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

The patent describes the extraction and standardization of stable doses of psychedelic compounds

The Company also reports first quarter 2022 financial results and operational highlights

VANCOUVER, BC, May 17, 2022 /CNW/ - Filament Health Corp. (OTCQB: FLHLF) (NEO: FH) (FSE: 7QS) ("Filament" or the "Company"), a clinical-stage natural psychedelic drug development company, today announced that it 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 US 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 August 3, 2021.

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 pre-investigational 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 (25mg), 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 (25mg) 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 (25mg) and the associated intellectual property for use in Psyence's upcoming clinical trials in the United Kingdom.

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.

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.