ENVB - Cannabinoids With Chemotherapy For Breast Cancer: Psychedelics Biotech Inks $61M License Deal For Patented Methods | Benzinga
Enveric Biosciences (NASDAQ:ENVB), a Nasdaq-listed psychedelics biotech firm, has entered into a non-binding term sheet with an undisclosed biotech company (licensee) for an exclusive license to two patented methods aimed at treating breast cancer and other cancers. These methods utilize cannabinoids in combination with chemotherapeutic drugs.
As per the agreement, the licensee will obtain an exclusive, global license to these methods, along with any devices and drugs developed to implement them. The licensee will also take on all future preclinical and clinical development responsibilities on a royalty-bearing basis for both human and animal pharmaceutical applications.
Subject to certain conditions, the licensee will compensate Enveric with a License Execution Fee and provide development and sales milestones totaling up to $61 million. Additionally, Enveric will receive royalties ranging from 2.5% to 10% on all future sales. The licensee also retains a cash buyout option.
"We are excited to see the licensee taking this innovative approach in an effort to advance a novel treatment based on our discovery," stated Joseph Tucker, Ph.D., director and CEO of ...