FILAMENT HEALTH ANNOUNCES THIRD QUARTER 2023 FINANCIAL RESULTS AND OPERATIONAL HIGHLIGHTS

VANCOUVER, BC, Nov. 14, 2023 /CNW/ - Filament Health Corp. (OTCQB:FLHLF) (NEO:FH) (FSE:7QS) ("Filament" or the "Company"), a clinical-stage natural psychedelic drug development company, released its third quarter financial results and operational highlights for the period ended September 30, 2023.

"This quarter we have made significant strides towards our proposed Business Combination with Jupiter Acquisition Corporation, and anticipated uplisting to Nasdaq," said Benjamin Lightburn, CEO and Co-Founder of Filament Health. "Earlier today we announced that the U.S. Securities and Exchange Commission declared effective the F-4 registration statement related to the Business Combination, a crucial step towards completing the transaction which is expected to offer us access to a broader capital markets audience and advance our drug development platform."

2023 Q3 Financial and Capital Markets Highlights:

• On September 29, 2023, the Company announced that it intends to complete a non-brokered private placement for gross proceeds of up to C$2,000,000. This private placement has not closed.
• On August 15, 2023, the Company and Jupiter Acquisition Corporation (NASDAQ:JAQC) ("Jupiter"), a special purpose acquisition company, announced the filing of a registration statement on Form F-4 (as amended, the "Registration Statement") by 1427702 B.C. Ltd. ("TopCo") related to the previously announced business combination among Filament, Jupiter and TopCo (the "Business Combination"). On November 14, 2023 and subsequent to quarter-end, Filament and Jupiter announced that the U.S. Securities and Exchange Commission (the "SEC") has declared effective the Registration Statement.
• On July 24, 2023, the Company announced it had upsized and closed on the private placement financing announced July 19, 2023 for gross proceeds of C$2,500,000.
• On July 19, 2023, the Company and Jupiter announced they had entered into a definitive agreement, dated July 18, 2023, for the Business Combination pursuant to which TopCo, representing the combined business, is expected to be listed on Nasdaq upon closing.
• On July 19, 2023, the Company announced that it intended to complete a non-brokered private placement for gross proceeds of up to C$2,000,000.
• On July 14, 2023, the Company announced a change of auditor from Crowe MacKay LLP to MNP LLP.

2023 Q3 Operational Highlights:

• On September 21, 2023, the Company announced that Magdalena Biosciences, a joint venture formed by Filament and Jaguar Health (NASDAQ:JAGX) successfully completed an import of coca leaf to Filament's research and development facility.
• On August 31, 2023, the Company announced it had entered into a licensing agreement with Reset Pharmaceuticals Inc. to license PEX010 and its associated IP for use in a phase 2 clinical trial for the treatment of demoralization syndrome.
• On August 8, 2023, the Company announced approval from the United States Food and Drug Administration for two clinical trials using PEX010, at Washington School of Medicine for the treatment of cancer-related anxiety and at the University of California, Los Angeles studying effects of joining psilocybin treatment with cognitive-behavioural therapy for patients with depression.
• On July 6, 2023, the Company announced that it will supply psilocybin for two clinical trials that received The Canadian Institutes of Health Research Operating Grants for Psilocybin-assisted Psychotherapy for Mental Health and Substance Use Disorders. The clinical trials will study the effects of Filament's botanical psilocybin drug candidate, PEX010, for alcohol use disorder and treatment-resistant depression.

ABOUT FILAMENT HEALTH CORP (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. We are paving the way with what we believe to be 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.

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 risks associated with the closing of the non-brokered private placement that was announced on September 29, 2023, obtaining securityholder approval of the Business Combination, and the completion of the Business Combination (including, in each case, risks associated with adverse market conditions). 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, [email protected]; INVESTOR RELATIONS, [email protected]