Business
Enveric Biosciences Reports Financial Results and Provides Corporate Update for Fourth Quarter and Fiscal Year Ended 2023
Product Development Highlights: Selected neuroplastogen lead candidate EB-003, a potential first-in-class therapeutic option for addressing
About this update from Enveric Biosciences, Inc.
[{"type":"text","content":"\nProduct Development Highlights:\n\n\n\nSelected neuroplastogen lead candidate EB-003, a potential first-in-class therapeutic option for addressing difficult-to-treat mental health disorders by promoting neuroplasticity without inducing hallucinations.\n\n\n\nStarted IND-enabling preclinical activities for EB-002 and completed important repeat-dose toxicology studies, genotoxicity studies, and key cardiac, respiratory, and CNS safety pharmacology studies.\n\n\n\nCorporate and Business Development Highlights:\n\n\n\nSigned three non-binding term sheets with an undisclosed biotechnology company to pursue the out-licensing of three classes of compounds from the Company’s extensive portfolio of assets.\n\n\n\nSigned two additional non-binding term sheets with a second undisclosed biotechnology company to pursue the out-licensing of pharmaceutical and non-pharmaceutical applications of cannabinoid conjugate compounds.\n\n\n\nExpanded intellectual property portfolio through Q1 2024 with seven patent issuances protecting composition of matter and methods of use claims governing Enveric’s EVM301 Series of drug candidates and four patent issuances protecting Enveric’s EVM201 Series of drug candidates.\n\n\n\n CAMBRIDGE, Mass.--(BUSINESS WIRE)--\nEnveric Biosciences (NASDAQ: ENVB) (“Enveric” or the “Company”), a biotechnology company dedicated to the development of novel neuroplastogenic small-molecule therapeutics for the treatment of depression, anxiety, and addiction disorders, today provided a corporate update and reported financial results for the fourth quarter of 2023 and fiscal year ended December 31, 2023.\n\n\n“The fourth quarter of 2023 and early 2024 was a significant period for Enveric, highlighted by the selection of EB-003 as our lead development candidate. We believe EB-003 is a groundbreaking, neuroplastogen drug candidate that offers the potential to treat severe mental health disorders without the hallucinogenic effect typically associated with psychedelic-based molecules,” said Joseph Tucker, Ph.D., Director and CEO of Enveric. “Based on numerous discussions with large pharmaceutical companies, mental health professionals, and leading researchers, we believe it is evident that widespread market acceptance of psychedelic-inspired drugs will ultimately be determined by the ability to administer such medications in an ou...