Business
Enveric Biosciences Reports Second Quarter 2023 Corporate and Financial Results
Advanced preclinical pipeline of neuroplastogenic small-molecule therapeutics targeting neuronal atrophy to offer a first-in-class treatment of mental health
About this update from Enveric Biosciences, Inc.
[{"type":"text","content":"\n\nAdvanced preclinical pipeline of neuroplastogenic small-molecule therapeutics targeting neuronal atrophy to offer a first-in-class treatment of mental health disorders\n\n\n\nSecured multiple Notices of Allowance and select issuances from the United States Patent and Trademark Office (the “USPTO”) for composition of matter protections for its lead product candidate, EB-373, and EVM201 and EVM301 Series of compounds\n\n\n\nEnhanced manufacturing processes of drug substance of EB-373 to improve yield, purity and efficiency of production\n\n\n\nExpanded CDMO partnership for enhanced supply of both non-GMP and GMP EB-373 drug substance\n\n\n\nAnnounced cost reduction plan extending financial runway into Q1 2024\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 neuroplastogenic small-molecule therapeutics for the treatment of anxiety, depression, and addiction disorders, today provided a corporate update and reported financial results for the second quarter of 2023 ended June 30, 2023.\n\n\n“The second quarter of 2023 was an exciting and productive period for Enveric as we made significant steps to advance a pipeline of differentiated neuroplastogenic small-molecule therapeutics that, we believe, have the potential to transform the treatment of mental health disorders,” said Joseph Tucker, Ph.D., Director and CEO of Enveric. “Our efforts during the quarter focused on two important elements in realizing this goal – enhancing the intellectual property (“IP”) portfolio covering EB-373 and our EVM201 and EVM301 Series and advancing preclinical and manufacturing processes for EB-373 in preparation for an anticipated first-in-human clinical trial.”\n\n\nDr. Tucker continued: “Securing strong IP coverage is critical to the value potential of our technologies, and we were pleased to have been awarded multiple Notices of Allowance from the USPTO for composition of matter claims involving EB-373 and our EVM201 and EVM301 Series. We are continuing to pursue numerous additional patent filings, which are collectively designed to protect our technological advances as we seek to create a portfolio of novel small-molecule therapeutics for the treatment of mental health disorders.”\n\n\nDr. Tucker continued: “During the ...