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Filament Health raises CAD 1.0 million in bridge funding to advance clinical programs
Psychedelic Medicine
Jun 3, 2024
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Psychedelic Medicine

Psychedelic Medicine

Jun 3, 2024

Filament Health raises CAD 1.0 million in bridge funding to advance clinical programs

Funding

  • Vancouver-based psychedelic extraction and drug discovery company Filament Health has secured CAD 1.0 million (USD 0.7 million) via bridge funding from Negev Capital Fund One and Benjamin Lightburn, Filament's CEO and co-founder. The funding round will close on June 10, 2024, pending regulatory approval.

  • The financing terms include Negev converting its warrants and a convertible note into common shares at a reduced price of CAD 0.05 (USD 0.04) per share, raising CAD 0.9 million (USD 0.7 million) for Filament. Additionally, Benjamin Lightburn will buy 2,700,000 shares at the same price, adding another CAD 0.1 million (USD 0.07 million).

  • The new funds will be allocated toward advancing its clinical development programs.

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