Filament Health (FH.NE) has released two new press releases since the last time I covered the company back in mid January 2022.
Filament Health Corp. operates as a natural psychedelic drug discovery and extraction technology company. It propagates psychedelic plants; conducts genetic research; performs extraction procedures; runs in-house trials; and distributes IP and drug candidates to drug developers, researchers, and other licensed parties.
Filament Health has been doing things and have been putting out consistent news. It is just the overall sector drop that is impacting the stock. But are things about to turn? More on this below on the charts.
Recent news saw Filament Health and Cybin Therapeutics announcing a licensing agreement. Filament will license PEX010, its proprietary botanical psilocybin drug candidate, to Cybin Therapeutics for use in two upcoming Phase II clinical trials awaiting Health Canada approval. The financial terms were not disclosed.
Since that news, Filament has announced that it has been included in Health Canada’s list of licensed psilocybin producers through the Special Access Program (SAP). The SAP allows health care practitioners to request for patients, on an emergency basis, access to drugs that are not yet approved in Canada, such as psilocybin and psilocin.
“Our inclusion in this list will aid us in adding to our growing number of partnerships in the Canadian psychedelic ecosystem,” said Benjamin Lightburn, Chief Executive Officer of Filament Health. “We commend Health Canada on their continuing support of the SAP and of scientific research into psychedelics.”
The most latest news regards Filament Health receiving approval from Health Canada for a Phase 2 clinical trial using PEX010, the company’s botanical psilocybin drug candidate. Cybin Therapeutics has licensed the Company’s PEX010 from Filament for use in the trial, which is expected to begin in Q3 2022. The trial will include individuals with major depressive disorder (MDD) who are undergoing selective serotonin reuptake inhibitor (SSRI) therapy, as well as those who are SSRI-naive.
“Health Canada’s approval is a testament to both the validity of this trial as well as Filament’s ability to produce and license pharmaceutical-grade botanical drug candidates,” said Filament Chief Executive Officer, Benjamin Lightburn. “The effect of psilocybin therapy in patients taking traditional SSRI antidepressant medication is an extremely important investigation and we are thrilled to participate in this important research.”
“Many Canadians who battle depression undergo SSRI therapy, and until now, this has generally meant exclusion from psychedelic assisted psychotherapy (PAP) clinical trials,” said Josh Taylor, Founder of Cybin Therapeutics. “If it can be demonstrated that PAP can be safely and effectively given to patients on SSRIs, many will stand to benefit. We feel this is an outstanding opportunity to show Health Canada that Cybin Therapeutics can improve patient outcomes with our team and developed protocols.”
The chart continues to base after printing record all time lows at $0.15. Positive signs as we held above it on three tests on January 25th and 27th as well as on February 3rd. It looks like Filament Health is beginning to range, at a time when a catalyst in the form of FDA authorization for PEX010 could come either this month or in March (Q1 2022).
From a technical perspective, I would love to see a close above $0.20 to trigger a move to $0.25. That zone remains the big area not only because it is a psychological important zone, but also because that is where the lower high and trendline are located.
As per all my other psychedelic technical write ups, you should also follow the ETFs PSIL and PSYK.
Things look to be turning for psychedelics, but we just need that breakout. I wrote about these charts in Mid January, and we have yet to break above. The range continues. If we get these breakouts, then we can say that there is a very good chance that a new uptrend is beginning for the psychedelics sector. If Filament Health breaks above $0.20 AND we get a close above these ETF resistance levels, I would definitely get more excited.