New York, N.Y., February 29, 2024 - PRISM MediaWire - Enveric Biosciences (NASDAQ: ENVB), a biotechnology firm specializing in the development of neuroplastogenic small-molecule therapeutics for mental health disorders, has announced the initiation of negotiations via three non-binding term sheets with an undisclosed biotechnology entity. These discussions are intended to facilitate the out-licensing of three distinct classes of compounds sourced from Enveric's extensive library. This library comprises over 1,000 innovative molecules, cultivated through the utilization of Enveric’s pioneering Psybrary™ platform and its proprietary PsyAI™ drug-discovery system.
Following this development, ENVB shares experienced a notable surge of 127%.
Key Highlights of the Announcement Include:
- The undisclosed biotechnology firm stands to acquire exclusive, royalty-bearing global licenses for the development, sublicensing, and potential acquisition of the licensed assets.
- Enveric stands to gain up to $200 million in milestone payments and fees, contingent upon the achievement of specific developmental and sales milestones. These include the approval of Investigational New Drug (IND) applications and the successful completion of Phases I-III trials.
- Royalties on the sales of licensed products could vary from 2.5% to 10%, contingent upon the attainment of predetermined sales thresholds.
- The compounds slated for licensing originate from two of Enveric's seven portfolios of preclinical molecules, underscoring the company's robust capabilities in drug discovery and development.
Joseph Tucker, Ph.D., CEO of Enveric, expressed confidence in the partnership and its potential impact on advancing treatment options for patients. He emphasized the prospective revenue stream for Enveric, emphasizing the value derived from the company's discovery capabilities and proprietary platforms, PsyAI™ and Psybrary™. These platforms have already yielded an impressive array of compounds targeting various central nervous system (CNS) disorders.
In summary, Enveric Biosciences anticipates that the definitive licensing agreements, once finalized, will serve as a significant revenue source while showcasing the value created through its innovative platforms and drug discovery expertise.
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, Psybrary™, Enveric has created a robust intellectual property portfolio of New Chemical Entities for specific mental health indications. Enveric’s lead program, EB-003, is a first-in-class approach to the treatment of difficult-to-address mental health disorders designed to promote neuroplasticity without inducing hallucinations in the patient. Enveric is also developing EB-002, formerly EB-373, a next generation synthetic prodrug of the active metabolite, psilocin, being studied as a treatment of psychiatric disorders.
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