New York, N.Y., February 29, 2024 - PRISM MarketView - Enveric Biosciences (NASDAQ: ENVB), a biotechnology company focused on developing neuroplastogenic small-molecule therapeutics for mental health conditions announced the signing of three non-binding term sheets with an undisclosed biotechnology entity, aimed at out-licensing three distinct classes of compounds from its extensive library. This library, containing over 1,000 novel molecules, has been developed through Enveric’s innovative Psybrary™ platform and proprietary PsyAI™ drug-discovery system.
ENVB shares traded up 127% on the news.
Key Highlights:
The undisclosed biotechnology company will receive exclusive, royalty-bearing global licenses to develop, sublicense, and potentially buy out the licensed assets.
Enveric could receive up to $200 million in milestone payments and fees, contingent upon meeting specific development and sales benchmarks, including IND application approvals and the successful completion of Phases I-III testing.
Royalties on sales of the licensed products could range from 2.5% to 10%, depending on the achievement of certain sales thresholds.
The compounds for licensing are derived from two of Enveric’s seven portfolios of preclinical molecules, highlighting the company’s robust drug discovery and development capabilities.
“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.”
Joseph Tucker, Ph.D., CEO of Enveric
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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