Jaguar Health Inc. (JAGX), Filament Health Corp. and One Small Planet LLC said that they have formed 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 million 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 collaboration aims 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.
For comments and feedback contact: editorial@rttnews.com
Business News