Whitefish, Montana -- August 2, 2021 - CFN Enterprises
Inc. (OTCQB: CNFN), owner and operator of CFN Media, the
leading media network dedicated to the global legal cannabis, CBD
and psychedelics industries, today announced an article
covering Enveric
Biosciences (NASDAQ: ENVB) and MagicMed
Industries Inc.
As the cannabis industry strives to gain widespread acceptance
in the mainstream, scientific studies into the potential benefits
of the plant and its active ingredients play a key role in reaching
that goal. There are currently very few approved pharmaceutical
drug applications for cannabinoids, but that could change. After
decades of effective prohibition there is a growing body of
research surrounding cannabinoids, and more drug approvals are
likely to follow.
All of the above applies equally to the promising area of
psychedelic research, though the psychedelic industry is at an even
earlier stage than the cannabis industry. Studies point to
potential benefits for patients suffering from conditions such as
PTSD, anxiety, addiction, and depression to name a few. More
research is needed and getting psychedelics into clinical trials is
really the next step.
Two companies on the verge of a merger are looking to push
clinical research forward in both areas. Enveric
Biosciences (NASDAQ: ENVB) is a pioneer in cannabinoid research
that recently
announced a Phase 1/2 trial focused on CBD as a
complementary treatment for recurrent cases of the devastating
brain cancer glioblastoma (GBM). Enveric also recently
announced a definitive agreement to acquire and combine
with MagicMed
Industries, a leader in the research and development of novel
derivative psychedelic molecules designed for clinical use. The
combination of the two companies has the potential to greatly
advance pharmaceutical development in both sectors.
Clinical Trial
Enveric's clinical trial has been approved by the Israeli
Ministry of Health and will be conducted at the Davidoff Institute
of Oncology, Rabin Medical Center, in Israel under Principal
Investigator Dr. Tali Siegal. Israel has long been a global leader
in cannabis research with the backing of the federal government,
and the country continues to push the boundaries of our knowledge
of the plant and its benefits.
GBM is the most common and lethal form of cancer affecting the
central nervous system. Five year survival rates for patients with
the disease are very poor, with about 5% surviving through that
time and the average length of survival less than two years.
Despite much research over the last few decades, these rates remain
largely unchanged.
Enveric is studying the combination of its lead synthetic CBD
candidate, EV101, with two currently accepted forms of treatment
for GBM. Preclinical data supports the idea of the
combined treatments, which suggest that CBD may improve the
efficacy of chemo- or immuno-therapies while potentially allowing
for lower doses of chemotherapeutic agents.
Glioblastoma tumors express CB2 receptors, which are the
channels through which CBD and other cannabinoids are thought to
exert their anti-cancer effects. Research
indicates CBD may induce apoptosis, or cell death, in
cancer cells. The results of Enveric's Phase 1/2 trial could
greatly further the understanding of these mechanisms and ideally
improve outcomes for GBM patients.
The Combined Company
MagicMed has established a growing library, called
the Psybrary™,
of novel compounds based on or derived from psychedelic molecules
such as psilocybin and DMT. The company's approach is to create
patentable drug candidates that enhance the therapeutic effects of
the naturally occurring molecules. MagicMed's expertise lies in
research and development, and its business model is to sell or
license these drug candidates to pharmaceutical companies, like
Enveric, with the capabilities to conduct clinical trials.
With the pending acquisition, the combined companies would be
able to keep the whole process, from drug discovery and molecule
development through clinical trials and drug approval, under one
roof. The hope is to advance psychedelic therapies and research
into the mainstream and, of course, gain approvals for drug
treatments of major indications like anxiety, PTSD, and depression.
The fact that Enveric is listed on the NASDAQ and has clinical
trial experience should only work to the benefit of achieving those
goals, both in terms of access to capital for development and more
generally the acceptance of psychedelic research in the investment
community.
Once the deal is finalized, some members of
the MagicMed
executive team will assume their existing roles in the new
version of Enveric Biosciences. CEO Dr. Joseph Tucker will become
CEO of Enveric, with current Enveric CEO David Johnson becoming the
Executive Chairman. Meanwhile, MagicMed CSO Dr. Peter Facchini and
CTO Dr. Jillian Hagel will be named to the same positions in the
new company.
The Takeaway
Investors interested in early mover companies in emerging health
care sectors may want to track Enveric Biosciences' development.
Upcoming inflection points include the GBM trial, the finalization
of the merger between MagicMed and Enveric, and the further
development of potential psychedelic therapies. The combined
capabilities of the two companies could serve to greatly enhance
our understanding of both cannabis and psychedelic science after
decades of neglect. Stay tuned.
About CFN Enterprises Inc.
CFN Enterprises Inc. (OTCQB: CNFN) is a digital media and ecommerce company
focused on advancing businesses and brands in highly regulated
emerging industries across the globe. CFN connects investors with
new market opportunities while helping consumers find innovative
products that enhance their lives. Learn more
at www.cfnenterprisesinc.com.
CFN Enterprises Inc. Media Contact:
CFN Enterprises Inc.
+001 (833) 420-CNFN
investors@cfnenterprisesinc.com
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