The Jaguar Health Inc (NASDAQ: JAGX) stock price rallied 28%, extending yesterday’s rally after unveiling a new partnership with Filament Health to develop botanical pharmaceutical drug candidates for mental health diseases.
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The two companies have formed a joint venture known as Magdalena Biosciences to develop botanical drugs for mental illnesses, with funding from One Small Planet. The new JV will benefit from Filament’s proprietary drug development technology and Jaguar’s medicinal plant library.
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One Small Planet will provide US$1 million in initial funding to the JV, distributed in quarterly instalments throughout 2023, as Magdalena Biosciences meets specific milestones as agreed with its funder.
Having secured funding worth $1 million, Magdalena Biosciences is valued at $5 million. The JV is named after a river with great cultural significance to Indigenous peoples in Colombia, which flows towards the south and into the Caribbean Sea.
Lisa Conte, Jaguar Health’s President and CEO, said: “We are thrilled about the formation of Magdalena Biosciences and look forward to working with Filament and One Small Planet on this exciting initiative. 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.
Benjamin Lightburn, Filament Health’s CEO, said: “Filament is a leader in the discovery, development and standardization of botanical medicines, and we are dedicated to supporting the treatment of mental health conditions through our expertise, technologies and licensed facility. Filament has developed novel manufacturing and standardization techniques, which we have applied to botanical medicines to treat indications such as depression and post-traumatic stress disorder (PTSD). We are pleased to have partnered with Jaguar to form Magdalena Biosciences and look forward to working with their team to identify and standardize new botanical drugs for indications such as ADHD.”
Over 11.91 million Jaguar Health (JAGX) shares had changed hands at the time of writing.
*This is not investment advice.
Jaguar Health stock price.
The Jaguar Health stock price rallied 28.0% to trade at $0.1289, from Tuesday’s closing price of $0.1007.
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