2024-02-23 08:31:06 ET
DENVER, Colo., Feb 23, 2024 (www.247marketnews.com)- Enveric Biosciences (NASDAQ: ENVB ) reported, this morning, that it agreed to sell one of its cancer-related patent portfolios for an undisclosed amount, while it plans to continue to focus and invest in the development of its lead candidates EB-003, a first-in-class neuroplastogen designed to eliminate hallucinations, and EB-002, formerly EB-373, a next generation synthetic prodrug of the active metabolite, psilocin.
It’s trading at $0.98, up $0.13 (+15.29%), on trading volume of 5,758,602 shares.
Its 52-week range is $0.649 to $6.98. It hit its 52-week low earlier in the month and this morning’s premarket high is $1.69.
“We are quite pleased to unlock value from cannabinoid-related IP, which we believe holds considerable value for patients but is no longer central to our core strategy that is focused on the development of EB-003 and EB-002,” said Joseph Tucker, Ph.D., Director and CEO of Enveric. “This transaction will provide the opportunity for Enveric to continue its focused investment in developing neuroplastogens for the treatment of mental health disorders, while providing foundational patent protection for our undisclosed purchasers who we anticipate will pursue research, clinical trials, and commercial development of cannabidiol-based therapies to treat specific types of cancer.”
“Today’s announcement further showcases Enveric’s ability to discover and develop preclinical assets, build strong IP, and generate value both near- and long-term,” added Tucker. “Enveric recently unveiled a unique and promising library of novel preclinical compounds across multiple molecular classes including psilocybin derivatives, psilocybin prodrugs, and mescaline and MDMA derivatives with intentions to out-license and/or partner in the near future.”
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Enveric Biosciences Selling Its Cancer-Targeting Cannabinoid-Related IP