Licensee, Restoration Biologics, is uniquely
positioned to advance care in treating joint disease
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, is pleased to
announce that its wholly-owned subsidiary, Akos Biosciences, Inc.
(“Akos”), has entered into two licensing agreements with
Restoration Biologics LLC (“Restoration Biologics”), a
biotechnology company focused on the treatment of joint disease.
The companies have executed two licenses for Akos’
cannabinoid-COX-2 conjugate compounds, for pharmaceutical and
potential non-pharmaceutical applications.
The two licenses grant Restoration Biologics use of the
technology for all human and animal applications. Restoration
Biologics initially plans to focus on joint pathology, such as
osteoarthritis and rheumatoid arthritis. The two exclusive,
royalty-bearing global licenses provide full control to Restoration
Biologics to develop, market, and commercialize the conjugate
compounds, which are novel chemical structures that include
cannabinoids in conjugate form with COX-2 inhibitors and
cannabinoids in conjugate form with selected steroids.
Under these licenses, Enveric, through its subsidiary, Akos, may
receive future development and sales milestone payments, assuming
certain conditions are met, including successful product
development and commercialization. Royalty rate percentages are
tiered, depending on meeting certain sales criteria, and range from
low single digit to low double digits on future sales. These
milestone payments could potentially add up to a total of $61
million for the pharmaceutical license and $21 million for the
non-pharmaceutical license.
“Restoration Biologics is a young and innovative biotechnology
company with nationally recognized experts, and we are very pleased
that it has partnered with Enveric to advance the development of
these important health care products,” said Joseph Tucker, Ph.D.,
Director and Chief Executive Officer of Enveric. “We look forward
to working with Restoration Biologics, and we are confident in
their leadership and capabilities to further develop the conjugate
compounds for both pharmaceutical and potential non-pharmaceutical
applications, expanding treatment options for patients with joint
disease. Executing these next two license agreements once again
supports the value of Enveric’s extensive portfolio of assets,
following the two previously announced out-license agreements for
Enveric’s patented CBD topical product and EB-002 drug
candidate.”
“This opportunity presents an exciting and novel approach to the
treatment of joint disease and potentially the enhancement of
biological implants for patients suffering with joint injuries,”
said Suzanne Tabbaa, Ph.D., Co-Founder of Restoration Biologics.
“We highly value the patented technology developed by Enveric, and
the confidence placed in our organization by Enveric,” said Dr.
William D. Bugbee, Co-Founder and world-renown orthopedic surgeon
and researcher in the joint restoration field at the Scripps
Institute. Farsh Guilak, PhD, Chief Scientific Officer of
Restoration Biologics and nationally recognized scientific leader
in the field of regenerative medicine and joint pathology added,
“Restoration Biologics appears uniquely positioned to achieve
positive outcomes from this promising technology, and we look
forward to its practical application to increase the successful
treatment of patients, especially those suffering from joint
disease.”
About Restoration Biologics LLC
Restoration Biologics is an early-stage R&D company
developing joint restoration solutions using advanced
bio-fabrication technologies and patient-specific regenerative
medicine therapies to target musculoskeletal repair and
pathologies. The company possesses deep technical expertise in the
areas of cartilage restoration technology and cutting-edge
regenerative medicine approaches.
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, the Psybrary™, which houses proprietary
information on the use and development of existing and novel
molecules for specific mental health indications, Enveric seeks to
develop a robust intellectual property portfolio of novel drug
candidates. Enveric’s lead molecule, EB-003, is intended to offer a
first-in-class, new approach to the treatment of
difficult-to-address mental health disorders, mediated by the
promotion of neuroplasticity and without also inducing
hallucinations in the patient. Enveric is focused on advancing
EB-003 towards clinical trials for the treatment of
neuropsychiatric disorders while out-licensing all other novel,
patented Psybrary™ drug candidates to third-party licensees
advancing non-competitive market strategies for patient care.
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,” “proposes,” “budgets,” “explores,” “schedules,”
“seeks,” “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, should, would, or
might occur or be achieved. Forward-looking statements may include
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: successfully out-license patented PsybraryTM drug
candidates to third-party licensees; negotiate and finalize
definitive agreements based on any of its out-licensing term sheets
and for licensees to perform pursuant to the terms thereof;
finalize and submit its IND filing to the U.S. Food and Drug
Administration; carry out successful clinical programs; 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/20250128855986/en/
Investor Relations Tiberend Strategic Advisors, Inc. David Irish
(231) 632-0002 dirish@tiberend.com
Media Relations Tiberend Strategic Advisors, Inc. Casey McDonald
(646) 577-8520 cmcdonald@tiberend.com
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