2024-02-29 07:32:31 ET
DENVER, Colo., Feb 29, 2024 ( 247marketnews.com )- Enveric Biosciences (NASDAQ: ENVB ) stated, this morning, that it signed three non-binding term sheets to pursue the out-licensing of three classes of compounds, with an undisclosed company.
Enveric is trading at $1.39, up $0.56 (+67.47%), on 9.32M shares. Its 52-week range is $0.649 to $6.98 and $1.27 is a key inflection point.
The compounds are created using Enveric’s library of over 1,000 novel molecules generated using the Company’s Psybrary platform and proprietary computational chemistry, and AI drug-discovery system.
“Patients living with serious mental health conditions have seen insufficient innovation for far too long, and we are excited for the opportunity to progress several of the novel compounds generated using our drug discovery engine,” said Joseph Tucker, Ph.D., Director and CEO of Enveric. “We look forward to working with our partner, and we are confident in their leadership and capabilities to work on further developing these drug candidates to advance treatment options for patients. Ultimately, we believe the definitive licensing agreements, once negotiated and finalized, could represent an excellent potential source of revenue for Enveric, and could demonstrate the value creation from Enveric’s discovery capabilities and proprietary PsyAI™ and Psybrary™ platforms, which have already generated an impressive library of compounds targeting a variety of CNS disorders.”
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Enveric Biosciences Pursuing Exclusive Out-Licensing of Three Classes of Compounds