Business
Enveric Biosciences Reports Full Year 2020 Financial Results and Provides Shareholder Update on its Accomplishments in 2021
Strengthened balance sheet during the first quarter of 2021 with the closing of two direct offerings totaling $22.8 million in gross proceeds and $3.3 million
About this update from Enveric Biosciences, Inc.
[{"type":"text","content":"Strengthened balance sheet during the first quarter of 2021 with the closing of two direct offerings totaling $22.8 million in gross proceeds and $3.3 million from the exercise of warrants\n Launched development agreement collaboration and supply agreement with PureForm Global to support cannabinoid clinical programs\n Signed definitive agreement to acquire exclusive license for novel molecules for pre-clinical and clinical development in pain and dermatology to alleviate the side effects as a result of cancer treatment\n\n\nNAPLES, Fla., April 1, 2021 /PRNewswire/ -- Enveric Biosciences, Inc. (NASDAQ: ENVB) (\"Enveric\" or the \"Company\"), a patient-first biotechnology company developing novel cannabinoid (CBD)_medicines to improve quality of life for cancer patients, today reported its financial results for the year ended December 31, 2020 and provided shareholders with an update on its accomplishments in 2021 thus far. \nDavid Johnson, Chairman and Chief Executive Officer, said, \"Since the closing of our going public transaction in late December 2020, our team has achieved several critical milestones that have positioned our Company to accelerate the execution of our vision to extend and enhance the quality of life for cancer patients in need through researching and developing novel supportive care therapies.\" \nMr. Johnson continued, \"Our ability to strengthen our balance sheet through the closing of approximately $22.8 million in gross proceeds during the first quarter of 2021 has allowed us the opportunity to not only accelerate the research and development of our cannabinoid-based therapies, but also the optionality to evaluate a robust pipeline of strategic asset acquisitions and partnerships. During the first quarter of 2021, we launched a development collaboration and supply agreement with PureForm and shortly thereafter acquired the exclusive license to five molecules focused on pain and dermatology indications. Our team remains focused on advancing several pivotal studies throughout the remainder of 2021 in the large, unmet, supportive care market for cancer.\"\nCorporate Updates:\nStrengthened balance sheet with the closing of two registered direct offering totaling $22.8 million in gross proceeds from the closing of $10 million on January 14, 2021 and $12.8 million on February 11, 2021. Acquired an exclusive, p...