Mr. Benjamin Lightburn reports

FILAMENT HEALTH IS ISSUED SECOND PATENT BY UNITED STATES PATENT AND TRADEMARK OFFICE AND REPORTS Q1 RESULTS

Filament Health Corp. has been issued a second patent by the United States Patent and Trademark Office (USPTO) for the extraction and standardization of natural psilocybin and associated psychedelic compounds. The patent describes essential technology for transforming variable psychedelic raw materials into pharmaceutical-grade, standardized drug candidates.

"The issuance of Filament's first U.S. patent is a testament to the strength of our drug development platform," said Benjamin Lightburn, chief executive officer. "This approval represents important progress for our intellectual property portfolio."

Filament has developed innovative technology to extract and standardize stable doses of natural compounds from magic mushrooms. The company currently holds five patents, including the first-ever patent for the extraction and standardization of natural psilocybin, which was issued on Aug. 3, 2021.

First quarter financial results and operational highlights

Filament released its first quarter financial results and operational highlights for the period ended March 31, 2022. Financial results and operational highlights from the company's first quarter of 2022 and subsequent period include:

• Cash and cash equivalents of over $3.6-million;
• Issued patents by the Canadian Intellectual Property Office and the United States Patent and Trademark Office patents for the extraction and standardization of natural psilocybin;
• Held a preinvestigational new drug application meeting with the United States Food and Drug Administration discussing Filament's natural psychedelic drug candidates, drug development strategy and long-term plans;
• Entered into a licensing agreement with Cybin Therapeutics to license and provide Filament's proprietary botanical drug candidate, PEX010 (25 milligrams), for two phase II clinical trials with, one of which has received Health Canada authorization;
• Entered into a licensing agreement with ATMA Journey Centers to provide PEX010 (25 mg) for use in a phase I safety trial, for which ATMA has received Health Canada authorization;
• Entered into a licensing agreement with Psyence Group Inc. to provide PEX010 (25 mg) and the associated intellectual property for use in Psyence's upcoming clinical trials in the United Kingdom.

About Filament Health Corp.

Filament Health is a clinical-stage natural psychedelic drug development company. The company believes that safe, standardized, naturally derived psychedelic medicines can improve the lives of many, and its 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. The company is paving the way with the first-ever natural psychedelic drug candidates.

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