Business
Enveric Biosciences Announces Definitive Agreement to Acquire MagicMed Industries, a Pharmaceutical Drug Discovery and Development Platform Focused on New-Generation Psychedelic Molecular Compounds and Derivatives
With this acquisition, Enveric will expand and complement its pipeline of naturally occurring cannabinoid compounds with a robust portfolio of
About this update from Enveric Biosciences, Inc.
[{"type":"text","content":"With this acquisition, Enveric will expand and complement its pipeline of naturally occurring cannabinoid compounds with a robust portfolio of psychedelic-derived molecules\n Enveric aims to move into the clinic with novel cannabinoid and psychedelic-derived therapies to improve standard of care and serve unmet needs across multiple indications including oncology and CNS, such as PTSD\n Upon closing, Dr. Joseph Tucker will be appointed Enveric Biosciences CEO and David Johnson as Executive Chairman\n Management will host a conference call to discuss the transaction on Monday, May 24th at 8:30 a.m. ET\n\n\nNAPLES, Fla., May 24, 2021 /PRNewswire/ -- Enveric Biosciences (NASDAQ: ENVB) (\"Enveric\" or the \"Company\"), a patient-first biotechnology company developing novel cannabinoid medicines to improve quality of life for cancer patients, today announced that it has entered into a definitive agreement to acquire 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. \nThrough its extensive R&D capabilities at the state-of-the-art facility at the University of Calgary, MagicMed has focused on the discovery and early development of novel drug candidates, structurally related to psychedelics with vastly improved pharmaceutical characteristics and commercial potential for the treatment of neurological and psychological indications. The Psybrary™ is MagicMed's library of novel psychedelic derivatives developed through the combination of synthetic biology and traditional chemistry techniques. MagicMed has 13 patent applications filed for derivatives of psilocybin and DMT, 2 patent applications filed for derivatives of mescaline and MDMA with further intellectual property protection for mescaline, MDMA, ibogaine and LSD in process. \nThe acquisition of MagicMed will expand and complement Enveric's current pipeline of naturally occurring compounds, which is primarily focused on cannabinoids, to now include a robust portfolio of psychedelic-derived molecules. Enveric intends to continue to develop patient-centric support care therapies in oncology and central nervous system (CNS) indicatio...