Business
Jaguar Health and Filament Health, with Funding from One Small Planet, Form Joint Venture Magdalena Biosciences to Develop Botanical Pharmaceutical Drug Candidates for Mental Health Illnesses
New venture aligns with Jaguar's mental health Entheogen Therapeutics Initiative (ETI) and Filament's corporate mission to develop novel, natural prescription
About this update from Jaguar Health, Inc.
[{"type":"text","content":"New venture aligns with Jaguar's mental health Entheogen Therapeutics Initiative (ETI) and Filament's corporate mission to develop novel, natural prescription medicines from plantsMagdalena Biosciences will leverage Jaguar's proprietary medicinal plant library and Filament's proprietary drug development technologyMagdalena Biosciences is currently valued at US$5.0 million based on initial and tranched funding of US$1.0 million from One Small PlanetSAN FRANCISCO, CA / ACCESSWIRE / January 10, 2023 / Jaguar Health, Inc. (NASDAQ:JAGX), Filament Health Corp. (NEO:FH), (OTCQB:FLHLF) and One Small Planet, LLC today announced the formation of a U.S.-based joint venture named Magdalena Biosciences, Inc. to develop novel, natural prescription medicines derived from plants for mental health indications including attention-deficit/hyperactivity disorder (ADHD) in adults. Initial funding of US$1,000,000 will be invested by Boulder, Colorado-based One Small Planet, founded by Will Peterffy. This funding will be payable in quarterly installments in 2023 based on the achievement of defined milestones by Magdalena Biosciences. The goal of the collaboration is to extend the botanical drug development capabilities of Jaguar and Filament in order to develop pharmaceutical-grade, standardized drug candidates for mental health disorders, and to partner with a potential future licensee to develop and commercialize these novel plant-based drugs.\"We are thrilled about the formation of Magdalena Biosciences and look forward to working with Filament and One Small Planet on this exciting initiative,\" said Lisa Conte, Jaguar's president and CEO. \"The formation of Magdalena Biosciences allows for the mobilization of a key asset we have generated over 30 years - a library of 2,300 highly characterized medicinal plants and 3,500 plant extracts, all from firsthand ethnobotanical investigation by Jaguar and members of the Scientific Strategy Team for Jaguar's mental health Entheogen Therapeutics Initiative (ETI), bridging the knowledge of traditional healers and Western medicine. Magdalena Biosciences holds an exclusive license to plants and plant extracts in Jaguar's library, not including any sources of crofelemer or NP-300, for specific indications and is in the process of identifying plant candidates in the library that may prove beneficial for addressin...