FILAMENT HEALTH ANNOUNCES SECOND QUARTER 2022 FINANCIAL RESULTS AND OPERATIONAL HIGHLIGHTS

VANCOUVER, BC, Aug. 15, 2022 /CNW/ - Filament Health Corp. (OTCQB: FLHLF) (NEO: FH) (FSE: 7QS) ("Filament" or the "Company"), a clinical-stage natural psychedelic drug development company, released its second quarter financial results and operational highlights for the period ended June 30, 2022.

"We are pleased to report on another highly productive quarter," said Filament CEO Benjamin Lightburn. "Filament continues to demonstrate its position as a leader in natural psychedelic drug development in both the United States and Canada. We marked the start of the first FDA clinical trial of naturally-derived psychedelics at the University of California San Francisco using our psilocybin drug candidate, our patent portfolio grew by 75 percent, and we were among the first to provide psilocybin via Health Canada's Special Access Program. We intend to continue this momentum by further building both our partnership network and our IP protection."

Financial and Operational Highlights Subsequent to Q2 2022:

• On July 13, 2022, the Company announced closing of a non-brokered private placement for gross proceeds of C$2,500,080 (the "July 2022 Financing").
• Issued a third patent by the United States Patent and Trademark Office ("USPTO") and fourth patent by the Canadian Intellectual Property Office ("CIPO") for the extraction and standardization of natural psilocybin and associated psychedelic compounds. Upon issuance, Filament holds seven patents including four in Canada and three in the United States.
• On July 7th, 2022, the Company announced the start of dosing in the first United States Food and Drug Administration ("FDA")-approved clinical trial studying the effects of naturally derived psychedelic drug candidates.

2022 Q2 Financial and Operational Highlights:

• Cash and cash equivalents of $3.0 million as of June 30, 2022;
• On June 30, 2022, the Company announced that it intended to complete a non-brokered private placement for gross proceeds of up to C$2,500,000 (the "July 2022 Financing").
• On June 28, 2022, The Company announced the results of its Annual General Meeting, noting that all proposed resolutions were approved, and all board nominees were re–elected.
• On June 16, 2022, the Company announced that a patient was dosed with one of Filament's drug candidates through the Health Canada Special Access Program.
• On June 10, 2022, the Company cultivated its 70th variety of psilocybin-containing mushrooms and announced the successful development of standardized, pharmaceutical-grade ayahuasca extract which has been designed for oral administration by capsule or tablet.
• On June 9, 2022, Filament and Jaguar Health executed a letter of intent to enter into a collaboration agreement to develop botanical drugs for specific psychoactive target indications in the United States.
• On May 18, 2022, the Company announced that it was issued a second patent by the USPTO, and fifth patent overall, for the extraction and standardization of natural psilocybin and associated psychedelic compounds.
• On April 27, 2022, the Company announced that it was issued a third patent by the CIPO, and fourth patent overall, for the extraction and standardization of natural psilocybin and associated psychedelic compounds.
• On April 19, 2022, the Company announced that it had entered into a licensing agreement with Psyence Group Inc. ("Psyence") to license Filament's psilocybin drug candidate PEX010 and its associated IP to Psyence for use in Psyence's upcoming clinical trials in the field of palliative care, which will initially be conducted in the United Kingdom. The license also grants Psyence exclusivity in the United Kingdom for the indications of anxiety and depression, and associated ailments, within the context of palliative care.
• On April 13, 2022, the Company announced that it was issued a patent by the USPTO, its first patent issued in the United States, and fourth patent overall, for the extraction and standardization of natural psilocybin and associated psychedelic compounds.

ABOUT FILAMENT HEALTH (OTCQB:FLHLF) (NEO:FH) (FSE:7QS)

Filament Health is a clinical-stage natural psychedelic drug development company. We believe that safe, standardized, naturally-derived psychedelic medicines can improve the lives of many, and our mission is to see them in the hands of everyone who needs them as soon as possible. Filament's platform of proprietary intellectual property enables the discovery, development, and delivery of natural psychedelic medicines for clinical development. We are paving the way with the first-ever natural psychedelic drug candidates.

Learn more at www.filament.health and on Twitter, Instagram and LinkedIn.

FORWARD LOOKING INFORMATION

Certain statements and information contained herein may constitute "forward-looking statements" and "forward-looking information," respectively, under Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as, "expect", "anticipate", "continue", "estimate", "may", "will", "should", "believe", "intends", "forecast", "plans", "guidance" and similar expressions are intended to identify forward-looking statements or information. The forward-looking statements are not historical facts, but reflect the current expectations of management of Filament regarding future results or events and are based on information currently available to them. Certain material factors and assumptions were applied in providing these forward-looking statements. The forward-looking statements discussed in this press release may include, but are not limited to, information concerning the impact of the patent on the Company's business and the ability of the Company to secure future patents. Forward-looking statements regarding the Company are based on the Company's estimates and are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, levels of activity, performance or achievements of Filament to be materially different from those expressed or implied by such forward-looking statements or forward-looking information, including status of patent applications and the ability to secure patents. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Filament will not update any forward-looking statements or forward-looking information that are incorporated by reference herein, except as required by applicable securities laws.

SOURCE Filament Health Corp.

MEDIA RELATIONS: Anna Cordon, Director of Communications, 778.245.9067, [email protected]; INVESTOR RELATIONS: [email protected]