Enveric Biosciences Agrees to Sell Cancer-Targeting Cannabinoid-Related Intellectual Property
February 23 2024 - 8:00AM
Business Wire
Enveric continues focused investment advancing
novel neuroplastogenic molecules for the treatment of mental health
disorders
Enveric Biosciences (NASDAQ: ENVB) (“Enveric” or the “Company”),
a biotechnology company dedicated to the development of novel
neuroplastogenic small-molecule therapeutics for the treatment of
depression, anxiety, and addiction disorders, today announced the
company has agreed to sell one of its cancer-related patent
portfolios for an undisclosed amount. Enveric plans to continue to
focus and invest in the development of its lead candidates EB-003,
a first-in-class neuroplastogen designed to eliminate
hallucinations, and EB-002, formerly EB-373, a next generation
synthetic prodrug of the active metabolite, psilocin.
The patents and applications being sold disclose and claim the
synergistic combination of cannabidiol and second therapeutic
agents for the treatment of cancer. The divested portfolio includes
patents issued in the U.S., Australia, Canada, China, Europe, and
Japan, with patent applications pending in Canada, Israel, and
Korea. Enveric retains no ownership rights in the divested
portfolio, any companies owned by, or to be formed by the
recipients.
“We are quite pleased to unlock value from cannabinoid-related
IP, which we believe holds considerable value for patients but is
no longer central to our core strategy that is focused on the
development of EB-003 and EB-002,” said Joseph Tucker, Ph.D.,
Director and CEO of Enveric. “This transaction will provide the
opportunity for Enveric to continue its focused investment in
developing neuroplastogens for the treatment of mental health
disorders, while providing foundational patent protection for our
undisclosed purchasers who we anticipate will pursue research,
clinical trials, and commercial development of cannabidiol-based
therapies to treat specific types of cancer.”
“Today’s announcement further showcases Enveric’s ability to
discover and develop preclinical assets, build strong IP, and
generate value both near- and long-term,” added Tucker. “Enveric
recently unveiled a unique and promising library of novel
preclinical compounds across multiple molecular classes including
psilocybin derivatives, psilocybin prodrugs, and mescaline and MDMA
derivatives with intentions to out-license and/or partner in the
near future.”
For more information about Enveric’s novel preclinical compounds
spanning multiple, distinct classes of molecules, please visit:
https://www.enveric.com/psybrary.
About Enveric Biosciences
Enveric Biosciences (NASDAQ: ENVB) is a biotechnology company
dedicated to the development of novel neuroplastogenic
small-molecule therapeutics for the treatment of depression,
anxiety, and addiction disorders. Leveraging its unique discovery
and development platform, Psybrary™, Enveric has created a robust
intellectual property portfolio of New Chemical Entities for
specific mental health indications. Enveric’s lead program, EB-003,
is a first-in-class approach to the treatment of
difficult-to-address mental health disorders designed to promote
neuroplasticity without inducing hallucinations in the patient.
Enveric is also developing EB-002, formerly EB-373, a next
generation synthetic prodrug of the active metabolite, psilocin,
being studied as a treatment of psychiatric disorders. Enveric is
headquartered in Naples, FL with offices in Cambridge, MA and
Calgary, AB Canada. 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 may include
historical statements and statements regarding beliefs, plans,
expectations, or intentions regarding the future and 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 of Enveric to: carry out successful
clinical programs in Australia; achieve the value creation
contemplated by technical developments; avoid delays in planned
clinical trials; establish that potential products are efficacious
or safe in preclinical or clinical trials; establish or maintain
collaborations for the development of therapeutic candidates;
obtain appropriate or necessary governmental approvals to market
potential products; obtain future funding for product development
and working capital on commercially reasonable terms; scale-up
manufacture of product candidates; respond to changes in the size
and nature of competitors; hire and retain key executives and
scientists; secure and enforce legal rights related to Enveric’s
products, including patent protection; identify and pursue
alternative routes to capture value from its research and
development pipeline assets; continue as a going concern; and
manage its future growth effectively.
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, including
Enveric’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.
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version on businesswire.com: https://www.businesswire.com/news/home/20240222887102/en/
Investor Relations Tiberend Strategic Advisors, Inc.
Daniel Kontoh-Boateng (862) 213-1398
dboateng@tiberend.com
Media Relations Tiberend Strategic Advisors, Inc. Casey
McDonald (646) 577-8520 cmcdonald@tiberend.com
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