Business
Enveric Biosciences Announces Closing of MagicMed Industries Acquisition
Enveric intends to immediately accelerate the development of a novel Psychedelic molecule for Cancer Related Distress NAPLES, Fla., Sept. 17, 2021
About this update from Enveric Biosciences, Inc.
[{"type":"text","content":"Enveric intends to immediately accelerate the development of a novel Psychedelic molecule for Cancer Related Distress\n\n\n NAPLES, Fla., Sept. 17, 2021 /PRNewswire/ -- Enveric Biosciences (NASDAQ: ENVB) (\"Enveric\" or the \"Company\"), a patient-centric biotechnology company developing novel cannabinoid medicines to improve quality of life for cancer patients, today announced the closing of its acquisition of MagicMed Industries Inc. (\"MagicMed\"), a privately-held biotechnology company focused on creating a library of novel derivative psychedelic molecules such as psilocybin, N,N-dimethyltryptamine (DMT) and other molecular derivatives with applications across multiple indications, in an all-stock transaction. \nWith the closing, Enveric intends to expand into a next-generation neuroscience drug discovery platform of novel psychedelics that addresses the large unmet mental health challenges related to CNS indications such as Cancer Related Distress, PTSD, anxiety, depression and pain. Complemented by its existing drug development for both the mind and body, the Company is focused on building a pipeline of novel and proprietary psychedelic assets through its disruptive discovery platform, the Psybrary™. \nThe Company has appointed Dr. Joseph Tucker, PhD, former CEO of MagicMed, as CEO of Enveric, and David Johnson, former CEO of Enveric, as Executive Chairman. \n\"Enveric is a biotechnology company with the platform to create intellectual property for the next generation of mental health treatments to fight a global crisis. With both psychedelic derived molecules and cannabinoids, we have a robust pipeline to take us from discovery through clinical development. Our platform has the potential to disrupt and unlock much needed mental health treatments through psychedelic therapies,\" commented Dr. Joseph Tucker, incoming CEO of Enveric. \"We have brought together pharma and biotech experts with years of experience in bringing innovative treatments to market as well as a discovery team with a world-class biotech laboratory. We are dedicated to our mission to advance the next generation of treatments and look forward to keeping the investment community apprised of our progress.\"\n\"It is my pleasure to welcome Dr. Tucker as Chief Executive Officer of Enveric. From the onset of meeting Dr. Tucker and the MagicMed team, I have bee...