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Enveric Biosciences Announces Signing of Non-Binding Term Sheet with Undisclosed Licensee for Exclusive License to Patented Methods of Treating Breast and Other Cancers Using Cannabinoids
Biotechnology licensee expected to progress methods targeting breast and other cancers using cannabinoids in combination with chemotherapeutic drugs
About this update from Enveric Biosciences, Inc.
[{"type":"text","content":"\nBiotechnology licensee expected to progress methods targeting breast and other cancers using cannabinoids in combination with chemotherapeutic drugs\n\n\n CAMBRIDGE, Mass.--(BUSINESS WIRE)--\nEnveric Biosciences, Inc (NASDAQ: ENVB), a biotechnology company dedicated to the development of novel neuroplastogenic small-molecule therapeutics for the treatment of depression, anxiety, and addiction disorders, today announced that it has signed a non-binding term sheet with an undisclosed biotechnology development and commercialization company (“Licensee”) to exclusively out-license two patent families of Methods for Treating Breast Cancer and Other Cancers for development through additional discovery and preclinical stages using cannabinoids in combination with chemotherapeutic drugs to treat cancer.\n\n\nIn an historic move on Tuesday April 30, 2024, the Biden administration moved to reschedule marijuana, one source of cannabinoids, as a Schedule III controlled substance. The action followed study by the U.S. Department of Health and Human Services (“HHS”), recommendations by both HHS and the Department of Justice (“DOJ”), and support from the U.S. Drug Enforcement Agency (“DEA”) that acknowledge the medical benefits of this class of drugs. Enveric applauds the move by the Biden administration which enjoys bi-partisan Congressional support and advances the development of medical uses of much needed drugs.\n\n\nUnder the terms of the agreement with Enveric, the Licensee will receive an exclusive, global license to the methods, and devices and drugs developed to practice the methods, which feature using cannabinoids in combination with chemotherapeutic drugs and will assume responsibility for all future preclinical and clinical development on a royalty-bearing basis for all human and animal pharmaceutical applications.\n\n\nAssuming certain conditions are met, the Licensee will pay Enveric a License Execution Fee and development and sales milestones up to $61 Million, and royalties (ranging from 2.5% up to 10%) on all future sales. The Licensee also has a cash Buyout Option.\n\n\nBased on preliminary work performed by a renowned UK-based research hospital, it is believed that the methods of using novel treatment regimens that include cannabinoids combinations have potentially a significant impact for patients living with breast and o...