NAPLES, Fla., Sept. 17, 2021 /PRNewswire/ -- 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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SOURCE Enveric Biosciences