Filament Health Completes C$1.0 Million Bridge Financing

LOS ANGELES- Filament Health Corp., a natural psychedelic drug development company, announced the completion of its C$1.0 million bridge financing. This follows the company’s press release from June 3, 2024.

Negev Capital Fund One, LP (“Negev”), a prominent venture fund in psychedelic drug development and an existing investor in Filament Health, played a significant role in this financing round. Negev exercised its outstanding warrants to purchase 17,284,443 common shares of the company, generating approximately C$0.9 million in gross proceeds. Additionally, Negev converted its outstanding C$1.25 million convertible note, due July 13, 2024, into 25,000,000 common shares.

Benjamin Lightburn, CEO and Co-Founder of Filament Health, also participated by purchasing 2,700,000 common shares at C$0.05 per share, contributing approximately C$0.1 million in gross proceeds.

“We’re pleased that Negev Capital, one of the foremost institutional investors in psychedelic therapies, has reinforced their support of Filament,” said Lightburn. “This partnership allows our team to continue its mission to combat substance use disorders by developing botanical psychedelic medicines.”

The shares issued to Negev and Lightburn are subject to a four-month and one-day hold period, as required by applicable securities laws. Following the exercise of warrants and the conversion of the note, Negev now holds more than 20% of the issued and outstanding common shares of Filament Health.

For additional details regarding the financing and associated transactions, please refer to the company’s press release dated June 3, 2024.