Second week of 2023, and business is up and running. Let’s take a look at the announcements shared by some of the companies in the psychedelics space.

Jaguar Health and Filament Health Form JV

Jaguar Health Inc. (NASDAQ: JAGX) and Filament Health Corp. (OTCQB: FLHLF), together with Will Peterfly’s One Small Planet LLC, have created a U.S.-based joint venture focused on novel, plant-based prescription medicines.

The new business, dubbed Magdalena Biosciences Inc., is currently valued at $5 million and will receive tranch funding of $1 million by One Small Planet, to be paid in quarterly quotas throughout 2023 if certain milestones are met.

Named after a river holding great cultural significance to Indigenous peoples in Colombia, Magdalena Biosciences will be focusing on extending both psychedelics companies' botanical drug development capabilities towards developing clinical-grade, standardized drug candidates for mental health disorders, as well as to partner with a potential future licensee to develop and commercialize the novel medicines.

Jaguar president and CEO Lisa Conte believes that the new venture will allow for the mobilization of the firm’s 30-year-old library of 2,300 highly characterized medicinal plants and 3,500 plant extracts out of its ethnobotanical investigation “bridging the knowledge of traditional healers and Western medicine.” 

Conte further stated that newly-formed Magdalena holds an exclusive license to plants and plant extracts in Jaguar's library for specific indications and is now identifying plant candidates within that may prove beneficial for addressing indications …

Full story available on Benzinga.com