Company Announcements

UCL will study PEX010, the company's botanical psilocybin drug candidate, in trials investigating human perception, cognition, and therapeutic optimization

VANCOUVER, BC , July 24, 2025 /CNW/ - Filament Health Corp. (OTC: FLHLF) ("Filament" or the "Company"), a clinical‐stage natural psychedelic drug development company, today announced that it has partnered with University College London (UCL) to supply its botanical psilocybin drug candidate, PEX010, for two phase 2 research trials. The Medicines and Healthcare Products Regulatory Agency (MHPRA)-approved trials will explore the effects of PEX010 on brain function, perception, and psychological wellbeing.

"These studies represent two important frontiers in psychedelic research," said Dr. Jeremy I Skipper, Principal Investigator for both trials and Professor at UCL. "We will examine both how preparation methods influence therapeutic and cognitive outcomes, and how psilocybin interacts with sensory and cognitive systems to shape perception. Together, these studies offer valuable insight into the therapeutic potential and fundamental mechanisms of psychedelic compounds. They would not be possible without the support of Filament Health."

The first of the two trials, led by Rosalind McAlpine, is a randomised controlled study evaluating the impact of the Digital Intervention for Psychedelic Preparation, a novel 21-day self-guided programme designed to enhance therapeutic outcomes of psychedelic experiences. Participants are randomly assigned to one of two structured preparatory pathways: a meditation-based intervention or a music-based control condition, both delivered through the same digital platform. Following the 21-day programme, all participants undergo a supervised 25 mg psilocybin session at UCL. The study aims to assess how different preparatory strategies influence the quality of the psychedelic experience, levels of psychological readiness, and changes in mental wellbeing. In addition to these outcomes, the trial evaluates intervention adherence, user engagement, and the acceptability of the digital platform - informing the design of future large-scale efficacy trials.

The second trial, led by Oris Shenyan, Amplifying Experimentally Induced Hallucinations With "Micro" Doses of Psilocybin, will explore how low doses of psilocybin affect the perception of geometric hallucinations and pareidolia, which is the tendency to see meaningful patterns in ambiguous stimuli – such as seeing faces in clouds. Building on models of excitatory visual cortex dynamics, the study will assess how low dose psilocybin-induced neural excitation interacts with external sensory input to shape hallucinatory experiences under controlled conditions.

"Understanding how preparation style and dose affect the psychedelic experience is vital for advancing safe, effective psychedelic therapies," said Benjamin Lightburn, Chief Executive Officer and Co‐Founder at Filament Health. "We are proud to support these pioneering studies at one of the world's preeminent research institutions."

PEX010 is authorized for investigation in 53 clinical trials worldwide for 14 mental health indications.

ABOUT FILAMENT HEALTH (OTC:FLHLF)
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 X, Instagram, and LinkedIn.

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FORWARD LOOKING INFORMATION
Certain statements and information contained in this press release and the documents referred to 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 the timing and results of clinical trials, the ability of the parties to receive, in a timely manner and on satisfactory terms, the necessary regulatory, court and shareholders approvals; the ability of the parties to satisfy, in a timely manner, the other conditions to the completion of the proposed business combination; other expectations and assumptions concerning the transactions contemplated in the proposed business combination; the available funds of the parties and the anticipated use of such funds; the availability of financing opportunities; legal and regulatory risks inherent in the psychedelic drug development industry; risks associated with economic conditions, dependence on management and currency risk; risks relating to U.S. regulatory landscape; risks relating to anti-money laundering laws and regulation; other governmental and environmental regulation; public opinion and perception of the psychedelic drug development industry; risks related to the economy generally; risk of litigation; conflicts of interest; risks relating to certain remedies being limited and the difficulty of enforcement of judgments and effect service outside of Canada; and risks related to future acquisitions or dispositions. 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.