Business
Enveric Biosciences Reports Fourth Quarter and Year-End 2022 Corporate and Financial Results
Key Highlights Nominated EB-373 as lead development candidate for the treatment of anxiety disorders EB-373 is a next generation proprietary psilocin prodrug
About this update from Enveric Biosciences, Inc.
[{"type":"text","content":"\nKey Highlights\n\n\n\nNominated EB-373 as lead development candidate for the treatment of anxiety disorders\n\n\n\nEB-373 is a next generation proprietary psilocin prodrug selected from Enveric’s EVM201 Series and developed leveraging the Company’s Psybrary™ drug discovery platform\n\n\n\nEstablished Australia-based subsidiary, Enveric Therapeutics Pty. Ltd and identified contract research organization (CRO) Avance Clinical to conduct Phase 1 clinical trial for EB-373. Trial initiation planned in the fourth quarter of 2023 in Australia\n\n\n\nAppointed Kevin Coveney as Chief Financial Officer and Lynn Gallant as Vice President, Clinical Operations\n\n\n\nAnnounced confidential submission of a Form S-1 draft registration statement with the SEC for the spin-off its cannabinoid clinical development pipeline to a subsidiary, Akos Biosciences, Inc.\n\n\n\nPresented compelling data at 2022 International Neurology and Brain Disorders Conference to showcase novelty and innovation of pipeline candidates\n\n\n\n CAMBRIDGE, Mass.--(BUSINESS WIRE)--\nEnveric Biosciences, Inc. (NASDAQ: ENVB) (“Enveric” or the “Company”), a biotechnology company dedicated to the development of novel small-molecule therapeutics for the treatment of anxiety, depression, and addiction disorders, today provided a corporate update and reported financial results for the fourth quarter and year ended December 31, 2022.\n\n\n“Enveric is a transformed company; 2022 was a year of considerable accomplishments, and we are now poised for an active, productive and exciting 2023 as we strive to bring a new approach to solving the mental health challenges that face our society,” said Joseph Tucker, Ph.D., Director and CEO of Enveric. “In early 2023, we announced the establishment of our Australia-based subsidiary, Enveric Therapeutics Pty. Ltd, and we are rapidly preparing to initiate the planned Phase 1 trial of EB-373. Additionally, we are pleased to be working with Avance Clinical and are eager to benefit from the CRO’s proven expertise and experience managing early-stage clinical programs in Australia.”\n\n\nDr. Tucker continued: “Conducting the initial development of EB-373 in Australia enables us to leverage key clinical, regulatory and financial opportunities that the Australian government and the Therapeutic Goods Administration (TGA) have implemented to empower bi...