleased to see advancement of our drug candidate addressing this important area of unmet need,” said the CEO of Filament Health, Benjamin Lightburn.