Enveric intends to immediately
accelerate the development of a novel Psychedelic molecule for
Cancer Related Distress
NAPLES, Fla., Sept. 17, 2021 -- InvestorsHub
NewsWire -- Enveric
Biosciences (NASDAQ: ENVB) ("Enveric" or the "Company"), a
patient-centric biotechnology company developing novel cannabinoid
medicines to improve quality of life for cancer patients, today
announced the closing of its acquisition of MagicMed Industries
Inc. ("MagicMed"), a privately-held biotechnology company focused
on creating a library of novel derivative psychedelic molecules
such as psilocybin, N,N-dimethyltryptamine (DMT) and other
molecular derivatives with applications across multiple
indications, in an all-stock transaction.
With the closing, Enveric intends to expand into a
next-generation neuroscience drug discovery platform of novel
psychedelics that addresses the large unmet mental health
challenges related to CNS indications such as Cancer Related
Distress, PTSD, anxiety, depression and pain. Complemented by its
existing drug development for both the mind and body, the Company
is focused on building a pipeline of novel and proprietary
psychedelic assets through its disruptive discovery platform, the
Psybrary™.
The Company has appointed Dr. Joseph Tucker, PhD, former
CEO of MagicMed, as CEO of Enveric, and David Johnson, former
CEO of Enveric, as Executive Chairman.
"Enveric is a biotechnology company with the platform to create
intellectual property for the next generation of mental health
treatments to fight a global crisis. With both psychedelic derived
molecules and cannabinoids, we have a robust pipeline to take us
from discovery through clinical development. Our platform has the
potential to disrupt and unlock much needed mental health
treatments through psychedelic therapies," commented
Dr. Joseph Tucker, incoming CEO of Enveric. "We have brought
together pharma and biotech experts with years of experience in
bringing innovative treatments to market as well as a discovery
team with a world-class biotech laboratory. We are dedicated to our
mission to advance the next generation of treatments and look
forward to keeping the investment community apprised of our
progress."
"It is my pleasure to welcome Dr. Tucker as Chief Executive
Officer of Enveric. From the onset of meeting Dr. Tucker and the
MagicMed team, I have been impressed by what they have
accomplished, most notably their library of Intellectual Property
for Next Generation psychedelic molecules. These assets combined
with our existing Enveric pipeline opens the door for multiple
treatment opportunities to a large patient population,"
said David Johnson, Executive Chairman of Enveric. "I look
forward to working closely with the leadership team, as we navigate
the exciting prospects in Enveric's robust pipeline of assets."
Transaction Details
The transaction is structured as an amalgamation under the Business
Corporations Act (British Columbia). At the closing, a recently
formed subsidiary of Enveric amalgamated with MagicMed, with the
resulting corporation being an indirect wholly owned subsidiary of
Enveric. Under the terms of the amalgamation agreement and other
related agreements, Enveric issued the shareholders of MagicMed an
aggregate of 9,951,237 shares of common stock of Enveric. Following
the amalgamation, existing Enveric shareholders own approximately
68.3% of the combined company's common stock and previous MagicMed
shareholders own approximately 31.7% of the combined company's
common stock. Additionally, as part of the closing of the
transaction, Enveric received approximately $4
million (CAD) in cash from the MagicMed Treasury.
About Enveric Biosciences
Enveric
Biosciences (NASDAQ: ENVB) is an innovative biotechnology company
developing a next-generation mental health and oncology treatment
clinical discovery platform, leveraging psychedelic-derived
molecules for the mind and synthetic cannabinoids for the body.
Enveric's robust pipeline supports drug development from the clinic
to commercialization for millions of patients in need around the
world suffering from conditions that include cancer-related
distress, PTSD and more. For more information, please
visit www.enveric.com.
Forward-Looking Statements
This press release contains forward-looking statements and
forward-looking information within the meaning of applicable
securities laws. These statements relate to future events or future
performance. All statements other than statements of historical
fact may be forward-looking statements or information. Generally,
forward-looking statements and information may be identified by the
use of forward-looking terminology such as "plans", " expects" or
"does not expect", "proposed", "is expected", "budgets",
"scheduled", "estimates", "forecasts", "intends", "anticipates" or
"does not anticipate", or "believes", or variations of such words
and phrases, or by the use of words or phrases which state that
certain actions, events or results may, could, would, or might
occur or be achieved. Forward-looking statements consist of
statements that are not purely historical, including any statements
regarding beliefs, plans, expectations or intentions regarding the
future. Such forward-looking statements are based on the beliefs of
management as well as assumptions made by and information currently
available to management. Actual results could differ materially
from those contemplated by the forward-looking statements as a
result of certain factors, including, but not limited to, the
ability to achieve the synergies and value creation contemplated by
the amalgamation; the ability to promptly and effectively integrate
MagicMed's businesses; disruption from the integration of MagicMed
making it more difficult to maintain business, contractual and
operational relationships; the impact of the novel coronavirus
(COVID-19) on Enveric's ongoing and planned clinical trials; the
geographic, social and economic impact of COVID-19 on Enveric's
ability to conduct its business and raise capital in the future
when needed; delays in planned clinical trials; the ability to
establish that potential products are efficacious or safe in
preclinical or clinical trials; the ability to establish or
maintain collaborations on the development of therapeutic
candidates; the ability to obtain appropriate or necessary
governmental approvals to market potential products; the ability to
obtain future funding for developmental products and working
capital and to obtain such funding on commercially reasonable
terms; Enveric's ability to manufacture product candidates on a
commercial scale or in collaborations with third parties; changes
in the size and nature of competitors; the ability to retain key
executives and scientists; and the ability to secure and enforce
legal rights related to Enveric's products, including patent
protection. A discussion of these and other factors, including
risks and uncertainties with respect to Enveric, is set forth in
Enveric's filings with the Securities and Exchange Commission
(SEC), including the Company's Annual Report on Form 10-K and its
Quarterly Reports on Form 10-Q. Enveric disclaims any intention or
obligation to revise any forward-looking statements, whether as a
result of new information, future events or otherwise, except as
required by law.
Investor Contacts
Valter Pinto / Allison Soss
KCSA Strategic Communications
212.896.1254 / 212.896.1267
valter@kcsa.com / asoss@kcsa.com
Media Contacts
Caitlin Kasunich / Raquel Cona
KCSA Strategic Communications
212.896.1241 / 212.896.1204
ckasunich@kcsa.com / rcona@kcsa.com
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