Filament will license PEX010, its proprietary botanical psilocybin drug candidate, to Cybin Therapeutics for use in two upcoming Phase II clinical trials awaiting Health Canada approval

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 entered into a licensing agreement with Cybin Therapeutics ("CT"), a private therapeutic bioscience company on a mission to discover and develop psilocybin assisted therapeutic protocols to treat mild mood disorders and addictions. Under the agreement, Filament will license PEX010, its botanical psilocybin drug candidate, to CT for two upcoming Phase II clinical trials addressing depression and alcohol use disorder with an additional two planned for 2022. The financial terms were not disclosed.

CT filed a Clinical Trial Application (CTA) to Health Canada for the first trial in 2021, and anticipates its depression study to begin in the second quarter of 2022. Both trials will be led by Dr. Reg Peters and Dave Phillips. Dr. Reg Peters has been involved in advocacy for compassionate use of psilocybin for palliative patients, including as a medical advisor to Therapsil. Mr. Dave Phillips, Training Advisor to Therapsil and a highly experienced psilocybin-assisted therapist, will lead the therapy component of the trials along with an experienced clinical team at Cybin Therapeutics' purpose-built clinic.

"This agreement with Cybin Therapeutics demonstrates Filament's ability to license our technology and facilitate our partners' trials," said Filament Chief Executive Officer, Benjamin Lightburn. "Our mission is to support the treatment of mental health conditions through the discovery and delivery of exclusively-natural psychedelic medicines, and we are proud to aid CT's efforts. We view this as the first of many agreements in a long partnership."

Josh Taylor, Cybin Therapeutics Founder, said "We are excited to advance our mission of creating psilocybin-based therapies for a number of treatment areas. Filament's unique, all-natural drug candidates combined with our experienced team, we believe, create an ideal environment for creating research-based protocols, formulations, and outcomes for healing."

Business Development

Due to strong commercial demand for Filament's unique proprietary drug candidates, the Company has engaged business development professionals to meet inbound requests and begin commercial outreach. Andry Tjahyana joins as Vice President, Business Development, bringing more than 25 years' relevant experience. Filament has also engaged Thomas Ryan, Rob Grundy, and Christine Verstraate from NavigatorBIO, who bring a combined 65 years of pharmaceutical industry sales experience.

ABOUT FILAMENT HEALTH (OTCQB:FLHLF) (NEO:FH) (FSE:7QS)

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.

ABOUT CYBIN THERAPEUTICS

Cybin Therapeutics ("CT"), is a private therapeutic bioscience company established in 2019, on a mission to develop psilocybin-assisted therapeutic protocols and natural formulations to treat mild mood disorders and addictions. Cybin Therapeutics works with healthcare specialists who together form a dynamic clinical team with the ability to carry out studies and clinical trials for Cybin Therapeutics and it's future partners looking to conduct psilocybin based studies and trials.

Learn more at www.cybintherapeutics.com.

FORWARD LOOKING INFORMATION

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. Forward-looking statements herein include, but are not limited to, statements regarding the anticipated benefits of the partnership with CT, the clinical trials and the co-development of psychedelic drug candidates. 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 results of the clinical trials and achievement of milestones pursuant to the partnership agreements with CT. 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.